The Property & Home Show kicked off on Wednesday with the Development Bank of Rwanda (BRD) as its main sponsor, to underline the bank’s commitment to promote and develop affordable housing.
The expo, which runs at the Kigali Conference and Exhibition Village (Camp Kigali) until Saturday, brings together leading stakeholders in the country’s real estate and construction sectors to show the multiple ways through which people can acquire their own home.
Robert Runazi, the Senior Manager for Housing Investments at BRD, said the bank has a number of projects underway to meet the demand for affordable housing in Rwanda.
A 2012 study indicated that demand for housing is rising rapidly and requires efforts and quick interventions in the entire country but especially in Kigali. The study showed that Rwanda needs more than 344,068 housing units by 2020 to meet the growing demand, which at the time meant that every year more than 34,000 houses must be constructed.
“Meeting this demand is a big priority for BRD. Rugarama Park Estate with more than 2,700 housing units is already being developed,” Runazi said.
He noted that with more housing units built, banks would be able to offer mortgage loan facilities at lower interest rates compared to today, while rent fees would also go down.
Wairimu Wairioko, the Rugarama Park Estate Project Coordinator, said they aim to complete the project in less than five years with the first 500 units to be completed in a year’s time.
The Property & Home Show is open from 12pm to 8pm on Thursday and Friday, and from 10am to 5pm on Saturday.
“People should come and learn easier ways of owning a home,” ,” said Lisa B Marler, proprietor of The Property &Home Show that organized the expo. “All aspects are important in reducing the cost, including the different construction and finishing materials used.”