real estate agencies


PHOTO: Akright Estate is one of the several real estate agencies one can buy property from. Regardless of who they buy from, people need to do due diligence before buying property. Photo by Ismail Kezaala 

In Summary

With busy schedules, many people are opting to buy property through real estate agencies. However, some have fallen prey to fraudsters. We take you through why fraud has persisted in the business, success stories, and how to tell a genuine real estate agency

In early 2000, a time when the real estate industry was seen by many to be picking up, Property Masters, a defunct real estate agency, was one of the few agencies championing the “visible” growth in the real estate sector in Uganda. At around the same time, what happened to be (and still is) the biggest blow in the industry occurred causing a historical shock that perhaps could have gone on to affect the entire Ugandan economy.

Patrick Kasulu, Property Masters’ founder and propriety, witnessed his real estate empire crumble after close to 2,100 complaints were lodged before police against him and his company after he issued a bad cheque worth Shs48m to a one Faridah Birabwa, according to this paper’s story titled: The story of Property Masters: Where is Patrick Kasulu?.
“Of the 2,100 complaints, 169 people managed to sue him on claims of defrauding them of more than Ugandan Shs3b,” the story further says.