Kakande's Investments Podcast · Kakande's Investments Podcast

Treasury Bonds vs Land as an Investment- Which is better in today's economy?

·34 min·2 clips

Alan says treasury bonds at 15% to 16% can beat most Ugandan land returns on average.

Alex Kakande greets listeners wherever they are tuning in and frames the discussion around a familiar investing choice. He invites his friend Alan Nnyamutale to speak from the land-first side of the argument. Alex says he is not anti-land, but he believes that in today’s Uganda and Kampala, returns can be better in capital markets. Alan responds by laying out why he still sees land as a strong asset class. He points to returns, risk, and diversification as the main reasons it deserves a place in a portfolio. The conversation stays practical rather than theoretical, circling back to what a listener with real money in hand should actually do. It acknowledges that financial assets can trade away from their underlying value, and Alan says that is expected, but in Uganda the gap has become extreme. He then gives a clear warning about buying land from an estate as an investment. His concern is that the estate has already built in a profit margin. He explains that if you buy an acre made up of several plots, the sum of the individual plot values is usually far below the estate price. That means the buyer may be paying a premium before any appreciation begins. He recommends a different approach for people who want to invest rather than consume. Pooling money with trusted friends and buying an acre together can be a cleaner route, then dividing it into plots afterward. Alex agrees that the premium problem is real and compares it to paying too much for a treasury bond. Still, he argues that bonds are not as inflated in the same way land often is. The discussion lands on a simple sequence for many people: grow net worth first, then buy the right land later. The episode ends by saying they will come back to the bond discussion another time.

As heard by us

A practical Uganda-first debate on when bonds should come before land.

It frames a clear Uganda-focused split between land and treasury bonds, with Alex Kakande and Alan Nnyamutale coming at the question from different angles.

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Why you'd press play

If you are torn between an acre and a bond coupon, this gives you a cleaner way to think.

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