Practice of Property Valuation
for Mortgage Purpose and Estimation of Urban Ground Lease Prices
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Property valuation is required for many purposes in Ethiopia. This paper addresses its practice for mortgage purpose and estimation of urban ground lease prices in Ethiopia. The study bases itself on literature, analysis of the existing banks standards/guidelines and legal regime of the country as well as regions, case studies from banks, interview with key informants from banks are used. The study also analyzed of the existing legal regime that govern urban lease and examine currently introduced sale modality of state owned land and cases that found in municipalities. The result revealed that...
Property valuation is required for many purposes in Ethiopia. This paper addresses its practice for mortgage purpose and estimation of urban ground lease prices in Ethiopia. The study bases itself on literature, analysis of the existing banks standards/guidelines and legal regime of the country as well as regions, case studies from banks, interview with key informants from banks are used. The study also analyzed of the existing legal regime that govern urban lease and examine currently introduced sale modality of state owned land and cases that found in municipalities. The result revealed that cost replacement is the only valuation approach used by banks. Besides, Banks aren't willingness to lend to lessees who hold leased land and have the right to secure mortgage using use right as collateral. This implies that properties that can be accepted by lending institution as collateral is building value only. Moreover, the study indicated that estimating ground lease price is not based on market principle. The result has important implications for the government to ensure ground lease price is based on market principle and guarantees tenure security
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