Ethiopian real estate is the most popular emerging market for luxury property
Fast-growing Ethiopia is the cheapest and most popular place in the world’s emerging markets to buy luxury property. Buying property in Ethiopian real estate market costs between 200.000 USD–500.000 USD, while luxury property in Angola is ten times more expensive.
Africa’s second-most populous country, Ethiopia is also one of Africa’s top economic performers. International Monetary Fund projected the country’s economic growth to be 2% in 2020-2021, largely due to the effects of the pandemic, but that it was expected to rebound to 8.7% in 2021-2022 in line with a global recovery.
Ethiopian villa house in Addis Ababa
While Ethiopia comes top in the “cheap league”, Kenya is next in line, with a square meter of the luxury home there costing around $1.687 and third is Tanzania, where classy real estate costs $700 per sq.m. House for sale in Addis Ababa still fall far below luxury prices in the developed world.
Last year in New York City ultra-luxury apartments reached an average cost of $17.191 per square meter while a square meter in London’s Royal Borough of Kensington and Chelsea would set you back $14,000 (£10,797).
Ethiopia’s property market matures, high-end real estate is increasingly in demand. At the same time, prices remain low compared to many of its neighbors, making Ethiopia the most affordable place to buy luxury real estate anywhere in the world
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Who is buying property in Ethiopia?
Data show that of people who prefer luxury houses;
- 43% are aged between 35 and 44,
- 66% are male,
- most (91%) speak English,
- 34% are located in the US,
- while 37% hail from Ethiopia.
Safety is a concern in some areas, But the FCO says crime levels are low, and that around 20,000 British nationals visit Ethiopia every year with most reporting no trouble. Latin America also has a strong showing in the “cheap league”.
Metropolitan Real Estate is an established property development company in the Ethiopian Real Estate Market focused on creating homes packed with functionality, convenience, and comfort for today’s modern lifestyle seeker and savvy investor.