What does the Parish Development Model mean to the Real Estate Industry in Uganda?
On 26 February 2022 in the Eastern district of Kibuku, the President of the Republic of Uganda launched the The Parish Development Model (PDM). The aim of this initiative is to lift 17.5 million Ugandans in 3.5 million households out of poverty through the total transformation of the subsistence households into the money economy.
President Yoweri Museveni actually asked the National Resistance Movement-NRM party MPs to support the proposed increase of the Parish Development Model Fund budget from the current 200 billion to 1.069 trillion Shillings.
There are even statements by senior government officials that households will be monitored using the Global Positioning System (GPS) to ensure that they don’t misuse the funds allocated to them.
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Each head of a home registered in the local Sacco will receive Shs1milion.
For some of the more capital-intensive parish projects such as mechanised agriculture, 280 tractors will be available.
What it means to the Real Estate Industry.
The PDM fund comes at a time when the economy is struggling and the Real Industry constrained due to general inflation. Interestingly, People and companies in the Real estate industry could utilize the PDM funds to purchase land for future developing or even land banking since land only appreciates in value.
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Real Estate Agencies like Amity Realtors will support individuals or companies who intend to invest in Real Estate industry.
The success of this initiative will depend on the financial discipline and literacy on current market trends and knowing which sector is more worth investing in. Senior Economists are actually suggesting that the government does more sensitisation of the masses.
In conclusion, the PDM fund has come at a perfect time and will act as Perfect response to those looking forward to boost their income and those looking at future investment.
Source: Amity Realtors ltd and Internet.
