The latest H2 2024 Kampala Property Market Report by Knight Frank Uganda paints a mixed picture of the city’s real estate market. The report highlights an uptick in prime office space demand and a resilient retail and industrial sector. However, prime residential occupancy has declined by 2%, and foot traffic in retail spaces has dropped by 5%, pointing to shifting consumer preferences and an evolving urban landscape.
As Kampala transitions into a megacity with an expected population of 10 million by 2040, large-scale real estate developments are set to play a pivotal role in reshaping its skyline. The Ruparelia Group, through its property arm Meera Investments, the country’s largest private real estate developer, is among the most impactful players in this transformation. Meera Investments, boasting over 300 commercial and residential properties, provides modern living and working spaces to over 200,000 people daily, significantly influencing Kampala’s daytime economy.
With its latest flagship developments, the Ruparelia Group is set to shape Kampala’s real estate sector further. Here are three key projects that are poised to have a significant impact on the market:
Tower One – The Pearl Business Park: A New Era of Grade A Offices
Located on Plot 1, Yusuf Lule Road, Tower One at the Pearl Business Park is set to redefine Kampala’s commercial office market. Slated for completion in February 2025, this 19-level Grade A office tower will offer 24,000 sqm of premium lettable space and 360 parking slots, making it a top choice for businesses seeking modern office solutions.
The H2 2024 Property Report notes that while demand for prime office space remains stable, occupancy rates have dropped by 1%, and there is a shift toward cost-effective Grade AB offices. However, Grade A spaces in strategic locations continue to command high rents, with some reaching USD18 per square meter.
With its state-of-the-art amenities, flexible workspaces, and proximity to the Central Business District, Makerere University, and Mulago Hospital, Tower One is poised to attract premium tenants looking for top-tier office spaces. Furthermore, as one of ten planned towers in the expansive 18-acre Pearl Business Park, this development will cement Meera Investments as a leader in the commercial real estate sector.
The H2 2024 report also highlights concerns regarding an anticipated oversupply of office spaces in 2025, which could lead to downward pressure on rental prices. However, Grade A offices with modern designs, ample parking, and prime locations like Tower One are expected to retain their premium value, attracting blue-chip companies and multinational tenants.
One-10 Apartments: Redefining Luxury Living in Kololo
Kampala’s prime residential sector is experiencing a transformation, with demand shifting toward more modern and spacious units in secondary suburbs such as Naguru, Mbuya, and Bugolobi. However, One-10 Apartments, located on Prince Charles Drive in Kololo, is set to reclaim high-end living in Kampala’s most exclusive suburb.
This 15-floor luxury residence will feature 156 for-sale units, including two-, three-, and four-bedroom apartments. It is designed to offer panoramic city views and high-end communal amenities such as a café and poolside bar.
The H2 2024 report highlights a 1% increase in rental prices for three-bedroom apartments and a declining occupancy rate in prime areas of 82%, as many renters seek affordable alternatives in emerging locations. However, One-10 Apartments targets high-net-worth buyers by offering unparalleled luxury, exclusivity, and the advantages of a prime location, positioning it as a landmark project in Kampala’s evolving residential market.
Knight Frank emphasises that furnished apartments and high-density developments are gaining traction among both expatriates and local investors. One-10 Apartments aligns with these trends, offering modern, spacious units with premium finishes and sustainable design elements that cater to the growing demand for luxury urban living.
Kabira Serviced Apartments: Uganda’s Largest Serviced Living Space
Serviced apartments continue to see high demand in Kampala, particularly from expatriates, diplomats, and corporate travellers. According to the H2 2024 Property Report, there is a growing preference for high-end, fully furnished apartments, especially in prime areas.
The 360-unit Kabira Serviced Apartments at Kabira Country Club is set to be Uganda’s largest serviced apartment project. Spanning over 100,000 sqm, the apartments will feature one-, two-, and three-bedroom units built to British standards. They will be equipped with modern kitchens, soundproofed windows, LED TVs, high-speed Wi-Fi, and 24-hour security.
This project directly aligns with the report’s findings on increasing demand for luxury serviced apartments and rising rental yields in prime locations. With an expected 2025 completion, Kabira Serviced Apartments is set to set new standards for Kampala’s short- and long-term rental market.
The Bigger Picture: Meera Investments’ Role in Kampala’s Growth
The H2 2024 Property Report underscores the growing need for commercial, residential, and hospitality infrastructure investment as Kampala expands. Ruparelia Group’s aggressive real estate strategy, spearheaded by Meera Investments, is directly addressing these market needs.
With Pearl Business Park, One-10 Apartments, and Kabira Serviced Apartments, the group is not just developing properties but actively shaping Kampala’s future as a modern, business-friendly, and luxurious city.
Additionally, the report points to a growing demand for mixed-use developments, integrating residential, office, and retail spaces. This trend aligns perfectly with the Pearl Business Park’s long-term vision.
As Kampala’s real estate landscape evolves, these three flagship projects are set to influence market trends, attract premium tenants and buyers, and redefine the capital’s urban living and working spaces.
For investors, business owners, and homebuyers, Meera Investments’ latest projects present a unique opportunity to be part of Kampala’s next chapter of real estate transformation.