Julius Acire Gunya, the Gulu City Mayor has urged private developers to invest in Real Estate such that the City center becomes a commercial center.
Acire notes that accommodation is increasingly becoming a growing demand in the Northern regional city which attracts several visitors daily.
The Mayor says there is no need for people to sleep behind their shops in the city center as the rooms can instead be used for opening more shops.
Acire also calls for investment in storage facilities outside the city center to reduce congestion of trucks on the already narrow streets.
In 2023, Gulu city turned Queens Avenue, Olya Road, Labwor Road and Aliker Road into one-way streets to reduce traffic congestion on the narrow streets.
In May this year, leading property consultants urged investors to seize emerging opportunities in Gulu City, describing the fast-growing urban centre as one of Uganda’s most promising real estate and commercial investment destinations.
The call was made by Knight Frank Uganda during the unveiling of its real estate market analysis report for Gulu City at the inaugural Acholi Real Estate and Infrastructure Conference held in the city.
Since its elevation to city status in July 2020, Gulu City has experienced rapid economic growth largely driven by trade, with investors increasingly viewing it as a strategic commercial hub in Northern Uganda.
Data from the survey indicates that trade contributes 42.9 percent of the city’s economy, followed by services at 35.9 percent, agriculture at 14.2 percent, manufacturing at 5.9 percent, while construction and real estate currently account for only 1.1 percent a figure analysts say demonstrates the sector’s enormous growth potential.
By Justine Muboka
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