Yahoo – AFP,
Justine Boulo, December 2, 2015
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| Large villas are seen at a new housing development on the outskirts of Addis Ababa, the capital of Ethiopia White fences and manicured lawns surround the villas of an elegant housing estate in Ethiopia, a potent symbol of the emerging elite in a country better known for drought and famine. Just 10 years ago, the affluent suburb of Yerrer View was little more than fields. Today, imposing villas with pillars stand behind neatly-trimmed oleander hedges. (AFP Photo/Zacharias Abubeker) |
Addis Ababa
(AFP) - White fences and manicured lawns surround the villas of an elegant
housing estate in Ethiopia, a potent symbol of the emerging elite in a country
better known for drought and famine.
Just 10
years ago, the affluent suburb of Yerrer View was little more than fields.
Today, imposing villas with pillars stand behind neatly-trimmed oleander
hedges.
A
comfortable commuting distance of 20 kilometres (12 miles) from the capital
Addis Ababa, the 600-hectare (1,500-acre) estate has tapped into a growing
taste for high-end luxury among wealthy Ethiopians, who are looking for a home
which reflects their success in business.
Over the
past decade, this Horn of Africa nation has seen an annual growth rate of
nearly 10 percent, World Bank figures show, due to a boom in construction,
manufacturing, trade and agriculture.
For those
in Africa's second most populous country who are enjoying that growth, the
estate symbolises much more than a home.
"We
are selling a lifestyle more than just housing," says Haile Mesele, a
civil engineer who heads Country Club Developers, the property firm behind the
development.
"We
don't do any advertising. We prefer that the residents themselves spread the
news, and in a way, chose their own neighbours," he said.
According
to a recent study by New World Wealth (NWW), a South Africa-based market
research consultancy, there are now 2,700 millionaires in Ethiopia, reflecting
an increase of 108 percent between 2007 and 2013 -- the fastest growth rate in
Africa.
"There
is a demand for luxury real estate," said Wunmi Osholake, who runs the
Ethiopian branch of online real estate platform Lamudi, which focuses on
emerging markets, with customers eyeing property costing over $330,000.
The price,
she adds, has no upper limit.
A new
Manhattan?
And the
luxury boom is not just in the suburbs.
In the
centre of Addis Ababa, the bustling Kazanchis business district is also
undergoing major renovations.
Eighteen
months ago, May Real Estate Development began a new residential development
called the Addis Gojo project, which incorporates 113 apartments in three
10-storey towers located near several embassies.
"For
those working for the UN or diplomats, it is very central. The district is a
new sort of Manhattan," says project manager Bitania Ephfrem.
"The
lifts work, which is not the case elsewhere," says Bitania, adding they
are planning rooftop swimming pools, a gym and a restaurant "so that
residents don't need to leave the premises."
A standard
apartment between 140-170 square metres (1,500-1,800 square feet) rents for
about $1800 per month (1700 euros).
Villas
for locals
Such luxury
housing has been designed to meet the needs of Ethiopia's emerging new middle
class. At the estate in Yerrer View, hundreds of the homes from stand-alone
villas to modern apartments are already occupied with plans for a total of
5,400 houses for some 20,000 people.
When
completed, the estate will also include a golf course, a five-star spa hotel, a
shopping centre, school and clinic and an organic farm covering about 200
hectares.
"When
we began, economic growth wasn't very strong," recalls Haile. "Half
of our clients came from the diaspora. But since then, the economy has become a
lot stronger and nearly 85 percent of our residents are local."
The
customers have high expectations. Pushing open the door, Mesele shows off a 500
square metre (5380 square foot) property built on a plot measuring 1,000 square
metres.
A large
open plan kitchen and a curved imitation-marble staircase leads up to the first
floor where there are three bedrooms, all en-suite.
The master
bedroom has a fireplace and a dressing room, while the bathroom has "an
open space in case the owners want to install a sauna," he explains.
All that
remains is to install surveillance cameras able to read a licence plate before
opening the gate, smoke detectors and a security system.
And the
price tag? $400,000 (377,000 euros) -- a fortune in a country where the gross
domestic product per capita is $565.
"No
matter what we build, it will always be too little to meet demand," he
says.
But others
have spotted the growing demand, with several other sites popping up nearby.
Labour
challenge
Since the
overthrow of a Marxist junta in 1991, Ethiopia's political and economic
situation has stabilised, although rights groups have criticised the government
for suppressing opposition.
The economy
is still heavily dependent on agriculture, especially coffee, with the vast
majority of the country's workers involved in that sector.
Meeting the
demand for new housing has called for bringing in foreign workers as Ethiopia
lacks a skilled work force.
Haile said
his firm recruited around a thousand specialist workers from China.
Yoseph
Mebratu, the major shareholder in May Real Estate Development, also complains
that he had to import 70 percent of raw materials.
"Windows,
doors, wood panelling... everything comes from China," he told AFP, adding
that taxes are "very heavy."
Inflation,
which hit a record 64.2 percent in July 2008 but has since stabilised at around
13 percent, has also caused delays.
"We
had to slow down our business and missed deadlines... but since last year, we
have become profitable again," Mesele added.
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