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 that has been largely unregulated and operates under scattered laws. The main objective of the Proclamation is ensuring transparency and accountability in the real estate sector with set of rules applicable to real estate development, marketing and valuation of real property.
The key introductions of the Proclamation include: Real Estate Developer’s Qualification License, Land Access, Transfer of Ownership, Duties of Real Estate Developers and Buyers, Warranty Requirements, Valuation of Real Property , Property Sale Price, Real Property Marketing and a right to file a complaint.
