Yanditswe Jan, 22 2020 09:26 AM | 4,156 Views
Officials at the City of Kigali say that the revised Master Plan will address most of the existing challenges in the development of the city including finding solutions to the 15% vacancy rate in commercial buildings around the city.
As far as the eye can see, buildings; commercial and residential, are coming up in different parts of the city every other day. However, some of the buildings, mostly commercial, remain unoccupied.
According to a research conducted by the Institute of Policy Analysis and Research (IPAR), 85% of commercial buildings in the city of Kigali are occupied, while 15% are not.
According to Dennis Karera, an investor in the commercial Real Estate business, the speed at which commercial buildings are coming up is not commensurate to the market demand.
"If you analyse closely, you will realize that the speed at which we are
building is not equal to the market demand," Karera told reporters.
For property developer, Kefa Angwenyi, the high cost of renting the commercial buildings are what is putting off business owners.
According to the IPAR research, tenants have three main considerations before occupying a commercial building. 46.3% consider proximity to clients, 18.2% consider the prestige of the building location while only 14.5% consider the rent of the buildings.
The Director of Kigali Urban Planning, FRED MUGISHA, says that the flexibility of the revised City Master plan will address the existing challenges including the 15% vacancy rate in commercial buildings.
Charles Haba, CEO of Century Real Estate also commended the City of Kigali for considering feedback from the citizens before revising the city master plan.
Property developers also expressed their satisfaction with the revised master plan, saying that it will give property owners the room to maneuver and make appropriate changes in case of low demand for commercial buildings or residential houses.
The IPAR Research shows that Remera has the highest commercial building occupancy rate at 93.1%, followed by Nyabugogo at 89.5% and Kacyiru at 89.3%. Kicukiro has the lowest occupancy rate at 75.8% followed by Gisozi at 77.6%.
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