In Addis Ababa, house rent consumes 50 to 60 percent of the income of a family. Nowadays, many people in Addis Ababa are trying to own an apartment built by private real estate developers with long-term payment plans. In recent years many private banks have also begun financing such housing projects to make inhabitants of Addis house owners. In addition, new private banks such as Goh Betoch Bank, and Jano Bank are currently offering their sharing claiming that their target is to finance housing development in Addis Ababa and other cities.
Meanwhile, the current price for a square meter of land in Addis Ababa has been mentioned as one of the most expensive ones in the world. At times the price for an apartment exceeds the price for an apartment in some of the well-developed countries in Europe such as the UK, Germany, and Portugal. Today the price for a two-bedroom apartment in Addis Ababa’s central area is almost the same as in Manchester, Liverpool, Lisbon City, or in the Leipzig City of Germany, which is about $200,000 on average. For to make Addis House affordable to everyone, Addis Ababa City Administration has to look into innovative approaches such as, inviting foreign real estate developers, which have the latest housing technology, and providing them with enough land for cheaper lease price than the current one or even for free. On the other hand, Foreigners may not own freehold land in Ethiopia. Ethiopian citizens may own land in freehold. The buyer must have Ethiopian citizenship. (both resident and non-residents) or must have Ethiopian origin (Ethiopian parents). If a foreigner wishes to buy a property in Ethiopia, they must have an entry visa in Ethiopia. We here at Metropolitan Real Estate use proactive marketing and brokerage techniques to navigate today’s challenging Ethiopian real estate environment. All Metropolitan employees perform their tasks honestly and with a smile on their faces as we are confident we shall keep our clients satisfied. Being in the exciting real estate industry, we feel privileged to assist our customers as they reach a new meridian in their lives, whether it is by finishing their new building to their tastes or directing us to finish and design it for them.
