Launched four years ago, Tsehay Real Estate Complex is a major project that has contributed to the standing of the local real estate market. Developed by Chinese investors, the project was constructed with an investment of over four billion Birr. The complex is the first of its kind in the country.
Covering 30,000sqm of land, the construction of Tsehay Real Estate began in 2013. Unlike previous real estate projects, the construction of the apartments took only a year.
The complex is made up of 13 buildings with 646 residential units; close to half of the units have two bedrooms and 144sqm total floor area.
The company, which began selling units two years ago, has sold half of its apartments so far. Abebayehu Sisay (Col.), 57, is one of the owners of the apartments. He lives with his wife and child, they also have a house maid. He acquired the three-bedroom 140sqm sized residence nine months ago, with a cost of three million Birr.
“I enjoy all aspects of the complex,” Abebayehu said. “I really value the facilities, the silence, and the architecture. I waited a year to save and buy the apartment unit.”
The real estate market has been heating up in Addis Abeba, attracting capital from foreign and domestic investors because of rapid urbanisation and severe housing problems.
Recently, with state efforts in attracting investment to numerous sectors, many investors, have begun directing capital towards one of the underserved segments of the industry, property. The real estate sector has contributed 12.5pc to domestic growth in the past 10 years.
Source: Addis Fortune