Regional and Local Development Studies
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Browsing Regional and Local Development Studies by Author "Abeje, Dr. Wendimu"
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Item Assessment of Urban Land and Housing Market of Mek’ele city(Addis Ababa University, 2019-06) Gebremeskel, Daniel; Abeje, Dr. WendimuHousing market is one of mechanisms that transfer ownership rights of a house with a combination of different attributes, which defined by its prices. The process and procedure in housing market is complex. Market participants lack sufficient information to undertake transactions. This research was initiated to investigate how the residential land lease market is functioning within the Mek’ele city in different modalities of transaction that has been fluctuated unpredictable price for the last decade; the procedure of land transaction and how the brokers affect the transaction is examined in this paper. The winning price of lease auction and secondary market is also examined in relation to location and time. The researcher applied a concurrent explanatory/exploratory mixed research method. Six round Land auction data collected, focused group discussions, in-depth interviews conducted and sufficient desk review made. The result of the study suggested that the price of lease auction has increased tremendously over a short period. The study shows that the lease auction market is not healthy and it is unpredictable. Even though the secondary housing market is facilitated by, the brokers but they do not have legal framework and encouragement by the city administration. However, the brokers have a negative impact in the lease auction by increasing the price. The house transaction system is complex, bureaucratic and exposed to rent seeking it is also not systematic. The man power and finance in not strong enough to make the market healthy I recommend that enough land should be supplied both in lease and allotment modality. This means before leasing the land; there must be land demand identification, proper planning, land banking and provide necessary infrastructure are the mandatory function to minimize the supply and demand gap of the land. . Key words: Formal land market, informal land market, primary land market, secondary land and housing market, factors affecting land and housing market