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Ethiopia - Addis Ababa City bars transfer of unfinished houses
By Yohannes Anberbir
A new measure from the Addis Ababa City Administration in Ethiopia's capital has instructed sub cities that they are not to allow real estate companies to transfer properties to buyers unless they have completed projects on all the plots they have been granted.
The edict from the Office of the Addis Ababa City Manager is a problem for firms such as Ayat Real State Plc who have been auctioning unfinished residences.
The city manager's office circulated the letter two weeks ago ordering all sub cities to reject any requests for transferring title deeds to third parties, unless owners have completed projects.
The city has awarded plots to businessmen and associations who requested land to construct residential houses, however some of them have transferred the plots without finalising their projects, a senior official of the city told Capital, suggesting this was the motivation for the measure.
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