The Ethiopian Parliament, during its 9th regular session of the 6th House of People’s Representatives, approved three landmark proclamations aimed at reforming real estate, property valuation, and digital operations. These include the Real Estate Development and Immovable Property Marketing and Valuation Proclamation, the Ethiopian Buildings Proclamation, and the Electronic Signature Proclamation.
Tackling Challenges in Real Estate and Construction
The Real Estate Development and Property Valuation Proclamation addresses persistent issues in the real estate and construction sectors. Key focus areas include:
- Improving accessibility for individuals with disabilities.
- Enhancing construction quality while reducing resource wastage.
- Establishing a transparent and efficient operational system for real estate governance.
Additionally, the Ethiopian Buildings Proclamation aims to modernize building regulations, addressing gaps in quality standards and governance. The Parliament unanimously approved these measures, signaling a collective commitment to advancing the sector.
Addressing Real Estate Market Inefficiencies
The Real Estate Development and Immovable Property Transaction and Appraisal Bill seeks to resolve critical gaps in Ethiopia’s real estate market, such as:
- The limited supply of real estate to meet growing public demand.
- The lack of a modern, data-driven property valuation system.
- Insufficient transparency in property transactions, leading to inefficiencies and economic losses.
Following in-depth discussions, the bill passed with a majority vote, although it faced minor opposition with two members voting against and one abstaining.
Advancing Digital Transactions with Electronic Signatures
The Electronic Signature Proclamation aims to modernize Ethiopia’s digital economy by facilitating secure and efficient electronic transactions. The legislation was presented with a detailed analysis of its potential to enhance operational efficiency and security in digital dealings. This bill was approved unanimously.
A Step Forward in Governance
The approval of these proclamations marks a significant stride in addressing systemic challenges in Ethiopia’s real estate, construction, and digital sectors. By introducing transparency, accessibility, and efficiency, these laws are expected to spur economic growth, attract investments, and improve public trust in governance.
