Mister Roof, a local company specialising in the supply of construction materials, is putting the spotlight on the thriving real estate sector in Rwanda, focusing on key industry players and the strategies driving growth. This was during an event to kickstart the campaign ‘Rwanda Real Estate going through the roof’ on June 14. Rwanda is rapidly becoming a prime destination for real estate due to significant infrastructure investments, an expanding middle class, rapid urbanisation, and a booming tourism industry. ALSO READ: Mister Roof convenes property developers and the City of Kigali to advance real estate development The Kigali City Master Plan and development plans in secondary cities present substantial opportunities for real estate investors. By talking to key stakeholders, including real estate developers, agencies, banks and financial institutions, Mister Roof - through the campaign - celebrates successes, identifies challenges, and provides a comprehensive understanding of the field. This initiative highlights progress and offers valuable insights to further improve Rwanda's real estate landscape. Claudette Rubangura, Head of Commercial Operations at UDL, with her extensive experience in sales, marketing, and brand building, shared insights into navigating Rwanda’s commercial real estate landscape and fostering economic growth in the region. ALSO READ: Top seven real estate projects in the pipeline in Rwanda “Rwanda's favourable property ownership policies make it easy for buyers, whether they are in the country or abroad, to invest in real estate. With the market currently booming, now is the perfect time to invest,” she said. Talking about challenges in the industry, she said that for most developers, the challenge they face is accessing construction materials, especially finishing materials. “Since Rwanda is a landlocked country, you find that transportation costs are very high,” she said. “However, the government has been addressing this by promoting local manufacturing of finishing materials. Agnes Kagwisagye, Retail Center Manager at Bank of Kigali, shared her insights on how Bank of Kigali helps clients acquire their dream homes and supports real estate developers in financing their projects. “We cater to different market segments with products like home refinancing, outright purchases, construction loans, and 100 per cent financing options. We also educate staff about affordable housing packages and advise BRD and the World Bank on related changes,” she said. Bank of Kigali, Kagwisagye said, drives the real estate market through government and private sector partnerships, adapting to market trends and customer feedback to ensure everyone has access to decent housing. Charles Haba, a real estate expert who is the Managing Director of Century Real Estate, offered insights into the evolving landscape of Rwanda’s real estate market, and the key factors contributing to its remarkable expansion. VIDEOS: https://youtu.be/Bl1YULOam2Y https://youtu.be/CnXxbnJmf9w https://youtu.be/Nvs77odyk8Y https://youtu.be/skPa12uWKLY https://youtu.be/QmNKSk6krUI?si=kkYoacqPGjGYGc4A “On the industrial side, there is an increasing demand for superior warehouse facilities and industrial buildings. In the residential sector, we are seeing a significant surge in demand for affordable housing, especially with government incentives related to land, mortgage finance, and infrastructure,” he said. He added that the Kigali City Master Plan, now in its second cycle from 2020 to 2024, offers clear guidance and flexible zoning regulations to match current market conditions. Eudes Mudenge Kayumba, Managing Director and Principal of Landmark Ltd, regarding challenges in the industry, noted that financial institutions lack confidence in real estate developers, especially for commercial projects, due to the risk of completed buildings remaining unoccupied. Although financing is still a challenge, he said real estate developers have tried to find different sources and savings. Kayumba discussed the future of real estate, stating, As Rwanda and Kigali need buildings of various standards—high-level, mid-level, and low-level—many organisations are eager to establish themselves here due to a range of favourable factors. He added, I see real estate in Rwanda developing, driven by the growing middle-income population and the strong economy, which gives confidence that the sector will continue to thrive for decades. Simon Sonder, Chief Executive Officer of Fortico Holdings, highlighted the vast opportunities in the market, from high-end to affordable housing, driven by Kigali's rapid growth and urbanisation. “Additionally, Rwanda's clean land titles system means there are virtually no land disputes, providing further security for investors,” he said. “We believe the rental market in Kigali will grow exponentially. Kigali is booming across all demographics, from new embassies and their personnel to urbanisation with people moving from surrounding areas into the city.”
