Rwanda Real Estate Investment Guide

Rwanda is the place to be if you want a new investment opportunity. The country has become an ideal destination for investors.

This guide highlights some economic metrics and other relevant information for investment in Rwanda.

Geography and Location

Rwanda is known as the land of a thousand hills. It is one of the most beautiful countries in Africa and is considered one of the cleanest nations on earth. 

Rwanda is a landlocked country 121 Km south of the Equator. Uganda borders it to the North, DRC in the west, Tanzania in the East and Burundi in the South. The country covers an area of 24,688 sq km.

Rwanda is part of the famous rift lakes region of eastern Africa.

Population, People and Language

According to the National Institute of Statistics, Rwanda has a population of 13,697,803 million (2022). 17.6% of the population lives in urban areas. With 525 people per sq kilometre, the tiny nation is considered among the most densely populated.

The median age is 20 years. There are three main languages in Rwanda, English, French and Kinyarwanda.

The Population growth is at 2.5% per annum. Agriculture employs at least 90% of the population.

Population Density
525 per Sq km

Rwanda is considered among most densely populated nations.

Median Age Group
20 Years

Population is among the youngest ones in Africa.

Population Growth
2.5 %

This growth rate is relatively average.

Urban Population
17.6 %

Urbanisation is among the lowest on the continent.

Real Estate and Investing

The Rwanda real estate market is of vital importance to the economy of the nation. In 2019 alone, it contributed about USD 635m to the national GDP.

The smallest East African nation is among the most densely populated countries on the continent. However, its urbanisation rates are among the lowest.

The Government implemented the Kigali City masterplan 2050, a successor of the 2020 masterplan that includes, most importantly, a more practical social inclusion plan and flexibility in building. One of the incentives in the master plan is to have urbanisation to 70% by 2050.

To this effect, a master plan for secondary cities was developed. Selections of Rubavu, Huye, Rusizi, Nyagatare, Musanze and Muhanga. These cities were identified as strategic locations with great potential for development.

Rwanda should be high on your list if you want to invest in property. The main driver of growth is the increased housing demand and attractive returns.

Rwanda has high rental yields, averaging 8% yearly for residential property. Investor benefits include political stability, a favourable demographic profile, and government incentives geared towards growth and development.

Vision City - Kigali Rwanda
Vision City – Kigali Rwanda

Rwanda’s urbanisation rate has averaged 17% since 2011 (Statistia 2020). 

Rental Yield: Kigali



Yield in 2020

Retail Space


Yield in 2020

Office Space


Yield in 2020

Average Property Prices in Kigali: 

The property market in Kigali, the capital of Rwanda, varies depending on the suburb. You have high-end neighbourhoods, mid-level, as well as low-income ones.

The chart below highlights the average property prices in Kigali across two demographics:-

Source: Ubuturo Research

Average Rental Prices

Source: Ubuturo Research

Other Investor Information

  • Rwanda has recently gazetted a new investment law with many attractive incentives. RDB Investment incentives
  • Ease of Doing Business Regional – 2020: 2nd  
  • Ease of Doing Business International – 2020: 29th
  • Foreigners are allowed to own real estate up to 99-year lease terms. The exception is in the Commercial Central Business District.
  • Pro Landlord

Taxation For Non-residents

Capital Gains Tax



General Income Tax


Resident / Foreigners



Resident / Foreigners

Corporate Income Tax



  • Capital gains that arise from the sale of commercial immovable property are subject to tax at the rate of 30%
  • Proceeds from the sale of commercial buildings to resident persons are exempt from taxes.
  • More than 12 double taxation treaties have been signed with different countries, with a target of more to come on board.


Rwanda’s economic growth has grown rapidly in the last two decades. It has averaged 7.5% growth over the previous ten years, peaking at over 10% in 2019. The recent global pandemic of 2020 slowed the growth trajectory, with GDP dropping by 0.2% in 2020.

The travel and hospitality sectors were severely hit during this recession caused by the pandemic. These are among the sectors in which the Government of Rwanda has invested massively in recent years.

The Government established a $200 million “Economic Recovery Fund” to provide subsidised loans to businesses in sectors affected by the pandemic restrictions.

The tourism industry is blossoming, and there’s been a growing surge in visitor numbers since 2021.


The national GDP was $12.1 Billion in 2022, with GDP Per capita at $912.74.

