Finance Ministry

Real estate markets are, at their core, mirrors of the economies they sit within. In advanced economies, that mirror reflects a relatively stable image: steady credit markets, predictable consumer demand, mature institutions, and long-established urban growth patterns. But in developing countries like Uganda, the mirror behaves differently. It shifts quickly, exaggerates shocks, and amplifies every policy misstep, every currency wobble, and every change in global liquidity. This is a sector whose fortunes rise and fall not on neighbourhood gossip but on macroeconomic tides. “In Uganda, the macro is the weather system,” says Moses Lutalo, Managing Director of Broll Uganda. “It…