Addis Ababa, December 5, 2024 (FMC) – The FDRE House of People’s Representatives (HoPR), in its 9th regular session held today, examined and approved three bills, including the Real Estate Development and Immovable Property Transaction and Assessment Proclamation.
It is stated that the Ethiopian Building Proclamation is vital to address the issues pertaining to good governance identified by the implementation of 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 on the proposed draft bill, 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 needs of the people, it is necessary to make the immovable property valuation system have a modern and data-supported appraised value. It was stated that this proclamation will help resolve that the lack of transparency in the real estate market is causing economic distortions and harming the interests of the government.
After extensive discussion on the proposed draft, the House approved the bill by majority vote with two against and one abstention.
Next, the parliament listened to the report and proposal for the approval of the electronic signature proclamation which received unanimous approval.
