The real estate practice group is well versed in transactions involving land leases, including drafting, reviewing, and negotiating their terms. The group regularly assists clients in matters involving the incorporation of real estate companies, acquisition of property, due diligence on the immovable property to be acquired as part of real estate investment, negotiation of terms of transfer of land lease rights for real estate development, and, drafting and reviewing contracts of sale, servitude, and mortgages.In cooperation with the Corporate & Commercial Practice Group, the Real Estate Practice Group has significant experience in assisting with orchestrating mutually-beneficial financial agreements on behalf of both lenders and borrowers surrounding the purchase, refinance of the property, and project finance transactions. Some of the transactions in which MLA has been involved in include hotel projects, luxury apartments, mega real estate projects, and in other sectors and industries.
The real estate practice group also assists several foreign and international missions and delegations in Ethiopia (bi- and multilateral) as well as non-governmental aid organizations by providing advice and counsel in all matters related to real estate and property acquisition and rental agreements.
For legal advice on all matters related to real estate law in Ethiopia, please get in touch with Mehrteab and Getu Advocates LLP, here for an appointment to speak with a member of the MLA Real Estate Practice Group.
Requirements
- An investor who wants to develop real estate in Ethiopia must first secure an investment permit from the Ethiopian Investment Commission provided that it fulfil all requirements such as proof of a minimum capital of USD 200,000 for a wholly foreign owned investment and USD 150,000 for a joint investment of foreign and domestic investors, and payment of registration and permit fees. Any foreign real estate developer may acquire land in Ethiopia through lease from the government or through a private contract from a private landholder. An investor who acquires land under a lease has to enter into a land lease agreement with the Government and obtain a lease holding certificate/title issued in its name.
- Once the necessary permits, certificates and land for the investment have been acquired, an investor must then be issued with a construction permit from the competent office, on presentation of documents such as the proposed building plan and a title to the land.
- For legal advice on all matters related to real estate law in Ethiopia, including legal requirements surrounding investment permits for real estate development, leasing of land by real estate developers, and drafting and/or review of a land lease agreement with the Ethiopian Government, please contact Mehrteab and Getu Advocates LLP, here for an appointment to speak with a member of the MLA real estate practice group.