Source: Ubuturo Research

Economic Sectors

coffee beans
Agriculture Sector

Major crops grown include coffee, pyrethrum, tea, flowers, beans among others.

Services Sector

Tourism is the fastest growing sub-sector in the services sector.

factory worker
Manufacturing Sector

This sector includes sub-sectors like mining and agro-processing.

  • Agriculture Sector – This is the primary economic sector. About 61% of Rwanda’s soils are fertile for agriculture.  Rwanda’s principal crops include; Coffee, pyrethrum, cassava banana, Irish potatoes, rice, wheat, and sugarcane, among others.
  • Services Sector – This sector accounts for half of the gross domestic product of Rwanda. Tourism is a growing and promising industry in this sector.
  • Manufacturing Sector – This contributes about 19% to Rwanda’s GDP. It includes several sub-sectors: the mining sector, agro-processing, cement production and textiles.

Emerging Sectors

energy sector
Energy Sector

Rwanda is rich in natural energy resources including hydro, solar, and methane gas.

vision city Gacuriro
Real Estate Sector

The annual demand for residential houses is increasing at a rate of 25,000 per year.

  • Energy – This is one of the promising sectors in Rwanda. The nation has vast opportunities in the energy sector in hydropower, methane gas, peat deposits and solar.
  • Real EstateThe Rwanda real estate market is of vital importance to the economy of the nation. In 2019 alone, it contributed about USD 635m to the national GDP.
  • ICT – Rwanda is fast becoming the regional technology leader. And it’s on the verge of becoming one of Africa’s most important tech hubs. The ICT sector grew 29% in 2020. This supports the government’s efforts to transform the country into a 100% digital one. One of Rwanda’s goals is to transform it into an information-rich economy. Currently, the national fibre-optic backbone network has links to all 30 districts of Rwanda and nine border posts.


farm land
Arable Land

Potential land for agriculture makes up about 73.4% of the total land area.

mountain gorillas

Tourism in the country is centered on the protected mountain gorillas.

tin ore

Rwanda is one of the world’s largest producers of tin ranking 12th globally in 2019.

The primary resources of Rwanda include;

  • Arable land. Agriculture makes up a significant part of Rwanda’s economy. The arable land produces vast amounts of coffee, tea, beans, sorghum, and pyrethrum.
  • Wildlife. Gorilla tracking is one of the most popular tourism activities in Rwanda. Apart from the mountain gorillas, several other wild animals also inhabit Rwanda. These include; Chimpanzees, zebras, golden monkeys, hippos, leopards, and over 600 species of birds.
  • Tin ore. Rwanda is one of the world’s largest tin producers, ranking 12th globally in 2019. The country has deposits of cassiterite, a tin ore. It is an essential ingredient of electronic components.
  • Tantalum. In 2014, Rwanda was the largest producer of tantalum in the world. It is a significant component used in electronic manufacturing.
  • Other minerals include; Methane, gold, tin ore, tungsten ore, and lithium.

Key Projects

Rwanda is making huge strides towards some of its developmental goals, transitioning from a subsistence-farming economy to a service-oriented one.

Kigali Innovation City

Kigali innovation city
Kigali innovation city

The Kigali Innovation City project will transform Rwanda into a business and technology innovation hub. The development is currently underway.

It’s projected to have four first-rate universities at its heart as well as;

Innovative agriculture, healthcare space, technology firms and more.

These all aim to create 50,000 jobs for Rwandans while attracting over 300 million dollars in investment. This project will generate an estimated $150m, in annual ICT exports.

SGR Project

The Isaka-Kigali Standard Gauge Railway project is undergoing construction.

This line will link the landlocked country to the Dar El Salaam seaport of Tanzania, reducing freight costs and improving infrastructure. This is a pivotal solution to Rwanda’s logistic nightmare. It will significantly reduce importation costs and direct access to the seaport at Dar Es Salaam for the nation’s exports.

Bugesera International Airport

The new Bugesera International Airport is due to start operations in 2022. The airport will start handling 1.7 million passengers annually, peaking at 3 million by 2030.

 It will serve as Rwanda’s world-class gateway. Opening up opportunities to be a regional airline hub for Rwanda and the neighbouring nations.

Final Thoughts

For those looking for new and long-term investment opportunities, Rwanda may be the answer. This East African country has experienced dramatic improvements in recent years. And it is now one of the most stable countries on the continent.

There’s no better time to invest in real estate opportunities here. For more information on investment opportunities in real estate in Rwanda, check out this article.

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