Unit prices for homes at Vision City, an upscale housing estate have been slashed in a move aimed at attracting more buyers in the Gacuriro-based estate.
The development was announced yesterday by Ultimate Developers Limited, the owners of the housing estate.
The cut was attributed to incentives that were offered by government including roads, drainage and electricity.
This development is good news for Rwandans looking to own a decent home and is also a timely shot in the arm of government’s effort to fix the housing deficit in Kigali city.
Although the homes are high end, the developers have set a good trend which other developers that want to venture into affordable housing should emulate. They should pick a leaf and take advantage of government incentives to set up affordable housing units across the country.
Indeed, partnering with government will go a long way to ensure that affordable houses are a reality because most of the houses on the market are high end and out of reach for low income earners.
With the recent announcement by government that it has earmarked over Rwf200 billion to enable poor income earners acquire own homes, efforts to fix challenges in housing sector are on course.
A study conducted by the City of Kigali in collaboration with the Ministry of Infrastructure and the European Union (EU) indicated that Kigali could face a housing deficit of up to 350,000 residential units in the next 10 years if nothing is done to address the current shortage.
With urbanisation growing at 4.1 per cent, and almost 17 per cent of the population living in urban areas, investments in real estate development are essential to ensure sustainable supply of decent but affordable homes countrywide.
This is why all stake holders in the housing sector, especially real estate developers should follow the route of Vision City.