WHEREAS, it is imperative to align the real property valuation system with current market values in order to leverage increased property values resulting from infrastructure development and facilitate the rapid growth of cities; WHEREAS, property owners must have accurate and reliable price information about their properties to actively participate in the capital market; WHEREAS, there is a significant disparity between the demand for real estate and the available supply, leading to numerous challenges for individuals looking to purchase homes. Consequently, there is a need to promote real estate investment and enhance housing availability;

WHEREAS, establishing a consistent legal framework for real estate development and real property marketing and valuation, and real property transaction is crucial for fostering a robust economic society; NOW, THEREFORE, in accordance with Article 55 Sub-Article (1) of the Constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows.