Rwanda continues to witness accelerated urbanisation, and as a result, the country has attracted a sizable number of mega real estate projects mainly in the capital Kigali.
According to the Rwanda Housing Authority, Kigali was expected to achieve 15,000 housing units by 2024, with the majority of the projects to be built in the medium-term.
However, affordability remains a key concern, but this has not prevented the country from maintaining its position as one of leading destinations for business, leisure, and residence.
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According to Damien Murwanashyaka, CEO of Ultimate Developers Ltd (UDL), one of the largest real estate developers in the country, the government is prioritising companies projects aimed at building affordable housing, so that residents can get homes at a cheaper and affordable price.
"UDL, in particular, is developing several projects, one of which is an affordable housing project called Vision City Two, which will be the first estate to incorporate green, smart, and wellness concepts,” he said.
UDL, a subsidiary of Rwanda Social Security Board (RSSB), is the developer behind Vision City, arguably considered one of the high-end residential estates in the country.
Below, The New Times’ Jessica Agasaro highlights some of the major residential and commercial real estate projects.
Vision City Phase 2
Located in Gacuriro, a suburban neighborhood, it will comprise of more than 1,500 units, and it is expected to be three times the size of the phase one, according to the developers.
The development of the project is currently underway.
Kigali Green Complex (KGC)
This will be Rwanda's first Leadership in Energy and Environmental Design (LEED) gold-rated and mixed-use complex, with 29 retailers and the tallest skyscraper in the country.
The construction area will be 67,041 square metres, with multipurpose space including a bank, retail space, office space, and 430 parking spaces.
The project is located near Kigali's main roundabout, opposite the Kiyovu area in the central business district.
Zaria Court
The Zaria Court project in Kigali is a Giants of Africa (GOA) basketball development project in Africa that is now underway in Gasabo District.
Located in Kigali's new sports and entertainment zone, next to the newly constructed BK Arena and the under-construction Amahoro National Stadium.
President Paul Kagame and Masai Ujiri, President of the Toronto Raptors and co-founder of the Giants of Africa, laid a foundation stone at the construction site whose development is slated to be completed in November 2024, with activities beginning in February 2025.
Zaria Court will have an 80-room boutique hotel, restaurants, a rooftop club, a fitness center, wellness areas, co-working spaces, and a podcast studio. A multi-purpose court in the center of the property will host sporting events, festivals, performances, markets, and other activities.
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Masaka Hospital
This is a Chinese government-funded building project to restore and enlarge Masaka District Hospital, which will also serve as the new home of Kigali University Teaching Hospital (CHUK).
It is one of the megaprojects to be launched in Rwanda's health development hub, Masaka sector, which also houses the Africa Research Institute against Digestive Cancer (IRCAD Rwanda).
The Masaka hospital project will be finished by July 2025, and it includes the scaling up of the hospital capacity to accept 2,000 patients per day.
Inzovu Mall
Construction of the multi-million-dollar shopping mall Inzovu Mall is underway and projected to be completed in September 2025, making it the largest shopping center in the City of Kigali.
The commercial mall, being built by French firm Groupe Duval through Duval Great Lakes, is located on the old Ministry of Justice premises in Kimihurura, opposite the Rwanda Parliament.
The project is expected to cost around $68 million (approximately Rwf81 billion), and a multidimensional structure will be developed to complement the Kigali Convention Center and surrounding shopping centers such as Kigali Heights (KH) and Kigali Alliance Business Centre.
Equity Twin Tower Complex
The development of the modern Kigali International Finance and Business Square (KIFBS) in the heart of Kigali's core business area began in June 2022.
The construction, a twin tower by Equity Bank Group, will cost $100 million and will be completed within 24 months, implying that Kigali would have another high-rise skyline structure by the end of this year.
KIFBS, which is expected to have 20 stories from ground level, aspires to be an iconic and asset to the city, given its location among Kigali's skyscrapers.
Bugesera International Airport
The airport is being built in conjunction with Qatar Government and is projected to be completed and fully operational by 2027-2028.
Following the completion of the first phase of the construction, it will have a 4500-meter runway and a capacity of 1.7 million passengers annually.
The total development will feature a runway, freight terminal, and passenger terminal with a capacity of 8.2 million passengers per year.
Construction began in 2017. Under the new agreement, Qatar Airways committed to acquire a 60 per cent stake in the project, which was valued at approximately $1.2 billion.