Over 225,000 condos to be built in Addis

Addis Ababa Condominiums
Addis Ababa, Ethiopia - The Ministry of Urban Development, Housing and Construction said that over 225,000 condominiums would be built in Addis Ababa over the coming two years. Minister Mekuria Haile told ENA that financial and other inputs have been readied to launch the project. Indicating that housing construction has been underway in different parts of the city, the Minister said that the planned...

Landmark Ruling Upheld Against Real Estate Developers

The ruling of the Supreme Court sets the bar high for all real estate developers in the country. Addis Ababa, Ethiopia - Country Club Developers (CCD) is to restore contracts with six clients for luxury villas it had previously annulled and pay them compensation of up to 10pc for the 1.7 million Br to 3.1 million Br houses it had promised to deliver. The Federal Supreme Court passed this decision...

Real Estate Firm to Offer Ready-Made Space for Sale

Noh Real Estate
After the well publicised Access Real Estate debacle, buying already completed properties should prove to be popular. Addis Ababa, Ethiopia – Noh Real Estate will begin selling business, office and residential spaces at Abyssinia Mall and Jember Residential Village on Monday, December 30, 2013, Fortune learnt. Noh, established in 2007 by three brothers, is a rarity in the Ethiopian real estate...

CGCOC Group of China to enter real estate sector with a capital of 2 billion birr

Addis Ababa, Ethiopia - The Chinese construction giant CGC Overseas, in partnership with two other Chinese companies, has finalized a deal to join the upcoming real estate sector in Addis Ababa with an estimated capital of 2 billion birr, The Reporter has learnt. Together with CGC Overseas, Hansen, which owns a cement factory near Koka, and a third unknown company with a minority share have formed...

Gabby Investments Adds to Long List of Suits Filed against the Forlorn Access

With an increasing number of legal suits being filed, homeowners are losing hope in revitalising the company. Addis Ababa, Ethiopia – Gabby Investments Plc, a grade one contractor, has become the latest party to wage a court battle against the nearly-defunct Access Real Estate S.C. (ARE). It filed a suit at the Federal High Court on September 16, 2013, requesting 72.9 million Br in damages for...

Board Members Seek Government Support in Access Debacle

Representatives of the central homebuyer’s committee are determined that ARE will carry through with its construction promises. Addis Ababa, Ethiopia - Board members and representatives from the central homebuyers’ committee of Access Real Estate (ARE) have jointly selected ASGB Chartered Accountants to re-audit the 2012 financial statements of the troubled company, for close to 640,000...

City to probe into Access Real Estate’s land holding

Addis Ababa, Ethiopia – The Addis Ababa City Administration Land Development and Management Office has launched an investigation to look into the way that Access Real Estate (ARE) acquired various plots of land around the city for the construction of units bought by its 2500 customers. The city has confirmed that so far not one plot of land under ARE’s control was acquired from the relevant...

Chinese Company Targets Real Estate Makeover

China Geo-Engineering Corporation
By Ashenafe Endale Addis Ababa, Ethiopia – High profile legal battles have seen trust evaporate from Ethiopia’s thriving real estate sector. The China Geo-Engineering Corporation (CGC), which has previously been engaged in the road construction sector in Ethiopia, two weeks ago started the construction of an international standard real estate complex, with three billion Birr capital. The...

Court orders Ayat S.C. to pay 176.5 million birr fine

Ayat Real Estate
Addis Ababa, Ethiopia - The Eighth Criminal Bench of the Federal High Court, Lideta Division, passed a huge fine against Ayat Real Estate and its founder, Ayalew Tessema, on Wednesday, after a lengthy court trial. The court passed a 12-year sentence and levied a 3.2-million birr fine against Ayalew founder and CEO of Ayat S.C. and a 176.5-million birr fine against the company. Apart from that,...

Supply Gaps Fuel Rental Increases

Cheffe Condominium (Photo: Addis Fortune.com)
Cheffe Condominium (Photo: Addis Fortune.com) Addis Ababa, Ethiopia - Abdulkerim Ali, 25, left war- ravaged Somalia three years ago, and headed for Ethiopia hoping for a better future. He made his way across the border with three of his friends and proceeded to Addis Abeba, where all four registered as refugee students. They were awarded close to a 200 dollar monthly living and educational stipend....
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