Soroti land prices put property ownership beyond reach
Land prices in Soroti City, Uganda, have surged significantly, making property ownership increasingly difficult for low-income residents. Local brokers attribute this to speculative buying by wealthy individuals that has inflated market benchmarks.
Why it matters
It highlights the challenges of urban gentrification and the widening wealth gap in developing cities.
Soroti City, once a modest residential town with little industrial activity, is grappling with soaring land prices that are putting property ownership beyond the reach of many low-income residents.
A 100-by-100-metre plot that sold for between Shs5 million and Shs10 million in the early 2000s now costs between Shs20 million and Shs50 million, depending on the location.
Even plots occupied by old, dilapidated buildings are fetching between Shs700 million and Shs1 billion in some parts of the city.
Land brokers attribute the sharp increase to growing demand and a small group of wealthy buyers who, over the years, established high prices that have since become the benchmark for sellers.
Mr Ssegawa, a Soroti land broker, said the trend began when wealthy buyers acquired land in areas such as Opuyo, Amen, Camp Swahili, Madera and Otucopi.
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