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When I sit down with Moses Lutalo, the Managing Director of Broll Uganda, the conversation quickly settles on the forces reshaping Uganda’s real estate landscape: financing pressures, currency volatility, talent flight, and the urgent need to reinvent business models across the region. Broll operates from a distinctly different vantage point. It is not a developer, not a landlord, not a builder of malls or apartments. It is a real estate services company, an identity that gives it a panoramic view of the industry’s strengths and stress fractures. “We don’t own property,” Lutalo says. “We manage. We are consultants. If we…
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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…
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Money remains expensive in Uganda. Bank of Uganda has kept its Central Bank Rate (CBR) at 9.75% since August 2025, one of the longest periods without adjustment. The message is clear: maintain macro stability in a world still shaken by global shocks, even if it means keeping domestic credit costly. In practice, this stance raises funding costs for banks, which then pass them on to businesses and households. Inflation eased to 3.4% in October, down from 4% in September, but that only widens the spread between the policy rate and inflation—now over 600 basis points. This makes Uganda’s real interest…
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For quite a long time, the sprawling and magnificent Metroplex Shopping Mall, in the upscale Naalya suburb along the Kampala Northern By-Pass highway on the outskirts of Kampala city, has raised a lot of questions about its viability as a major real estate investment. A recent online debate on the X social media platform placed the shopping mall into a critical spotlight with some commentators voicing their concerns about the ’emptiness’ of the mall as a proverbial white elephant. A tour of the mall reveals some vacant space, low foot traffic, and a lack of vibrancy in shopping and entertainment experienced…
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