Real Estates Developers Turn to Local Clients

Audio 1

Real estate companies in Uganda are focusing their marketing efforts on local consumers in order to stem the tide of the global financial downturn.
Nakku Senkeeto, the Marketing Manager of Kensington Africa, says the majority of her company's clients are foreign nationals or Ugandans living abroad. She says that because of the economic conditions in America and Europe payment on houses and new purchases from abroad have reduced significantly.
Ruth Nambirige of Akright Projects says that aside from the reduction in collections, the crisis has affected the virtual property section in their case. She says that most clients presently seem to prefer making down-payments on houses already constructed, than on empty plots for later development.
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Nambirige says Akright is now focusing on selling apartments to the people living and working in Uganda. Houses are being sold for as little as 60 million shillings.