Artist Zebiba Girma on seifu show

Artist zebiba Girma on seifu show. 

The fate of the real estate companies that learned by saying "Wa"...

(It's raining dear)

Arkebe Equbai (Dr.) when he was the mayor of Addis Ababa city administration, the housing development sector is mentioned among the works that he widely promoted.

Condominium building program by the government; Real estate constructions have also been developed in the private sector. That season, 400 companies issued permits immediately, of which 125 companies took over 10,000 to 50,000 square meters of land in Ayat and Lebu.

In fact, before the arrival of Dr. Arkebe, when Ato Tefera Walwa was the mayor of Region 14, Ayat Housing Company took over a large area and started construction. Sunshine Real Estate was also somewhat under construction.

But developers who took over large tracts of land at low rents and went to work immediately began to face a strange problem. The place the companies were given was a farm area far from the city, with no entrance or exit. Due to the lack of road, electricity and water infrastructure, they have seen their inability to carry out the construction.

In the lease contract, it was stated that the share of infrastructure development belongs to the government - it did not. Most companies were forced to build by carrying water and stone by donkey.

Also, due to the fact that the administration was unable to quickly hand over the place free from human contact and the political crisis brought by the 1997 election, the construction took years.

Customers who paid money in advance began to complain, the Kuma Demeksa administration began to take action against real estate companies that were involved in illegal activities, the challenge of real estate development that had much hope was crushed. The problem was compounded by the addition of the Access Real Estate crisis.

In this situation, nefarious real estate developers are not lost either. There were those who collected money from the people and did not fulfill their promises, sold the empty land to a third party without building on the land they took, expanded and occupied the land outside of the land they were given, and built villas on the land they took for apartment construction. Because of these reasons, the real estate market was a mess from the start.

However, because they understood the potential of the real estate market in Addis Ababa, Ebnet Century Addis Real Estate, Noah Real Estate, Flint Stone Homes... joined Zerfan, and the market came out of depression after years and started to revive again. In addition, customers who bought a house from Ayat Real Estate for 250 thousand birr started selling it for millions after a while, and it is being confirmed that the sector is profitable. It attracted a lot of attention.

But these mentioned companies are not land users from the administration. They are tight on the space they get from the owners. The city government should see and support their efforts.

On the other hand, while real estate development is said to include the middle income segment of the society, it has pushed the middle income segment of the society. According to the research conducted by the Addis Ababa city administration, the construction cost of one square meter is 30 thousand birr, but currently the price of one square meter of real estate houses is up to 120 thousand birr.

Loret Tsagaye G/Medhn: "One learns by letters, one by suffering, and one by suffering."