Nakawa’s iconic Akamwesi Hostel, a student accommodation hotspot, has officially been put on the market as financial woes grip the property sector. The multi-million-dollar facility, which has been a home to Makerere University Business School (MUBS) students and a buzzing retail hub, is up for grabs at a whopping $5.2 million—a sign that even prime real estate isn’t immune to Uganda’s economic struggles.
The property, sitting on 1.5 acres of prime land in the Bugolobi-Nakawa corridor, boasts over 150 units and a thriving mixed-use space that generates an impressive $300,000+ annually. However, despite its lucrative returns, whispers of financial distress and a looming bank foreclosure have forced the owners to list it for sale through Uganda Yaffe Properties.
Sources close to the situation suggest that rising operational costs, declining student occupancy due to changing academic schedules, and general economic hardships have made it difficult for the owners to sustain the business. “It’s a case of biting the bullet. The numbers just aren’t making sense anymore,” a real estate insider revealed.
With Uganda’s real estate sector facing increasing turbulence, investors and property moguls are now circling the deal, hoping to snatch up a high-yielding asset at a bargain price. Will Akamwesi Hostel land in the hands of a new owner, or is this just another casualty of the tough economic times?
