November 26, 2017 (Ahadu Radio) – During its 9th regular meeting of the 6th House of People’s Representatives in its 4th year of office, the Ethiopian Parliament approved three significant proclamations. These include the Real Estate Development and Immovable Property Marketing and Valuation Proclamation.
Real Estate Development and Property Valuation Proclamation
The Ethiopian Buildings Proclamation, part of the newly approved legislation, aims to address longstanding challenges in governance and regulatory practices. It focuses on:
- Enhancing accessibility for individuals with disabilities.
- Resolving issues related to construction quality and resource wastage.
- Establishing a transparent and efficient operational system for the sector.
Following extensive discussions, the proclamation received unanimous approval from the council.
Addressing Real Estate Market Gaps
The Real Estate Development and Immovable Property Transaction and Appraisal Bill was also reviewed in detail. The bill addresses critical issues, including:
- The limited supply of real estate development failing to meet public demand.
- The absence of a modern, data-supported property valuation system.
- The lack of transparency in the property market, which has led to economic inefficiencies and negatively impacted governmental and public interests.
After robust debate, the council approved the bill by majority vote, with two members dissenting and one abstaining.
Electronic Signature Proclamation
The third proclamation, focusing on electronic signatures, was presented with a detailed report and recommendations. Designed to modernize and streamline digital transactions, the bill is expected to significantly enhance efficiency and security in Ethiopia’s digital economy. Following wide-ranging discussions, this decree received unanimous approval.
The Ethiopian Parliament’s decisions mark a significant step forward in addressing regulatory gaps and enhancing governance across critical sectors, including real estate and digital transactions. These changes are expected to bring about improvements in transparency, accessibility, and operational efficiency, supporting broader economic growth and development.
