REAL ESTATE IS MOVING FROM 2021 TO 2022, ARE YOU READY?
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THE PANDEMIC
(... is still elephant in the room)
There is no doubt that the pandemic will have a lasting impact on the way all real estate agents do their business. Property buyers have also been influenced by the realities of the pandemic which is not yet showing signs of going away completely.
If there is any good to come from the pandemic, it’s that the industry players were quick to come up with new ideas to adapt around the situation, introducing new features and technology options with a speed not seen previously.
This was made even more apparent as the industry’s tech leaders introduced new collaboration tools and technologies in order to adapt to the new normal.
THE AREA CONFERENCE 2021
The 2021 UGANDA REAL ESTATE CONFERENCE by AREA Uganda come and went, but we’re still reflecting on the experience of once again being able to connect with many of you in person.
After last year’s pause on the face-to-face convening, it was energizing to learn first-hand from AREA's diverse membership as well as to share all the exciting things that AREA has been working on throughout the year.
And, given the feedback that was received at the event, attendees (Agents, Developers, Brokers, Engineers, Mortgage Banks, etc) were just as appreciative for the opportunity to converge and map out a way forward.
As we look ahead to the new year, the conference served as a great inspiration for reflecting on how the industry has evolved in the last year and the shape it will take in 2022.
In that light, here are a few of our takeaways from this year’s AREA conference and AGM.
- The role of regulation on the growth of the Real Estate Sector (this issue gained a lot of focus).
- A new board was elected for the period 2021 to 2025 (a few new portfolios where created)
- A new vibrant chapter was officially launched (AREA Makindye chapter)
- The AREA constitution as updated and amended (to fit within the current times).
- Commitments were made by Government (to fast track the Real Estate Agents Bill).
THE INDUSTRY IS KEEPING UP THE PACE
As we interacted with many familiar faces in person, this year’s AREA conference also offered us a unique opportunity to take the temperature on the industry’s perspective of where we’ve been and where we’re going.
It was clear that if the interactions are any indication, the industry is keeping up the pace despite the prevailing situation and is well prepared to handle any challenges that may come in 2022.
While some attendees indicated that they are taking an appropriately cautious approach in their planning for the year ahead, even those who will be doing so were eager to bring up trends that gave them reason to believe that the industry is heading in the right direction.
The fact that the AREA conference could again be held in person was enough to inspire confidence that things are on the upswing, and that feeling came through in our interactions with attendees.
COLLABORATION IS THE NEW NORMAL
Collaboration is no more essential than ever, there’s no question about it, the real estate industry is built on relationships. While that reality was never in question, the topic of collaboration seems to have had greater significance this year than ever before.
Given the vital importance of strong bonds in the industry, it’s no surprise that real estate agents expect that same level of connection from all other players as well, and the topic has been a regular focus in 2021.
We all agree that collaboration is the lifeblood of the real estate industry, that why many players have adopted to using online collaboration tools like Zoom to stay in touch with each other, such tools have been key in strengthening the connections and communications within the industry during the numerous lockdowns.
THE REAL ESTATE DATABASE IS STILL GOING STRONG.
While we all don’t know precisely what 2022 will bring for the real estate industry at large, The Real Estate Database (RED) portal is coming out of 2021 with a great deal of strength for the year ahead.
2022 will see the official launch a new online MLS product designed specifically for realtors at www.Realtor.ug, with this new advanced product that uses Artificial Intelligence, its going to become a lot easier for buyers to find what they want online.
The RED App (<< click here) is arguably the best known real estate app in Uganda for the year 2021-2022, and that's for a number of very good reasons. The key reasons are that:
- It sends notifications to buyers regarding the latest listings on the Ugandan market, this keeps buyers addicted to the App.
- It has the largest inventory of properties for rent/sale country wide, so buyers see no reason to go else where.
- It lists properties from only vetted, approved, verified agents and developers, this has helped to instill trust an security.
The RED is determined to continuously improve its online services and to move its real estate listings network forward where other competing portals and products have failed or even collapsed.
CONCLUSIONS
The industry has shown tremendous resilience and the RED is proud to have played a role providing online platforms for real estate agents/brokers and developers to continuously display their listings while they overcome challenges within the current environment. The RED's observations in 2021 lead us to the following conclusions/predictions about real estate in 2022 and beyond.
In the short term, there will be strong demand for more rentals. renters will however expand to the lower end of the rental market next year but still have financial difficulties as the economy slowly opens.
This produces more risk for investors in rental property; they should avoid the lower end and stay as close as possible to the center of the rental market which is what the RED has identified as the safe rental range.
After 2021 the lower-end market will again shrink. Remember that the average renter moves within two to three years, so a lower end property that you bought in 2021 may as well sit empty in 2022.
JULIUS CZAR www.RealEstateDatabase.net www.Lamudi.co.ug www.Realtors.ug www.TaskDatabase.com Call +256788162000 or +256705162000 to learn how our RED offerings can meet your real estate agency listing needs in 2022
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OTHER PAGES
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LUXURIOUS 5BEDROOM PENTHOUSE
Location -
Bugoloobi
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District -
Kampala
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Type -
Penthouse
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Size -
five bedroom
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Status -
For Sale
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Code - 194576
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Ugx 950,000,000
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