Real estate sector has defied the prevailing economic contractions as developers seek to meet the growing demand for quality buildings in Kigali.

As coronavirus pandemic started wreaking havoc across sectors of the economy last year, construction of commercial buildings continued, with landlords using temporary closures to expand, renovate or build new buildings to increase supply.

New real estate projects are seen in places like Kicukiro-Sonatube, Santre, Giporoso, Kacyiru, Kibagabaga and other parts of Kigali, where shopping malls are being built.

For a long time, lack of quality com mercial buildings in strategic locations has impeded attraction of global brands that have eyed the Rwanda market.

The Manufacture and Build to Recover Programme by the government which gives incentives like VAT exemptions on raw materials and machinery produced locally, VAT exemptions on imported construction materials, given to new construction and real estate developers planning to start operations in Rwanda with an investment value of $10 million or more, has also invigorated the sector.

One of new buildings that is expected to be added in Kigali is the Inzovu Shopping Mall, which is going to be constructed on the land that was previously occupied by the Supreme Court, which has already shifted to give way to construction of the mall.

The multi-million dollar project owned by Duval Great Lakes Ltd, a subsidiary company of a French company, Groupe Duval, will be built on 26,000 square metres where green technologies will also be integrated.

Construction will kick off in the second part of 2021, and completion is expected by the end of 2023.

The business case for the mall is tied to the country’s MICE and tourism sector, where Inzovu mall is positioned to be the place guests at the convention centre will go for shopping.

“Yes economies world over are on their knees and people are suffering because of the coronavirus pandemic, but we are going on with the project, in business you have to look far and take risks” said Vicky Murabukirwa, the managing director of Duval Great Lakes Ltd.

He said he is optimistic that Rwanda’s economy will come good in two years, and will be among the first to rebound.