Foreign Real Estate companies may be regulated

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After receiving criticism of alleged incompetency, the Addis Ababa City Administration has requested that the Prime Minister’s Office draft policy directives to regulate foreign companies seeking to engage in real estate and condominium construction in the capital.

Previously, no foreign companies have requested to enter into the construction of resident housing in Addis Ababa.

Recently, however, around four Chinese companies, two Swedish and others from Europe have reportedly approached the administration looking to undertake mass resident housing construction.

The mayor of the city is said to be welcome to their requests.

In addition, he expressed the hope that many more foreign companies would look to invest in this area.

According to sources approached by The Reporter, as foreign companies have never participated in housing construction, the Administration has not been able to make decisions regarding whether they are able to live up to the labor-intensive strategies of the government and the use of modern technologies.

As a result, the Administration has requested that the Prime Minister’s office intervene and draft policy direction.

It was recently reported that three Chinese companies, including CGC Overseas, have already began construction of condo housing in Yeka Sub-City, around CMC area.

Source: Reporter