Information on Buying Properties in Addis Ababa, EthiopiaByAddis Agents
Have you ever wondered how to go about purchasing a property in AddisAbaba? Are you one of the many people who are frustrated with the lack of information on buying real estate in Addis Ababa, Ethiopia? Everybody talks aboutthe lack of information on Ethiopian real estate on the web but nobody seems to bedoing much to make helpful information available to the Ethiopian Diaspora andforeign nationals, who are interested in investing in real estate in Addis Ababa.We have been receiving requests from our clients from all over the world tomake this information available and we have finally stepped in to fill thisinformation gap. For this reason, we tried to summarize the requests we havereceived for the last year and came up with a list of frequently asked questions,which is also posted athttp://www.addisagents.comunder FAQ’s. We hope thisinformation will be helpful to anyone interested in buying a house, an apartment, acondo, or a plot of land in Addis Ababa. We also would love to receive morequestions to expand the issues addressed. For now, here are the questions we haveaddressed.
How can I finance my dream home in Addis Ababa? Is it possible to get amortgage loan?
Yes! We work with some domestic banks In Addis Ababa to get financing for ourclients. In order for the banks we partner with to extend loans to finance
yourdream home
, you are expected to pay at least
40%
of the value of the building tobe purchased as equity contribution. The remaining amount can be covered in theform of a loan. The loan duration is up to ten years and the mode of repayment isbased on your cash flow either monthly or quarterly (every 3 months).
How much do you charge for your service?
We charge
the lowest commission rate
in Addis Ababa. We charge as much asunlicensed real estate brokers ("village dellalas") charge, which is only 2% forhome buyers and only 10% for renters. This is the lowest commission rate youneed to pay for brokerage services anywhere in Ethiopia. We know that many otherreal estate brokers, especially in Addis Ababa charge much more but we don't.
I currently reside abroad. Can I still get a mortgage loan to buy my dreamhome in Addis Ababa?
Yes, you can. In order to buy a house, an apartment, a condo, or a plot of land inAddis Ababa, you just need to make a trip to take care of everything. In order tosave you time, money, and multiple trips, we will guide you through all the paper
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