Dream Homes Deflate in Downturn

Ethiopia's real estate market is experiencing a significant downturn, with developers facing plummeting demand for upscale apartments, particularly in Bole District. The decline stems from political uncertainty, reduced credit availability following the central bank's inflation-targeting policies, and diminished diaspora investment. Property prices dropped approximately 15 percent over six months, while the construction sector's growth rate fell from 20 percent to just 5 percent year-on-year in 2023.