The real estate market in Ethiopia is flourishing due to the ongoing industrial transformation and there is an increase in demand for affordable houses and apartments.
If you want to invest in real estate in Ethiopia and you’re searching for your dream home in the heart of Addis Ababa, this article is for you.
When you decide to buy a property in Ethiopia, you need to check a list of factors such as the construction quality. First, you have to take into consideration the reason why you’re buying, then be aware of some elements that will help you in the decision process.
First question you should ask yourself is why are you buying a home?
- Rental yield
- To live in it
- For your kids
- Protect your money from inflation and/or devaluation
- Personal asset gain
The reason behind your purchase will affect how you choose your home. It differs if you are only buying for investment purposes or because you want to actually live with your family in Addis Ababa.
Below is a list of tips and important factors that you should be aware of if you want to buy a home in Ethiopia that fits your needs.
- Choose a reputable developer: Choosing the right property developer might be a hard thing to do and is time consuming. Below are some factors to take into consideration when searching for property developers
- Check their website
- Check if financial support is provided
- Read reviews
- Do your research: Before buying your dream home in Ethiopia, you need clear and accurate information about the real estate market in order to make sure that you’re getting the value of your money. You will have to check many apartments and villas and ask real estate agents about prices to get an idea.
- Choose the perfect Location: Location is key when you are buying an apartment. It’s the first thing that should come to your mind when deciding to purchase a home. You need to consider the neighborhood, environment, safety, privacy and proximity to facilities etc. It’s best to choose a house close to public transport, gyms, shopping malls, schools…
- Quality of Design and Construction: You need to pay attention to the quality of the design of your apartment unit such as space utilization, layout of bedrooms, natural lighting, and the view from all rooms. Moreover, check the quality of construction and installations of electricity, plumbing, sewage disposal, etc. to avoid bad surprises. Also, check the quality and durability of finishing materials of the floor, ceiling, walls, bathroom wares, cabinets and doors.
- Verify Apartment Security: You need to feel safe in your apartment – after all, it’s the place you’ll be spending most of your time at. It is important to consider the safety measures such as access control, security cameras and all the standard FLS (Fire and Life Safety) systems before signing the contract.
- Features, Utilities and Amenities: Prepare a list of amenities that you consider having in your apartment such as balcony, washer/dryer installed, security system, air conditioning, pet-friendly etc. In a city like Addis Ababa, where power and water interruptions are common, it is crucial to check the power backup and water reservoir availability.
- Check parking space availability: Is there a parking space? If yes, will you need to pay for it? You need to check with the real estate agent/apartment seller. You definitely don’t want to buy a home with no place to park your car.
- Check what the Maintenance Charges are: When you’re planning on buying an apartment in Ethiopia, consider the maintenance charges. Many buyers don’t think of this aspect when they buy a new apartment. Ask what the pricing of the apartment includes such as water charges, municipal tax, elevator charges.
- Delivery Time: On time delivery is one of the most crucial factors to consider when buying a home. It remains an unfulfilled promise by real estate developers. You’ll need to check with the real estate agent if you’ll get your home on time with no delays.
- Transfer of Property Deed: You need to check if property deeds will be transferred upon handover. If not, ask how long it will take to finalize the process of transferring title.
Why choose the La Gare Masterplan by Eagle Hills Ethiopia?
La Gare is a master-planned gated community located in the heart of Addis Ababa specifically in the historical setting of the La Gare train station.
Situated near Bole International Airport, it offers more than 4,000 luxury houses for sale surrounded by 5-star hotels & leisure attractions. In addition, it provides world-class amenities and an integrated lifestyle to make your living experience easier.
- Weather: Addis Ababa has a humid subtropical mild summer climate that is mild with dry winters, mild rainy summer which makes it a wonderful place to live in.
- Location: La Gare is only 20 minutes away from the Addis Ababa Bole International Airport. It offers easy access to the historic Legehar Train Station, as well as the Addis Ababa Central Business District. In addition, it is close to a lot of unique cultural landmarks, schools, a pedestrian-friendly shopping district with open spaces and indoor and outdoor restaurants.La Gare provides an exclusive address and lifestyle for residents and visitors. You can find more details about our master-planned community in the brochure on La Gare’s website.
- Quality of Life: La Gare master planned community is considered the perfect destination for you and your family because you can ‘live, work, shop and play.It focuses on the wellness of residents and visitors. With green parks, pedestrian-friendly roads and alleys and distinctive zoning of the various components, it serves as a new city hub with superior infrastructure and lifestyle amenities.Parking, circulation, arrival and dropoffs, and zoning of various components have been accommodated in a cohesive and fully efficient manner.Retail units open into courtyards which are shaded and richly landscaped giving identity and distinction.
For more information or inquiries please feel free to contact us on 6999