Process Of Obtaining A Loan For Diasporas To Buy Real Estate In Ethiopia

As recently written in our previous blogs, many diasporas are buying up property in Ethiopia. In fact, up to 90% of new developments in the capital Addis are purchased by those known as diasporas.?

However, access to purchasing these new properties has started to become out of reach for the majority of locals and also diasporas.

As such, local banks have started to offer mortgage financing options to those who qualify for a loan.?

Why would banks offer these loans? Well, they benefit the diaspora by providing them financial support to purchase their dream home. In return, the bank receives foreign currency through loan repayments (or local currency but at a high-interest rate).

So what are the steps to obtain financing for diasporas looking to purchase real estate in Ethiopia?

1. Obtain and provide necessary documents proving Ethiopian origin
2. Provide evidence of employment and salary
3. Declare marital status and show evidence?
4. Provide authenticated sales agreement with the real estate company
5. Once the loan is approved, sign respective documents for the bank

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