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Uganda is building the first submarine cable in Lake Victoria. The electricity transmission cable will help to carry power from the mainland Masaka District to Bugala Island through Bukakata.

The project will see the contractor lay a 33-kilovolt seven-kilometre submarine cable on the floor of Lake Victoria, two 33 kilovolt switching sub-stations in Bukakata and Bugoma, and 27 distribution transformers Commissioned by the country&rsquo;s Ministry of Energy and Minerals Development, the Lake Victoria power submarine cable project will be implemented by CCC Engineering LTD, a subsidiary of the Engineering Department of China National Electric Wire &amp; Cable Imp./Exp. Corporation.

The project has been financed by the<a href="https://www.afdb.org/en">&nbsp;African Development Bank</a> under the Uganda Rural Electricity Access Project which aims to expand grid medium voltage and low voltage distribution networks across the country.

The scope of work in the lake will include surveying, structural spotting, line route profiling, and pegging, procurement, delivery to site.

The company will also undertake the construction of a medium voltage and low voltage network, installation of distribution transformers and protection equipment, and installation of last-mile connections, including the supply of service cable, installation of prepaid meters and distribution ready boards to some 1,651 potential consumers.

The submarine cable will supplement a local 1.6 megawatts (per hour) solar power plant operated under a Public-Private Partnership between government and private infrastructure development venture,

Nairobi, Kenya – Africa’s prime real estate markets have posted mixed performances over the last two years, as divergence emerges between growth rates of commodity-exporting and commodity-importing economies in the continent, according to the Knight Frank Africa Report 2017.

The Africa Report – which was launched today at the East Africa Property Investment Summit (EAPI Summit) – showed that the majority of the 35 cities in 30 countries analysed have recorded declines in prime rents across offices, retail, industrial and residential segments since 2015, with Luanda in Angola hit the most, while some cities such as South Africa’s Cape Town posted no change, indicating stability.

Nonetheless, a significant number of the cities featured in the report recorded prime rental growths over the two years, ranging from 5.5% to 37.5% for Grade A offices, 3.8% to 108% for retail space, 10% to 87.5% for industrial space and 3.6% to 66.7% for prime residential properties. (For standardised comparisons, the Africa Report tracks rents for 4-bedroom executive houses in prime locations in each city covered) 

“Real estate demand stemming from oil companies and the associated services sector has eased in all the African oil-driven markets. Conversely, in the retail sector, the demand across Africa, from the growing middle classes has continued to create a marked increase in activity particularly in the Francophone countries. This increase in tenant demand has encouraged new development schemes to be proposed, with Abidjan (Côte d’Ivoire) providing a really good example of such cities where the planned schemes are supported by offshore investors.

"With the increasing demand for the best commercial and residential accommodation coming from the growing Africa middle classes, there has been an increasing need for developers to raise the quality of the specification in all the new developments.” said Peter Welborn, Chairman of Knight Frank Africa.

According to data in the Africa Report 2017, Angola’s Luanda remains the most expensive prime office location across Africa despite a significant correction over the past two years. Office rents in the city stand at US$80 per square metre per month, nearly halving from US$150/sqm/month in 2015. Nigeria’s Lagos and N’Djamena in Chad have the next highest prime office rents at US$67/sqm/month and US$55/sqm/month respectively.

In prime retail space, Tunis (Tunisia) posted the strongest growth in rents over the past two years, increasing by 108% to US$26/sqm/month from US$12.5/sqm/month in 2015. Douala (Cameroon) follows with a 66% growth to US$46.5/sqm/month in 2017. Retail rents fell the highest in Antananarivo (Madagascar) since 2015, declining by 57% to US$15/sqm/month, followed by a 50% drop to US$60/sqm/month in Luanda and 46.7% decrease in Dar es Salaam (Tanzania) at US$16/sqm/month.

DRC’s Kinshasa posted the strongest growth in prime industrial rents over the two years, up 87.5% to US$15/sqm/month, while Luanda’s fell by 52.4% to US$10/sqm/month over the same period.

Malawi’s Blantyre had the highest growth in prime residential rents across Africa, rising by 66.7% to US$2,500 for a 4-bedroom executive house in a prime location, from US$1,500 two years earlier. Tunis in Tunisia and Harare in Zimbabwe recorded the second highest growth at 33.3% each to US$4,000 and US$2,000 per month respectively.

Nairobi’s best performance was noted in prime industrial space, where rents rose by 11.9% over the last two years to US$4.7/sqm/month, while prime retail rents remained unchanged over the period at US$48/sqm/month. However, the city saw prime office rents fall by a fifth since 2015 to US$16/sqm/month, as rent for a 4-bedroom executive house decreased by 13% to US$4,100/sqm/month over the two years.

