Imara Properties, a French-Rwandan housing real estate developer has handed over 15 modern comfort houses to buyers on Rebero hill in Kicukiro district.

The handover ceremony which took place on Friday July 29 was graced by Noel Nsanzineza, The Deputy Director General of Rwanda Housing Authority, Antoine Anfre, the Ambassador of France to Rwanda, Rwanda Development Board representative, Kicukiro District officials, local authorities among others.

Imara develops residential real estate for main residence and rental investment and also manages properties in Kigali.

The first phase of the estate which Imara has completed comprises 15 houses – eight houses with three bedrooms and seven houses with four bedrooms according to David Benazeraf, the Managing Director of Imara Properties.

The estate is located in a safe, calm and rapidly developing neighbourhood with a view from the hill of Rebero, 15 minutes from the city centre.

With 4,000 square metres of private and common green areas, it includes a kids’ playground, an adults’ outdoor activity area, a fitness room, a swimming pool and a grocery.

The estate is also green with gardens and vegetation that bring fresh air.

Benazeraf said the average price of each of the completed units goes for Rwf140 million.

He said that the project was launched in July 2021 and quickly implemented as the construction has been completed after one year and one month of works, including three weeks of pause during the lockdown of July 2021.

The project also had a social-economic impact such as providing both 200 skilled and unskilled jobs creating a demand for locally produced materials consequently driving economic growth.

Due to high demand, the project was sold off before and during construction and it is sold out.

 Home owners have started to move in and install their furniture.

"The country is rapidly and economically growing and the demand for housing in Kigali is high, in all kinds of market segments. This is a huge opportunity for investors in real estate. There is a good investment environment in Rwanda for a project to be successful,” he said.

Speaking during the handover ceremony, Antoine Anfre the Ambassador of France to Rwanda, commended Imara Properties for contributing to Rwanda’s real estate sector development as part of boosting national development.

"This is an amazing success in increasing decent housing in Rwanda. That has been possible thanks to the best environment for doing business in Rwanda. I encourage other French entrepreneurs to come and invest in Rwanda especially in the housing sector as there are a lot of opportunities,” he said, adding that bilateral relations are playing a significant role.

Isange Phase II

Benazeraf said that phase II construction will start in September for delivery in July of 2023 as they already have the building permit.

Bookings are ongoing and 40 percent of expected 18 units have already been booked, Benazeraf said.

Noel Nsanzineza, The Deputy Director General of Rwanda Housing Authority who is acting as DG, lauded Imara Properties for ensuring decent housing in Rwanda and urged the investors to also consider middle and low income earners in terms of affordable houses.

"There is still a shortage of affordable houses in Kigali and countrywide in general and therefore investment by Imara Properties is timely.

"We need both those to buy and to rent and investors should consider both. Government has introduced different incentives, mainly infrastructure such as land, water, electricity. We also established a fund to help those in need buy such houses through loans at 11 percent interest rate,” he said.

He said that there are projects that could deliver over 15,000 affordable housing units in the next three years.

He said there are many opportunities in the real estate sector, adding there is also available land for investors.

According to the Rwanda Development Board (RDB), 159 hectares are available for investors in affordable housing in Kigali, Kanyinya and Mageragere sectors of Nyarugenge district.

In Kicukiro district; in the Kanombe and Masaka sectors, there are 92 hectares for investors in affordable housing. In Gasabo district, in the sectors of Ndera, Rusororo, and Kanyinya, at least 850 hectares are available for affordable housing opportunities.

According to a recent study, the City of Kigali needs 310,000 new housing units by the year 2032, or around 20,700 affordable housing units annually.