The headline
Revised land reference prices, the first update since 2021, are waiting for Cabinet approval before they can be published in the Official Gazette and take effect. The Institute of Real Property Valuers in Rwanda (IRPV) prepared them and submitted them to the Ministry of Environment, which has to take them to Cabinet.
How far the old prices lag
- Kagarama Village, Gashora Sector, Bugesera: a 300 m² plot sells for about Rwf8 million, roughly Rwf26,000 per m², ten times the Rwf2,600 in the gazette.
- Busengera, Nyamata, Bugesera: about Rwf36,000 per m² on the market against Rwf11,074 in the gazette.
- Rugando, Kacyiru Sector, Gasabo: more than Rwf200,000 per m² against Rwf79,000.
Who sets them
The prices come from the IRPV's Regulatory Council, which includes the Ministry of Environment, the Ministry of Infrastructure, the National Bank of Rwanda, the Bankers' Association and the Private Sector Federation, among others. The previous lists were published in 2018 and 2021.
What it means for property
Reference prices are used for valuations, expropriation, lending and fees, so a list that lags the market can shortchange an owner whose land is expropriated or understate the security behind a loan. A reference price is not a sale price: our guide to the three kinds of price explains the difference. See what land has actually sold for on the Rwanda Housing Index and the Bugesera area page.