The Sparkling Future Currently Precipitating in Ethiopia’s Real Estate Industry
Addis Ababa, the capital of Ethiopia, is a breathtaking bastion of waxing infrastructures. And on the outskirts of the capital, there’s another breathtaking scenery of sprawling high-rising residential stocks towering into further into the skies. These prolific scenes of real estate initiatives usually fill up quickly with a vibrant community of settled residents.
Ethiopia is one of the fastest expanding real estate markets, especially in terms of the number of additional stocks. The following is an overview of the four most ambitious real estate projects charging the revolutionary growth rate of the real estate stocks in Ethiopia.
Koye Feche, Addis Ababa
This gigantic construction site sprawling on the outskirts of Addis Ababa is set to become the most ambitious social housing project engineered in Africa by Africans. This is one of the latest additions to the numerous public-funded mini-cities that have sprung up around the Ethiopian capital since the inauguration of the Integrated Housing and Development Project (IHDP) by the government in 2006. The project is couched in a 700-hectare land mass 25km south-east of the Ethiopian capital. Upon completion, this mini-city of high-rise condominium estates will accommodate over 200,000 inhabitants.
The towering concrete structures are modeled after the postwar west modernist housing estates. They represent the government’s lofty ambitions to contain the brimming population overflow in the nation’s capital.
Royal Garden, Addis Ababa
A $194 million real estate project, the Royal Garden is a 21 tower mini city undertaken by Chinese developers Sinomark Real Estate, in partnership with Saba Engineering. With each of the towers climbing to no less than 20 storeys, the project is expected to “change the face” of Ethiopia’s capital. The project is also expected to increase the supply of real estate stocks for both high-end and mid-income markets, providing both luxury and affordable homes. Other key features of the mini-city besides the 21 towers include swimming pools, sports centers, as well as commercial spaces.
Mövenpick Hotels & Resorts, Addis Ababa
This is a development undertaken by one of the numerous heavyweight international brands currently making their entry into the Ethiopian markets for the first time. Situated in Bole district, and overlooking the national stadium and Elite Sports Center, Mövenpick Hotel Addis Ababa will provide 252 rooms, a grand ballroom, as well as world-class wellness and leisure facilities, including an 800m2 fitness centre and a spa. The development will also feature an all-day dining restaurant, an Asian Restaurant, an outdoor swimming pool, and more. One of the main attractions is the 1,200-seat capacity banquet hall nestled in a 2,300m2 meeting space.
Luxury Tourist Resort By Edzan
With full-throated support from the central government, Qatari property company Edzan Holding Group is planning to tap into Ethiopia’s phenomenal real estate boom by developing a luxury tourist resort on a 150,000 sq m land mass. The government’s support for the project has been overt, with former Prime minister Hailemariam Desalgen pledging to help ensure the project surmounts any obstacle it might face.