Buying a condominium in Addis Ababa: a buyer’s checklist

1. Establish what is actually being sold

A condominium or apartment purchase involves a specific unit within a building, and the paperwork should identify it unambiguously: building and block, unit number, floor, and recorded floor area. Ask for the document that names the current holder of the unit, and check that the name matches the identity of the person signing the sale. Where the seller is not the original allottee, ask for the chain of transfers — a unit may have changed hands informally more than once, and each earlier step needs to have been recorded.

Where a unit was obtained through a government housing programme, transfer conditions can apply, including periods during which the unit may not be resold, or requirements to settle outstanding instalments first. Confirm the specific conditions attached to that unit rather than relying on a general rule.

2. Check for money owed against the unit

Unpaid mortgage or programme instalments, service and maintenance charges, utility arrears and property tax can all follow the unit rather than the seller. Ask for current statements for each, dated within the last few weeks, and make settlement of any arrears a condition of completion rather than a promise.

3. Read the verification record before you read the price

On EPEX, every listing carries an integrity record: which checks were run, what each check covered, when it was done, and what it explicitly did not cover. Documentary consistency review is not a guarantee of title, ownership, boundaries or authority to sell. Treat any check with an expired date or an unresolved point as an open question to raise before making an offer, not a formality.

The record also shows whether the asking price has been changed and whether the property was flagged as a possible duplicate listing. Repeated price changes and duplicate flags are both worth asking about.

4. Judge the price against recorded sales, not asking prices

Asking prices tell you what a seller hopes to achieve. Recorded sale prices tell you what buyers actually paid. The EPEX Ethiopian Property Index publishes median recorded prices and prices per square metre by city, quarter and property type, and withholds any category with fewer than three recorded sales rather than publishing a weak figure. Compare a unit against its own city, quarter and type — not against a national average.

5. Understand how the money moves

On an EPEX transaction, purchase funds are placed with a partner bank. EPEX never holds buyer or seller money: there is no EPEX wallet, escrow balance or withdrawal function, and the bank — not EPEX — executes every disbursement. Seller proceeds cannot be authorised until an official transfer of ownership has been independently recorded and evidenced, and every authorisation requires two separate people to approve it.

The practical consequence for a buyer: you should never be asked to send purchase money to an individual, an agent, or any account described as an EPEX account.

6. If you are buying from abroad

Plan for representation and identity checks early. You will need a valid power of attorney that covers the specific acts required, identification documents that match every signature, and a clear record of how funds were transferred into the country, which matters both for the purchase and for any later repatriation of sale proceeds. Ask what currency each figure is expressed in and on what date, since ETB figures converted at different dates are not comparable.

The diaspora buyer guide covers the remote purchase sequence in more detail.