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Titled the ‘Real Estate and Development and Real Property Marketing and Valuation Proclamation’, the bill proposes to put in place several new requirements that would significantly change how developer’s business
Ethiopia has come out with the long overdue federal legislation to regulate the booming real estate industry. It has finally made it to Parliament this week, nearly a full decade after it was first proposed.
Titled the ‘Real Estate and Development and Real Property Marketing and Valuation Proclamation’, the bill proposes to put in place several new requirements that would significantly change how developer’s business.
Once ratified, developers would need to erect and transfer a minimum of 50 housing units to be eligible for a real estate license. Developers looking to secure land from the government will be obliged to deliver between 500 and 5,000 units depending on demand. The draft stipulates that 40 percent of these units will have to be affordable housing.
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Developers in Addis Ababa will need to commit to delivering no less than 5,000 units to receive land allocation from the government. In industrial parks and towns with substantial demand, the requirement is 1,000 units, while it is 500 elsewhere.
