Professionals within the real estate sector are urging for the introduction of licensing and regulatory measures for brokers in the industry.
Brian Kayongo, a Real Estate expert and the Chief Executive Officer of Concept Real Estate, emphasized the necessity for government-issued licenses for brokers to streamline the sector.
He highlighted the importance of connecting licensed brokers to title deeds, simplifying the tracking of transactions within the real estate sector.
Currently, in Uganda, the absence of mandatory licensing or educational requirements allows anyone to act as a broker, leading to a situation where land transactions occur without proper oversight. Kayongo stressed that the real estate sector, being vulnerable to fraud, requires a more structured and regulated approach.
Kayongo made these remarks during a speech at the C-Suite Executive Breakfast with Vusi, held at Kampala Serena Hotel on Friday.
Stakeholders in the real estate sector have identified the lack of a regulatory authority overseeing and licensing real estate developers as a hindrance to sector growth.
Shirley Kongai, President of the Association of Real Estate Agents (AREA) Uganda, pointed out that the absence of such regulation has resulted in unregulated business practices, contributing to speculation in property prices, land conflicts, fraud, and unplanned development across the country.
In 2023, Judith Nabakooba, the Minister of Lands Housing and Urban Development, disclosed the presentation of a new bill to Cabinet named ‘The Real Estate Bill,’ aimed at regulating the real estate business in Uganda.
While this is not the first attempt to address issues in the sector, Kayongo urged the government to expedite the process of enacting these laws for effective sector streamlining.
During his presentation, Kayongo provided insights into the world of real estate, discussing opportunities and ways Ugandans can benefit from the US real estate market. He also encouraged Ugandans to participate in the upcoming Kickstarter Conference scheduled for March 29-30 in Boston.
The two-day conference, themed “Business| Real Estate| Innovation,” will be held at the Westin Waltham Boston Hotel, featuring activities such as sharing knowledge on market trends, investment strategies, real estate innovations, sustainable development, testimonials from previous conferences, networking, site visits, and more.
The Kickstarter Conference, initiated in 2018 to educate and enlighten the community about investment opportunities in real estate and business, will host renowned international business leaders, including Mr. Brian Kayongo, Mr. Vusi Thembekwayo, Thach Nguyen, Ms. Loyce Kayongo, Apostle Grace Lubega, Dr. Kin Kariisa, and many more.
As the conference approaches, individuals interested in participating can secure their spot by visiting www.theconceptrealestate.com or by contacting +18573009033 / +256 753555277
