· FurtherAfrica
Addis housing project: Army Foundation & UAE deal
Topics:DevelopersHousing programs
Summary of the FurtherAfrica report
The Ethiopian Army Foundation and UAE-based Reportage Properties launched a mixed-use housing development in Addis Ababa. The project covers 23,000 square metres and includes two residential towers with 1,086 apartments. It also includes about 15,000 square metres of commercial space, recreational facilities and landscaped green areas.
Key points
- The Ethiopian Army Foundation partnered with UAE-based Reportage Properties.
- The 23,000 square metre project has two residential towers with 1,086 apartments.
- It includes about 15,000 square metres of commercial space.
Real.et analysis
FurtherAfrica reports that the Ethiopian Army Foundation and Reportage Properties, a developer based in the UAE, have launched a mixed-use housing project in Addis Ababa. The site covers 23,000 square metres. Plans include two residential towers with 1,086 apartments, about 15,000 square metres of commercial space, recreation facilities and landscaped green areas.
What this means for buyers
A project of more than 1,000 units adds real supply to the apartment market. Large developments also take years to build. Buyers who consider an early, off-plan purchase should check these points:
- Who signs the sale contract. The project has two partners. Confirm which legal entity sells the unit and holds the land lease.
- Licence and approvals. Ask for the developer licence, the building permit and the approved plans.
- Where your money goes. Ask whether payments go into an escrow or project account. Ethiopia's real estate law now supports escrow for buyer funds.
- Payment schedule and delays. Link instalments to construction stages. Check what the contract says about late delivery and refunds.
- Shared spaces. Commercial space and green areas need upkeep. Ask how service charges work and who manages common areas after handover.
Mixed-use towers can offer daily convenience, since shops sit on the same site. They can also bring more traffic and noise. Visit the area at different times of day.
Our guide to real estate developers in Ethiopia explains how to vet a developer. To compare current options, browse apartments for sale in Addis Ababa.
Background
Gulf developers have shown more interest in Ethiopian property in recent years. Partnerships with local institutions that hold land are a common model. The source does not state the project's exact location, prices or completion date.