Businessman Haruna Sentongo, the proprietor of Haruna Enterprises says the future of real estate sector in Uganda is very bright. He says that this will be possible because Uganda is endowed with various land resources, human capital and growth potential.
However the real estate sector, for various reasons, is one of the sectors in the country which is so dynamic and continues to give investors a tough time to make strategic investment decisions.
It is characterized by investment and price fluctuations. Investors sometimes fail to find a balance between demand and supply. Sometimes there are too many properties in the market with few buyers while sometimes buyers acutely want properties to lease or purchase.
Value and wealth
This dynamism is sometimes caused by economic speculation, corruption, market trends and politics. One thing for sure is that Ugandans still attach so much value to land and property. Many people use real estate projects to store and hide their value and wealth.
Because of this promise, Uganda has seen a myriad of real estate companies open shopping to compete for this limited market. But despite this competition, Haruna Sentongo Haruna Enterprises, a prominent real estate company in Kampala, says the future of real estate in Uganda is very bright.
“The future is very bright considering the huge endowment of natural resources, the abundant pool of skilled work force and the enormous market potential the country offers to investors,” Sentongo says.
Through his Haruna Enterprises, Sentongo has built a reputable profile as a respondent to the needs of the sector. His name is attached to iconic properties like Haruna Towers in Wandegeya, Haruna Shopping Center, a multipurpose mall in Ntinda and new upcoming projects in Mengo and neighboring suburbs.
And with noticeable success, Haruna Sentongo is not sitting on his laurels but rather going after the potential that the real estate sector in Uganda presents. “Haruna Enterprises is well poised to harness these opportunities with relentless drive and commitment it has taken to become the leading player in our various markets,” the businessman explains.
This state-of-the-art Haruna Towers provides evidence of the commitment to remain sensitive to the natural surroundings and protect the mature oaks already established on the property. The facility offers rentals for various business options including office space.
Haruna Shopping Mall houses Leading telecom outlets, leading beauty salons and spurs, accessories’ shops, boutiques, cosmetics shops, an up-to-the-minute food court and cafes, first offices, A mega 3D & 5D cinema hall, gymnastics, sauna and steam baths and a mosque for periodical prayers.
Sentongo says Haruna Enterprises serves the needs of all customers in Uganda and the East African region at Large. Through its various properties, Haruna Enterprises, houses the offices of multinationals like UMEME, national offices of The Hunger Project Uganda and Global Institute of Information and Technology among others.
Still informal sector
Catherine Nanteza, chief executive officer of the Association of Real Estate Agents (AREA) recently told Daily Monitor that despite the real estate sector is highly informal, it can contributes 10 percent to Uganda’s Gross Domestic Product, if well regulated.
Many huge projects are done by individuals and are not well documented which means they remain formally unknown and untaxed.