May Real Estate announced it will inaugurate its apartment complex built around Kazanchis, Addis Ababa, Ethiopia. May built three blocks of condominiums that have 115 apartments. The complex is close to the United Nations Economic Commission for Africa (UNECA).

The construction of the buildings took May eight years. Yoseph Mebrhatu, General Manager, attributes the reasons for the delay on shortage of cement, power interruption and security issues when there is a high level meeting at UNECA.

The company handed over 30 of its customers their keys on the 26th of April. And when the hand over took place, clients signed a contract and received the title deed.

Yoseph has pointed out a couple of shortcomings in the Ethiopian Real Estate sector. One of them was that the cost of construction is very high. Another one according to him is the trained labour force does not engage in construction as it should. He further adds that the work is being done by professionals that have not specialized in the specific area which leads to the work not being done properly.

Source: Capital