Parliament endorses Real Estate Dev’t & Property Valuation proclamation

Addis Ababa, December 5, 2024 (FMC) – The FDRE House of People’s Representatives (HoPR), in its 9th regular session held today, reviewed and approved three bills, including the Real Estate Development and Immovable Property Transaction and Valuation, Ethiopian Building Proclamation, and the Electronic Signature proclamations.

The first agenda the House deliberated on was the Ethiopian Building Proclamation which is said to be vital to address the issues pertaining to good governance identified under the existing law, ensures the accessibility of the disabled, solves the issues related to construction quality and waste of resources, and enables the establishment of a transparent and convenient operating system.

After extensive discussion, the House unanimously approved the Ethiopian Building Proclamation

Similarly, a report and decision regarding the real estate development and immovable property transaction and appraisal bill was presented in detail.

As the supply of real estate development is far behind and does not meet the demands of the people, the immovable property valuation system is expected to bring about modern and data-supported appraised value. It was also stated that this proclamation will help resolve that the lack of transparency in the real estate market which is causing economic distortions and harming the interests of the government, as reported during the proceedings.

After extensive discussion on the proposed draft, the House approved the bill by majority vote with two against and one abstention.

Finally, the parliament listened to the report and proposal for the approval of the electronic signature (E-signature) proclamation which received unanimous approval.