Ovid to establish a mortgage bank

Ovid Group, the giant real estate company that made waves recently when it completed the construction of several buildings in 90 days is preparing to establish a mortgage bank. In an event held on January 23, 2024, the new bank named Ovid Betoch Bank was inaugurated and raised over 1B Birr in share sales. This is a welcome news for an industry starved for financing and dealing with a severe downturn, says Sofia Asefa, a real estate analyst and co-founder of this blog. According to Sofia, this could be a catalyst in re-starting the dormant real estate market.