Rwanda’s 2024 real estate outlook

Rwanda's real estate sector is poised for significant growth and development in 2024, with a particular focus on affordable housing initiatives in Kigali. The sector has seen exponential growth in recent years, attracting more investors to both commercial and residential segments. CNBC Africa recently spoke with Charles Haba, the Managing Director at Century Real Estate, to delve into the key trends and projects shaping the real estate landscape in Rwanda. Haba highlighted several upcoming projects that are set to be game-changers in the industry. One such project is the Mahoro Stadium, which is part of the sports infrastructure developments in Remera. The stadium, coupled with the Zaria Court project, is expected to enhance the entertainment and sports sector in the area significantly. Additionally, the Kigali International Finance and Business Square is set to revolutionize the Central Business District (CBD) in Kigali, offering a new iconic piece of real estate that will support the financial sector. On the residential front, there is a growing focus on affordable housing and middle-income housing projects, with the government of Rwanda playing a key role in enabling developers and homebuyers through initiatives like affordable mortgages and the availability of land. Projects like Abuiza Riverside are expected to set a precedent for affordable housing schemes, providing a proof of concept for future developments. The real estate market in Rwanda is also seeing increased interest from investors, driven by attractive returns on investments. Service land, industrial buildings, and neighbourhood shopping centres are identified as areas with high potential for investment. Demand for different types of properties varies across residential, commercial, and industrial asset classes. While high-end residential properties are stabilizing, there is a growing demand for middle to high-end residences. Affordable housing remains a significant market in need of further development to accommodate the increasing population. In the commercial sector, there is a need for more neighbourhood shopping centres to cater to the urban population. Industrial buildings, warehouses, and factory spaces present untapped opportunities for investors in Rwanda. The availability of service land continues to be a coveted asset, offering attractive returns. Investors eyeing the real estate sector in Rwanda in 2024 should consider the market's quality-conscious approach. Quality and occupant-centric properties are increasingly in demand, with areas like Kachiru and Nyarutarama showing a shortage of quality office spaces. Middle-income housing projects also present promising investment opportunities. Overall, Rwanda's real estate sector in 2024 promises growth, innovation, and opportunities for investors looking to capitalize on the country's booming property market.