Date: Dec. 11, 2024
On 5 December 2024, the FDRE House of People’s Representatives, in its 9th regular session, deliberated and approved the Real Estate Development and Real Property Marketing and Valuation Proclamation. The Proclamation regulates the real estate industry—which had been largely unregulated and governed by scattered laws. Its primary objective is to ensure transparency and accountability in the real estate sector by establishing a consistent set of rules governing real estate development, marketing, and valuation.
Key introductions under the Proclamation include: the Real Estate Developer’s Qualification License, land access rules, transfer of ownership procedures, duties of developers and buyers, warranty requirements, real property valuation, property sale price requirements, marketing rules, and rights related to filing complaints.