“A lot of Grade A office space has come into the market over the last two years and we have seen a significant number of established companies taking advantage of this to trade up space. Industrial rents have risen as a result of a move by developers into the high-end logistics market, whilst the development of a large amount of retail space has meant a stagnation of rents in this sector. Similarly, an over-supply of high-end residential property has led to a slight price correction,” said Ben Woodhams, Managing Director of Knight Frank Kenya.

According to the Africa Report, a growing volume of capital is targeted at Sub-Saharan Africa real estate investment and development, with a series of new investment vehicles being launched in recent years. South African funds are increasingly prominent as they seek to diversify from their domestic market, although a good deal of this interest has been diverted to opportunities in Eastern Europe.

The International Monetary Fund forecast strong 2016 economic growth in countries such as Tanzania (7.2%), Ethiopia (6.5%), Kenya (6%), Rwanda (6%), Senegal (6.6%) and Côte d’Ivoire (8%) – which are all well above the moderate 1.5% forecast for Sub-Saharan Africa. Knight Frank sees potential capital flow into all of these markets, although Rwanda may be limited by its relatively small size and Ethiopia by restrictions on international investment into some sectors.

In addition, rural-to-urban migration is intensifying growth rates in the major cities, with Kampala, Lusaka and Nairobi all growing at more than 4% per annum. The growth of Africa’s cities, combined with economic improvements, is expected to create demand for both better quality and greater volumes of commercial and residential real estate over the long term. Indeed, Nairobi already stands out as a shopping centre development hotspot.

“The challenge for both property developers and investors is to ensure that the impact and timing of planned infrastructure projects on the growth of their capital city is fully understood. Timing and the use mix are a key component to ensure real success,” Welborn said.

A study conducted by the IFC and the World Bank in 2019 focusing on how the private sector can contribute to affordable housing shows that Kenya’s accumulated housing shortage is worth about Ksh. 400 billion in value.

The data also shows the accumulated value of affordable housing shortage in other Sub-Saharan countries. Nigeria has accumulated the largest housing shortage of about $34 billion in value while Tanzania and Ivory Coast have a shortage of $6 billion and $9 billion respectively.

In total, the shortage in eleven of the top Sub-Saharan African countries accounts for approximately 3.4 million units, representing a potential formal market of over $60 billion.

Data from the report also shows that green building has a potential market size of $19 billion in Africa and a market opportunity of $1.7 billion currently.

The study shows that many emerging markets have created unrivaled opportunities under present conditions. The affordable housing sector provides opportunities for households, the construction industry, financial sector and the economy.

The opportunity requires a mix of investment and advisory services to achieve sustainable operations and increase affordability.

Read; <a style="color: #ff6600;" href="https://estatecloud.co.ke/africa-day-2020-to-highlight-african-cities/">Africa Day 2020 to highlight African cities</a>

&nbsp;

Housing shortage provides Ksh. 400 billion opportunity

Multi-speed growth across Africa signals opportunities

London, New York and Paris have been ranked as the best cities on the globe overall by Resonance, a city research consultancy. Other cities which made the top 10 include Moscow, Tokyo, Dubai and Singapore respectively which ranked 4th to 7th. Barcelona, Los Angeles and Madrid closed the top 10.

The rankings aggregate a city&rsquo;s performance based on five criteria which include place, product, programming, people, prosperity and promotion According to the rankings, Beijing-China is the most wealthy and economically prosperous city followed by Doha in Qatar, and Tokyo came third.

On place, which measures the cities with the best quality of natural and built environments, Japan&rsquo;s Tokyo emerged top followed by Dubai and Moscow respectively.

Two cities based in the United Arab Emirates, Dubai and Abu Dhabi, ranked top as cities with the highest level of people diversity and human capital while Toronto-Canada was third. In terms of Culture, nightlife, dining and shopping, New York city ranked the best followed by London and Tokyo.

&ldquo;Based on the data we have collected over the past five years, we know that a city&rsquo;s performance for factors such as Facebook check-ins, Instagram mentions, recommended culinary experiences, museums, nightlife, culture and shopping have some of the highest correlations with not only the number of visitors a city receives, but with investment and economic growth as well.

Rebooting this software of urban experiences will be even more important than investments in infrastructure when it comes to a city&rsquo;s recovery from this crisis,&rdquo; said Chris Fair, President &amp; CEO of Resonance Consultancy. He said the ranking factored in the number of COVID-19 cases per million (as of July 31, 2020) for each city.

By Kilundo Mbithi

Whether you’re buying a new home or selling your existing property, working with a licensed estate agent will ensure that your transaction is handled quickly. A real estate agent can either be a buyer’s agent or a seller’s agent or a listing agent; depending on a client’s needs. Although a single agent may list properties for sale and work with buyers, each role will be a little different. To understand why you need an estate agent and what your agent should do for you, let’s take a look at each agent type and what they will do for you.

