RWANDA DEVELOPMENT BANK UNVEIL NEW HOUSING PROJECT

BRD unveil plans for the new housing project in kigali.

Rwanda development bank (BRD) has unveil a new housing project as part of its plans to help the nation. It will also help solve the shortage of affordable housing in the country.

The project is part of a 2016 partnership agreement between the lender and a Moroccan real estate developer. The project promise to develop 1,750 housing units in the first phase. It will also a shift from the the traditional bungalow style to apartment blocks.

According to report, the project will target resident who earn a monthly income of between Rwf200,000 and Rwf1.2 million. It will also be a joint venture between the BRD and Palmeraie Development Group with a ratio of 25:75.

The project comes at a time when there have been widespread concerns of fast real estate valuation and prices. It has also made section of stakeholders say is a result of market forces of demand and supply as well as cost of inputs. The first phase will cost US$35 million.

Chief Executive Officer of BRD, Eric Rutabana said ”In this project we are not taking any deposits from potential homeowners until the project is complete. He also said we are hoping that this model could help raise confidence in the local real estate market.”

Majority of city dwellers are without decent housing options. Meanwhile to address the housing shortage, the city needs to build at least 31,000 housing units annually.

Currently, the city has about 1.2 million people and is projected to reach 3.8 million by 2040.

 

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