2025年上半年坎帕拉房地产市场表现回顾（英）-莱坊

K A M P A L A M A R K E T P E R F O R M A N C E R E V I E W - 1 S T H A L F 2 0 2 51K A M P A L A M A R K E T P E R F O R M A N C E R E V I E W - 1 S T H A L F 2 0 2 52Uganda’s economy expanded by 6.3% in FY 2024/25, supported by strong performance in the services sector and improved trade dynamics. Inflationary pressures per-sisted but remained contained, with headline inflation ris-ing moderately to 3.9% by June 2025. The Uganda Shilling appreciated by 3.8% year-on-year, aided by steady foreign exchange inflows, while the Central Bank Rate remained unchanged at 9.75%.In the prime residential sector, the market softened fur-ther as new supply met shifting demand. Occupancy lev-els dipped by 1% to 80%, and average rents for two-bed-room units declined by 7%. The tenant base shifted, with a decline in Western expatriate demand partially offset by growing interest from Asian professionals. Second-ary suburbs experienced growth in both occupancy and short-stay listings, underlining changing lifestyle prefer-ences and affordability dynamics. The commercial office sector saw a continued drop in occupancy rates—falling by 5% and 2% for Grade A and AB spaces, respectively—as new completions outpaced absorption. Leasing remained active, driven by smaller space requirements and demand from consulting, ICT, and professional services firms. A noticeable shift from traditional CBD offices to suburban offices was observed, with growing interest in condominium-style offices for ownership flexibility.Retail rebounded in H1 2025, with shopper footfall rising 13%, grocery turnover up 8% year-on-year, and retail oc-cupancy across Knight Frank-managed malls improving by 2%. New international brands, mall activations, and improved infrastructure supported consumer traffic, while rental rates remained stable. The industrial sector remained one of the most resilient segments, with occupancy levels above 80% and ware-house rents holding steady at $3–$7 per square meter per month. Demand was fuelled by the agro-processing, FMCG, and manufacturing sectors, while new warehouse developments emerged in Nalukolongo and Namanve. The Uganda Tax Amendment Act 2025, offering tax in-centives to local SMEs, and continued infrastructure up-grades, including progress on the Standard Gauge Rail-way, further strengthened sector fundamentals.As Uganda heads toward the 2026 general elections, cautious optimism prevails across the real estate market. Sector performance in H2 2025 will depend on market adaptability, infrastructure delivery, and alignment with evolving tenant expectations.E X E C U T I V E S U M M A RYThe industrial sector remained one of the most resilient segments, with occupancy levels above 80% and warehouse rents holding steady at $3–$7 per square meter per month.6.3%3.9%80%13%5% & 2%Economic growth rateModerate rise in headline inflationPrime residential occupancy ratesRise in shopper footfallDrop in occupancy rates for Grade A and AB rentals respectivel