Diaspora investors urged to tap Rwanda’s housing boom

Investors, including members of the Rwandan diaspora and friends of Rwanda, are being called upon to help bridge a widening housing gap, with more than 507,000 housing units needed nationwide by 2029, according to the Rwanda Development Board (RDB). Speaking to diaspora members, partners and investors from various countries, Divine Nakanyange, Head of the Investment Marketing and Facilitation Department at RDB, said meeting the demand is a key pillar of implementing the Second National Strategy for Transformation (NST2) 2024–2029. ALSO READ: Foreign investors eye Rwanda’s affordable housing scheme “There are significant opportunities in real estate and construction. The sector is booming, but more investment is urgently needed,” Nakanyange said. “Rwanda’s population is growing, urbanisation is accelerating, and demand for housing, particularly affordable housing far outstrips supply. This imbalance is one of the key drivers of rising property prices.” Regional housing demand Of the total housing demand projected by 2029, the Eastern Province accounts for the largest share at 41.1 per cent, followed by the City of Kigali at 29.5 per cent. The remaining demand is distributed across the Northern Province (12.3 per cent), Western Province (9.3 per cent) and Southern Province (7.8 per cent). ALSO READ: Govt mulls direct investment in low-cost housing projects In absolute figures, this translates to 208,467 housing units needed in the Eastern Province, 149,633 in Kigali, 62,607 in the Northern Province, 47,266 in the Western Province, and 39,450 in the Southern Province by 2029. Nakanyange noted that housing supply has remained far below demand, with only 13.7 per cent of required units delivered in 2023 and 13.8 per cent in 2024. Call to the diaspora She stressed that real estate and construction rank among Rwanda’s most urgent investment priorities, particularly for diaspora engagement. ALSO READ: How Government can stimulate Kigali’s affordable housing market “We have detailed, location-specific data to guide investors on where opportunities are strongest,” she said. “The diaspora can play a critical role in closing this gap. Real estate is also attractive because investments can be managed remotely while living abroad, yet still generate steady returns.” Middle-income and affordable housing Nakanyange said Rwanda’s population is projected to grow from 13.2 million to 23.6 million by 2052, further intensifying housing demand. “There are high-impact opportunities in both middle-income and affordable housing,” she said. “Kigali’s household demand alone is expected to double by 2032, from 367,000 units to 721,000.” ALSO READ: Govt targets 1,300 social rental housing units by 2029 She added that about 46.5 per cent of households in Kigali earn between Rwf200,000 and Rwf1.2 million per month, a segment that could sustainably support middle-income housing developments. Nakanyange also highlighted large-scale projects seeking investors, urging diaspora members not to be discouraged by capital requirements. “The Kigali Golf Resort Villas project, owned by RSSB, requires about $300 million, while the Kigali Green Complex, a 29-storey building, requires around $200 million,” she said. “Such projects can be undertaken through partnerships.” Local expertise and workforce gaps Edmund Ayuk Bawak Egbe, a senior construction manager and civil engineer, said skills shortages and labour productivity remain challenges in the sector. ALSO READ: Mpazi families thrive in Kigali’s model rehousing project “Over the past three years, we ran a pilot phase of our project in Rwanda, and our partner company, Next-Gen Developers, won two awards for innovation in affordable housing,” he said. “However, productivity directly affects costs and margins. That is why we plan to establish a training school by 2026 to equip workers with the required skills.” Egbe said his firm could potentially deliver about 10,000 housing units toward the national target by 2029. ALSO READ: Why some key housing projects in Kigali remain incomplete “I am drawn to real estate because housing is essential—everyone dreams of owning a home,” he said. Diaspora interest grows Marshall Ubaruta, a Rwandan cybersecurity professional based in Canada, said real estate remains a compelling investment sector. “Real estate contributes about 16 per cent of Rwanda’s GDP and continues to expand,” he said. “That makes it one of my main areas of interest.” According to the Rwanda Housing Authority, the country will need 5.5 million housing units by 2050, up from 2.5 million units in 2019, to accommodate a projected population of more than 22 million. Dedicated fund for affordable housing The government plans to accelerate housing delivery through targeted financing, public-private partnerships, and improved access to housing loans, Minister of Infrastructure Jimmy Gasore said in November 2025. Presenting the 2025 National Urbanisation Policy to Parliament, Gasore said the government is considering the establishment of a dedicated affordable housing fund to mobilise financing for both public and private developers. While the state will not directly build houses, it will partner with private developers to speed up construction and reduce unit costs. Citizens would also be supported through affordable loan schemes and the use of savings mechanisms such as EjoHeza to purchase homes. Under the Urbanisation and Rural Settlement Sector Strategic Plan 2024–2029, the government aims to deliver 1,296 affordable and social rental housing units by 2029, according to the Ministry of Infrastructure.

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Diaspora investors urged to tap Rwanda’s housing boom