The Permanent Secretary of the Ministry of Lands, Housing, and Urban Development, Dorcas Okalany, has urged all stakeholders, including real estate agents, buyers, sellers, and investors, to contribute their input toward shaping the Real Estate Bill, 2024 draft, which is aimed at fostering a transparent, ethical, and sustainable real estate market.
Okalany made the remarks on November 27, 2024, while giving an address at the opening of the two-day consultative workshop on the draft Real Estate Bill, 2024, at Kampala Nile Resort Hotel in Namanve.
She described the Bill as a living document that can evolve to meet emerging challenges and the issues that affect real estate.
Okalany emphasized the real estate sector’s critical role in contributing over 13% to Uganda’s GDP, saying, “The Real Estate Bill, 2024 has the potential to drive economic growth, create jobs, and improve livelihoods.’’
She added that the bill will establish qualifications for agents, regulate commissions, mandate developer licensing and monitoring, and align the sector with anti-money laundering standards.
The PS further highlighted the need to incorporate cemetery management into urban planning due to limited burial space and making urban cemeteries a lucrative part of real estate.
She outlined the bill’s alignment with key legal frameworks, including the Condominium Property Act, Physical Planning Act, and National Housing Policy, among others.
Okalany also identified challenges in real estate, such as unregulated practices, poor compliance with urban planning standards, money laundering risks, and unstandardized commission structures.
She hence thanked the Financial Intelligence Authority of Uganda for its role in combating fraud and money laundering within the sector and looked forward to their contributions in the drafting of the bill.
The upcoming Real Estate Bill in Uganda is poised to revolutionize the real estate industry by introducing a comprehensive regulatory framework that promotes professionalism, consumer protection, and ethical practices.
