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.
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| 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.
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| 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,
