Housing shortage: Real estate construction firms rush to exploit Kigali City market

With 25,000 units needed annually to address the housing problem countrywide, international real estate developers are rushing to Kigali to invest in the housing sector. Global Village Investments, an Irish based company targeting the high end market is to build houses estimated at between Frw80 million and above. The firm is targeting expatriates, corporate companies and Rwandans with deeper pockets, Claire Akamanzi, deputy director general Rwanda Investment and Export Promotion Agency told The New Times. To start with, the company is to invest $1.5 million (about Frw810.5 m) in six houses, which may be ready for buyers by June this year. The houses to be constructed at Kagugu in Gasabo District will be in one compound, have a swimming pool and a sports centre. Cedric Ndirima Director Global Village Investments said they have acquired more land where more apartment to cost $6 billion (about Frw3m will be constructed at Nyarutarama and Frw1.3 billion at Kagugu. Meanwhile DN International, a real estate company run by Kenya and US investors is also constructing 29 houses, worth $1.5 million (about Frw1.3 billion) in Masaka, 10 km East of Kigali City, targeting the middle class . A three-bedroom-house will cost Frw40 million while that of four rooms is Frw40.5 million. DN International however is also in talks with Rwanda Housing Bank to finance home buyers through the house loan programme. The company (DN) constructed the new America Embassy at Kachiru, refurbished Kobil Petrol Stations, built classrooms for the Kigali Institute of Education and worked on some private homes in Kigali.Ends