Addis Ababa: Increased wealth driving demand for Luxury property

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In the past decade Ethiopia has maintained an annual growth of about 10% which is considered to be the highest in Africa according to World Bank statistics. This is spurred on by a boom in construction, manufacturing, trade and agriculture in this East African power house; which is also Africa's second most populous country.

This boom has led to increased wealth within the country. In fact according to a recent report by South African based market research company New World Wealth (NWW), Ethiopia saw a 108 percent increase in the number of millionaires between 2007 and 2013 this represents the fastest growth rate in Africa.

This increased wealth has had a significant impact on the real estate sector. Developers are taking advantage of the growing demand for high-end luxury properties among the new breed of successful and wealthy Ethiopians.

In the centre of Addis Ababa, the bustling  business district there are  major ongoing  construction projects one such example is the Addis Gojo project that consists of 113 apartments within 3 10-storey buildings and offering pool and other recreational facilities.
Construction at Addis Gojo Site

The impact of this boom in Luxury housing is not limited to the centre of  Addis Ababa but also spreading to suburbs and surrounding areas for example the affluent suburb of Yerrer View located 20 kilometres from Addis Ababa was little more than fields Just 10 years ago. Today it houses a 1500 acre estate awash with elegant villas surrounded by  fences and well manicured lawns. This development of about 5400 properties when completed will include  a golf course, a five-star spa hotel, a shopping mall, school and clinic and an organic farm covering about 200 hectares.

Yerrer View

This is evidence of  growing wealth amongst Ethiopia's emerging middle class, shows that the country is making an extraordinary turnaround from  decades ago when it  was better recognised  for drought and famine,