Govt Collects Data on Real Estate Industry

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In short
The Bank of Uganda (BoU) and the Uganda Bureau of Statistics (UBOS) have embarked on collection of data on the real estate sector for monthly indices that will inform financial, housing planning and other policy directions.

The Bank of Uganda (BoU) and the Uganda Bureau of Statistics (UBOS) have embarked on collection of data on the real estate sector for monthly indices that will inform financial, housing planning and other policy directions.
 
According to Charles Abuka, BoU’s Director for Financial Stability, the monthly survey will collect information on purchase and sale of land, residential houses and rent of commercial premises for business and industrial purposes.
 
Abuka said the information collected will be used to generate volume and price indices for land, residential and commercial properties with the aim of being used to ensure financial sector stability.
 
He said the information gathered will be kept confidential and only published in aggregate form and will not be used for tax purposes.
 
Owing to a number of constraints, the index will initially focus on Kampala, Mukono, Wakiso and Entebbe before being rolled out to the rest of the country.
 
Abuka said the benefits of the indices to the government and the central bank includes, among others, helping in formulation of policies on financial stability, housing policy, calculation of inflation and comparison between domestic and local real estate trends.
 
He said financial institutions can use real estate price and volume indices in directing capital allocation especially through credit and investment.
 
Real estate agents, on the other hand, can get indications on the trends in the public’s demand for particular types of housing, land or areas of residence.
 
Abuka said to investors, home owners and customers the indices will enable investors, home owners and potential customers to make informed decisions in the house and land markets.
 
Chris Mukiza, the UBOS Country Coordinator, explained that the real estate index is not replacing the Consumer Price Index (CPI), the basket of over 200 goods and services used to determine inflation. He said instead it will generate another set of index complimentary to the CPI.
 
Mukiza said they have been piloting the index for the last seven months but the progress is slow. He appealed to the media to create awareness about the real estate index, adding that it will not be used for tax and other purposes.

 

About the author

David Rupiny
In his own words, David Rupiny says, "I am literally a self-trained journalist with over 12 years of experience. Add the formative, student days then I can trace my journalism roots to 1988 when as a fresher in Ordinary Level I used to report for The Giraffe News at St Aloysius College Nyapea in northern Uganda.


In addition to URN for which I have worked for five years now, I have had stints at Radio Paidha, Radio Pacis, Nile FM and KFM. I have also contributed stories for The Crusader, The New Vision and The Monitor. I have also been a contributor for international news organisations like the BBC and Institute for War and Peace Reporting. I am also a local stringer for Radio Netherlands Worldwide.


I am also a media entrepreneur. I founded The West Niler newspaper and now runs Rainbow Media Corporation (Rainbow Radio 88.2 FM in Nebbi). My areas of interest are conflict and peacebuilding, business, climate change, health and children and young people, among others."

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