What’s the first thing you think of when you hear Nakasero? Is it a hospital? a restaurant? a market? Here is what we discovered.
Nakasero got its name from a group of women who used to weave baskets. The term locally is “ebisero”. Due to the immense success of the basket weaving business in the area, word went around and people started calling it “ewobusero” but later changed to Nakasero. Many of these baskets were sold in what is known as Nakasero Market which is still open today. It is located in one of the seven hills located in the heart of Kampala. It is east to Kololo, north to Mulago, and northwest to Old Kampala. But what does Nakasero have? And why would we recommend real estate investing in Nakasero?
Nakasero Market
Nakasero Market is the first thing people think of when they hear Nakasero. It debuted in 1895 in the Lubiri Palace, then relocated to Kagugube in 1905 and finally in 1927 was moved to the heart of Kampala. The market has given job opportunities to over 10,000 people from every part of Uganda and other parts of East Africa. Once you step foot into the market, you will see vendors selling vegetables, fruits, spices, electronics and so much more.This market has given people who didn’t have the resources to get formal employment a chance at making a living.
Nakasero Hospital
Nakasero Hospital, Uganda’s most premium hospital continues to offer quality healthcare since it was established in July 2009. It is a privately owned hospital offering both in and out-patient services. The hospital was built with the main objective of locally offering world-class medical services within the country; thereby minimizing the need to travel abroad for medical services. Since its inception to date, the hospital has stood the test of time and continues to offer top-tier medical interventions to not only Ugandans; but patients from around the region like the Democratic Republic of Congo and South Sudan. It is a well-known fact that some of the best doctors work at Nakasero Hospital.
Restaurants
Nakasero is host to several reputable restaurants offering diverse cuisine options to tantalize your taste buds. This area is central to many businesses and restaurants; notable among these are; Yujo Izakaya, Fang Fang, and Bight of Benin among others. It is also home to one of the oldest hotels, Fairway Hotel which was founded in 1969 by His Highness, the AgaKhan. Since its recent refurbishment, the hotel has taken on a modern feel and is a popular destination for diners, business travelers, and conferences. With all these attractive offerings in Nakasero, the decision to develop the Cadenza real estate project in this prime neighborhood was a no-brainer.
The State House
There are two state houses in Uganda with one being in Nakasero and the other in Entebbe. In 1966, Milton Obote, the second president of Uganda, stayed in the Entebbe State House. Later on in Idi Amin’s term he changed the name from Nakasero State Lodge to Government and resided in both state houses. The “first “ State House was built in 1900. Now its full title is State House by an Act of Parliament in October 1963. The cabinet holds 50 Ministers of State, 32 Cabinet Ministers, and over 500 delegates.
Now we know the beauty that lies within Nakasero, but the question is, is it worth investing in real estate? Based on what we have seen, the answer should be pretty obvious, but let’s look at the stats.
Regarding the State House and Embassy Hub; speak to the security of the area; and how that makes the location a prestigious investment address.
High ROI
The Central Division which consists of subdivisions in Nakasero and Kololo has some of the most upscale neighborhoods and businesses that are very high return on investment. The average rent for two and three-bedroom apartments in this area is between $2,500 – $3,500 based on reports conducted by Spectrum Real Estate Solutions. Investing in Nakasero can be tricky as they want to keep the same caliber of finishings in the entire area. As an investor, it lets you know that while the costs to start will be high, the yields if you choose to rent-out will be higher.
Safety
Nakasero has many embassies, including the Royal Danish, French, Sudanese, Nigerian, and a few others all choosing to be located in Nakasero. The presence of the State House ensures a very high level of security, which is a key reason why numerous embassies and the UN base for Uganda are located here. This high concentration of diplomatic and international institutions further reinforces the neighborhood’s safety and exclusivity.
Living in Nakasero means having access to a wealth of amenities, including upscale shops, fine dining, and top-tier healthcare facilities. The combination of security and convenience makes it an ideal place for both expatriates and locals who value a high standard of living.
Real estate investing in Nakasero is a lucrative opportunity. The area’s desirability means that any development project is likely to attract a significant number of buyers or renters. If you find yourself too busy to manage the construction process, VAAL Real Estate is here to handle the development for you. Our expertise ensures that your property will meet the highest standards, catering to the discerning tastes of those seeking residence in this esteemed neighborhood.
The peace of mind this secure location provides its residents is unmatched. This is why we decided to develop our Cadenza project in Nakasero.
It is very safe to say that many others have succeeded when it comes to investing in Nakasero. Do you think it’s worth a shot? Please contact us at +256765500000 or email us at [email protected].