The Reporter (Addis Ababa)
Hayal Alemayehu
9 September 2007
Foreign investment in real estate marked a spike in the 2006/2007 Ethiopian fiscal year, registering close to a 500 percent increment against that of the preceding year, the Ethiopian Investment Agency's (EIA) latest data indicated.
During the 2006/2007 fiscal year, over 4.74 billion birr worth projects in foreign real estate investment were registered, the amount of investment exceeding that of the previous year by over 4.5 billion birr, according to EIA'a data.
The data showed that foreign investors are closely tailing their local counterparts in real estate investment during the reported period. Some 5.4 billion birr was registered in real estate development by local investors in 2006/2007, versus that of 4.8 billion birr registered capital in the sector by foreign investors.
In the 2005/2006 fiscal year, the gap between local and foreign investment in this sector was over 2.2 billion birr, which in a one-year's time shrunk to less than 474 million in 2006/2007.
Only five years ago, registered foreign investment in real estate in the country was less that 19 million birr, but that figure has ballooned to a staggering 4.8 billion birr (picking up by 25-fold) in 2006/2007, according to EIA's data.
During 2006/2007, the total capital registered in both foreign and local investment in this sector stood slightly over 10.1 billion birr. The amount of the registered capital in this sector during the 2006/2007 fiscal year outpaced that of the previous one by six billion birr or 250 percent, EIA's data indicated.
Likewise, the overall foreign investment capital registered during the 2006/2007 fiscal year has marked a pronounced 245 percent growth against that of the previous year. EIA's data showed that over 46.6 billion birr foreign investment capital was registered in 2006/2007 versus that of 19 billion birr in the preceding 2005/2006 fiscal year.
During the 2006/2007, a total of 362 licensed investment projects, both local and foreign, were registered, according to the same data.
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