Ovid Group, the giant real estate company that made waves recently when it completed the construction of several buildings in 90 days is preparing to establish a mortgage bank. In an event held on January 23, 2024, the new bank named Ovid Betoch Bank was inaugurated and raised over 1B Birr in share sales. This is a welcome news for an industry starved for financing and dealing with a severe downturn, says Sofia Asefa, a real estate analyst and co-founder of this blog. According to Sofia, this could be a catalyst in re-starting the dormant real estate market.
Ovid Real Estate which is part of Ovid Group has several projects on the go including a recently announced G+18 building in the Bole Medehanealem area. Several months ago, the company announced its plan to build over 60,000 apartment units as part of Addis Ababa city governments’ 70/30 public-private partnership scheme. Under this scheme, government will give city land free of lease payments and in return gets 30% of the completed units. Most of the units are planned to be constructed in the Bole Bulbula area of the city.
Ovid Real Estate, which was relatively unknow until recently plans to build dozens of real estate projects throughout the country including a satellite city, details of which is currently not publicly available. In addition, the company is thought to be leading the Chaka project on the outskirt of the city which includes a new palace, hotels, residential quarters, recreational facilities and other modern amenities.