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Performance, Challenges, and Prospects of Real Estate Financing in Addis Ababa

This paper mainly examines the performance, challenges and prospects of real estate financing in Addis Ababa with a micro and macro outlook. It employs descriptive analysis and affordability analysis and forwards the followings findings: In the first place, homelessness is a big problem in urban areas; it has been estimated that 57 percent of the residents in Addis Ababa are able to access housing service by rent while 36 percent of them has their own houses. In general, 80% of the residents in Addis Ababa are homeless or reside in substandard housing. Since the onset of market oriented economy, real estate development has been encouraging as the private and foreign investors involved along with the government investment in the sector. However, there are daunting challenges in connection with financing. In particular, the problems of land management, low construction capacity, inadequate infrastructure, poor borrowing capacity, prices escalation, low affordability are worth mentioning. These highly marginalized the poor from accessing to housing service in spite of the current aggressive move of the government. These moves also contributed for the existence of macroeconomic instability, leading to higher inflation rate and dwindling foreign currency reserve position along with other causative factors. Hence, the government has to lay dawn a fertile ground and enabling real estate policy by intersecting the interests of private and financial sectors in wise way, keeping away the aggregate economy from unprecedented disturbance due to extensive investment and over building as compared to the size of the economy.