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Experts decry low mortgage uptake 

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Experts decry low mortgage uptake 
Deputy Chief Executive Officer at Next Media Joe Kigozi.

The 6th edition of the NBS Housing Baraza has been launched at the Next Media Park, attracting key players in Uganda's real estate and housing sectors.

The event spotlighted the concerningly low uptake of mortgage loans, a critical issue hindering access to affordable housing.

The Deputy Group Chief Executive Officer at Next Media, Joe Kigozi noted that despite the growing demand for housing, many Ugandans are hesitant to embrace mortgages due to high interest rates, limited awareness, and economic uncertainties emphasizing the urgent need for innovative financing models and policy reforms to make mortgages accessible to a broader population.

“When you are 20 – 25, embrace the mortgage loan package you don’t need a title for you to take the loan, get the loan so when you grow up, you will not be struggling to own a house” Kigozi lamented

Uganda's housing sector faces significant challenges in achieving affordability, particularly for low- and middle-income households currently grappling a housing deficit of over 2.4 million units, with the demand growing annually due to rapid population growth and urbanization.

Most households resort to informal construction methods, as formal housing finance products like mortgages are out of reach for many due to high costs and limited credit access.

The NBS Housing Baraza continues to serve as a vital platform for addressing Uganda's housing challenges, with stakeholders urging collective efforts to reshape the sector's future.

The launch of the 6th edition of the NBS Housing Baraza has seen different stakeholders stretching from banking institutions and many others with all players calling for an increased uptake in the mortgage loans.

The increased uptake and the evolving internet penetration in housing facilities continues to take shape with innovations through the digital infrastructure

The 6th edition of the NBS Housing Baraza is scheduled to run from November 26 to 28 under the theme “A Home for Every Ugandan,” this year’s event aims to engage Ugandans in insightful discussions and explore practical steps to turn their dream homes into reality.

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