The City of Kigali organised a public lecture with stakeholders in the real estate sector

 

The City of Kigali organised a public lecture with stakeholders in the real estate sector, under the theme, ‘the dynamics of the commercial real estate market in Kigali’.

During the event took place Tuesday 21st January, 2020 and it brought together city authorities, stakeholders in the real estate sector, among others, and they were presented a survey that was carried out on the real estate market within Kigali.

The survey was carried out by the Institute of Policy Analysis and Research (IPAR-Rwanda).

Dickson Malunda, a Senior Research Fellow at IPAR-Rwanda, told the participants that the survey carried out late last year indicates that though 77 per cent of the respondents had faith in the medium and long-term viability of the commercial real estate sector, 11 per cent did not find it viable while 10 per cent felt that there was potential, but only with government policy support.

The survey involved 1,476 tenants and 456 commercial building owners within nine commercial centres in the city including Nyarugenge (CBD), Nyabugogo, Nyamirambo, Gisozi, Kacyiru, Remera, Kimironko, Nyamirambo.

The research also assessed the confidence in commercial real estate market and while 14 per cent of the respondents put it at ‘high’, 6 per cent fell at ‘very low’.

Malunda said the research recommends the need to look into zoning regulations and working on how best to make them flexible, boosting them to respond to market demands.

The Vice Mayor in charge of Urbanisation and Infrastructure for City of Kigali, Dr NSABIMANA Ernest that the study findings will provide a basis to seek solutions to issues in the sector.

The Director of Kigali Urban Planning, MUGISHA Fred, said that the flexibility of the revised City Master plan will address the existing challenges including the 15% vacancy rate in commercial buildings

During the event, the city of Kigali together with Rwanda Development Board announced reforms in various sectors, aimed at making it easier to do business and improving business conditions in our city and Country as well.

 


 

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