Buyer’s Real Estate Agent

When you’re ready to buy a home or an investment property, getting help from a real estate agent will expedite your search. Your buyer’s agent represents your interest during the entire real estate transaction and will work hard to make sure you get the best bang for your mortgage money.

Your realtor is an absolute asset when it comes to researching available homes for sale. S/he should have the geographical knowledge and familiarity with the neighborhood, along with information on amenities in the area and other insider information. He will also have a network of related professionals to aid you in completing your real estate transaction, including mortgage lenders, lawyers, and valuers.

When you are ready to make an offer on a home, your realtor will generate the paperwork to present to the seller and will negotiate on your behalf until you are either satisfied with the terms of the sale or are ready to continue looking. Once your offer is accepted, your real estate agent will help navigate each step in the closing process. If you weren’t pre-qualified for a home loan, s/he will also work with you to gather the necessary elements to obtain a mortgage.

In short, your buyer’s agent will walk you through each step of the buying process while handling more details than you could ever imagine.

Seller’s Real Estate Agent

When you’re ready to sell your home or investment property, finding a listing agent is the first step toward your success. Your listing agent will evaluate the market and help you price your home accordingly. He will also make suggestions for improving the exterior and interior of your home to make it more appealing and saleable.

Your agent will list your home for sale on multiple marketing platforms and get the word out about your home to other agents. He may hold promotional events to showcase your property. Like a buyer’s agent, your seller’s agent should have neighborhood familiarity, and other insider information to share with prospects.

While marketing and selling your home, your realtor will accentuate the positive aspects of your property and downplay its shortcomings. S/he will ceaselessly show your home and stay in constant communication with you. And when an offer is made on your home, your realtor will provide experienced advice on whether to take the offer, submit a counter-offer or reject the offer completely.

When a legitimate offer is made on your home, your real estate agent will show his true value by negotiating every detail to your advantage. At this point, you should have enough faith in your agent to trust his recommendations regarding the close of your sale. And then, put the paperwork in your realtor’s hands. Although some homeowners do put their house on the market for sale by owner, paying the associated fees to have a professional realtor handle your sale makes a lot of sense in today’s competitive market.

The Bottom Line

As you can see, the role of a buyer’s agent and that of a seller’s agent are distinctly different, yet their paths intersect with each real estate transaction. Whether you are buying or selling, a professional real estate agent will be your ally from start to finish.

The Author is a Valuer &amp; Registered Estate Agent and runs an investor education &amp; coaching program at <a href="https://l.facebook.com/l.php?u=http%3A%2F%2Fwww.investorclinics.com%2F&amp;h=ATNKJo-4yW6_U53PJCYHVo31GXA2omm_fEu0S67L5brOKuuV5bNaUeLoJfxSGMKnbbJiTNfWHdK_Z4MiYUOjyC3VaKyoDMNImCcX_YQKNd27gosnrGmWP2mWBt8D3ju_-MEWQ-6aeH28">www.investorclinics.com</a>

What Your Real Estate Agent Should Do For You

Equity Bank has auctioned property belonging to a Ugandan developer following a court dispute involving a $10.8 million loan advanced to the developer in 2017.

The developer, Simbamanyo Estates Limited, has lost two prime properties comprising a four-star hotel (Afrique Suites) and Simbamanyo building, which houses the Gender ministry in Kampala over failure to pay the loan.

Simbamanyo Estates had pledged the hotel to Equity Bank Limited as collateral in securing the $10.8 million loan.

Equity Bank sold the two properties by public auction on October 8 this year after the Ugandan high court dismissed pleadings by proprietors of Simbamanyo Estates Limited seeking to stop the sale.

Simbamanyo Estates had petitioned the Court of Appeal seeking orders to maintain the status quo stopping the sale of their property by Equity Bank which is seeking to recover loans worth $10.8 million.

The property firm had earlier sued Equity Bank Uganda and its Kenyan parent challenging the legality of the outstanding loan, following a June 4 notice of default given by the bank demanding payment of arrears worth $398,362.33.

Another real estate firm, Luwaluwa Investments, has taken over the hotel property after purchasing it from the bank at $4,350,000.

Meera Investments Limited owned by tycoon Sudhir Ruparelia bought Simbamanyo building which is housing the Gender Ministry among other entities on Lumumba Avenue.

Equity Bank lawyers Sim Katende and Frederick Mpanga sought a court order compelling Simbamanyo Estates to reimburse legal costs incurred by the bank.

Read; <a style="color: #ff6600;" href="https://estatecloud.co.ke/equity-bank-in-dispute-with-ugandan-developer-over-ksh-600m-loan/">Equity Bank In Dispute With Ugandan Developer Over Ksh. 600M Loan</a>

Estate Cloud

Estate Cloud

Uganda To Build First Submarine Power Cable In Lake Victoria

By Estate Cloud - over 2 years ago - Kenya

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