Home Afrika Ltd. became the first publically-traded developer this week, listing 405.3 million shares on the Nairobi Stock Exchange. Home Afrika plans to build one million homes in the next 10 years across Africa.
Uganda, a 92,000-square-mile republic in east Africa housing 35 million residents, is booming in some of its real estate pockets but going down the drain in other sectors, according to mixed media reports in recent weeks. Bankers and developers are jittery. Loan defaults are mounting.