Property sell-off in Addis Ababa.

05 Jun, 2006

The ministry of works and urban development has instructed agencies responsible for administering state-owned property to sell their assets, which include villas, offices and apartments, the independent business weekly Capital reports, citing unnamed sources. Tenants will allegedly be given first choice in buying the property. The Agency for the Administration of Rented Houses, one of the agencies affected by the directive, currently handles over 3,000 properties, many of which are occupied by foreign embassies and governmental institutions. The sale is part of the implementation of the so-called master plan for the development of Addis Ababa, which is seeing widespread demolitions, construction and relocations across the city.