Dietrich Rogge, founder and CEO of Rockstone, a German-based real estate developer and investment company, did not want an Anglo-Saxon name for the project it embarked on in Ethiopia. A rare European player in a real estate market dominated by local players, it wanted to signal the height it wants to reach with a green building. He also wanted it to fit into the context of the city, both spatially and in terms of name recognition.

So the company gave its Ethiopian project, a sprawling apartment complex meant to cater to the higher-income segment, the Amharic name Kefita. With a plot in the Signal area, Rogge insists that Kefita is just the beginning and that he sees a real estate market that is only getting started - "I'm optimistic," he says - in his one-on-one with Fortune's Op-Ed Editor, Christian Tesfaye.

Fortune: It is rare for a European company to be interested in the real estate industry of Ethiopia. Less so for a company such as yours that targets an upper market segment. Are there not markets that Rockstone should target and exhaust - say in Asia or Latin America - before embarking in one of the least wealthy countries in the world?

We do residential and office projects. I ventured early on a few years ago to other European countries – such as Spain and Portugal. I see real estate not only on a country basis but on a global scale.

Three years ago, I was talking to a very dear friend of mine who is based in Nairobi. He is investing a lot in East Africa. I said, “I would really like to do something in Africa.” That was driven by myself on the business level to diversify to other markets. It was also me trying to get exposed to different and genuine cultures. And then we embarked on trying to understand what countries there are in East Africa which might make sense.

He took me to Addis Abeba three years ago. I was impressed at the strength and the size of the country; by the richness of the people. At the same time, there are all of these organisations – like the headquarters of the African Union and the UN-ECA. This is not to mention Africa’s best airline, Ethiopian, which is great in terms of connectivity to the country and Europe. I was driven by vast opportunities.

Going through the city, I saw a lot of stuff going on, lots of construction. But also, lots of unfinished things.

Q: Why was that?

Well, for one, there was a lot of issues with foreign currency. It is just not easy to finish these things. But there is also the issue of deliverability. So, if I go to Africa, I want to go to a place where I could be long-term. This is the place for that. It is a huge market. If you get it right with the first few products – such as our Kefita – this is a great venture.

We are not coming here saying that we know better. It is to create something very authentic embedded in the Ethiopian culture, which you can see visibly. At the same time trying to transfer some know-how and best practices from Germany to come up with a genuine product and then live in and build a community where both Ethiopians and ex-pats can come together.

Q: You mention deliverability or the lack of it. Are you referring to the trust issue that the real estate market in Ethiopia faces in terms of delivering on time? Is that where German efficiency would come, the sort of gap you believe you can fill?

When I came here first, I thought there are a lot of buildings here, but why are they unfinished? One, foreign currency is needed to do that. But also, it is having the right set of people who can deliver on the promise.

Those in the market are not failing to deliver on purpose. It is not easy to do. It is a tough process to finish a building. I know from Germany. But that is what brought us here. We worked very hard for the last year and a half to be now in a position to say that we will deliver in 2023.

Hopefully, we can bring in some of the traits in terms of efficiency, trustworthiness and delivering. We want to build a brand name that is hopefully seen by people who say, “if you buy there, you will get good quality, and they stick to what they promise in terms of timeline.”

Q: So you first inclined yourself into coming into Ethiopia in 2017; Rockstone became active here in 2018; and preparations in acquiring the building permit, design and choosing a general contractor went on in 2020. The country has not been the same throughout this period, no less has been the armed conflict that broke out in early  November in the north. Is this still as appetising a market as you imagined back in 2017?

Ethiopia is a large country. There are obviously a lot of different political issues going on. The country is evolving on where it wants to go to. That is one side of the coin.

The other side is driven by the economic aspect. One common goal there is irrespective of other discussions that are going on politically is that there needs to be an economic model driven by growth – heavy growth as the population increases to create jobs, improve incomes and create a middle class. This is something everybody subscribes to.

The essence of what I am doing is trying to be a part of creating growth and prosperity by building properties bought by people that invest. We invest, they invest again, they pay something monthly, and then they consume here once they settle. We are trying to contribute to the trajectory of economic growth, which has been there fantastically over the past 15 years. There will be also, I am sure, for the next 15 years, because people want that to be the case.

I have been here for three years. My confidence has not changed in Ethiopia’s ability to grow and create prosperity. I can see also people’s confidence to invest in real estate which, from where I am standing, has stood the way it is or perhaps has even increased. People know that real assets and real estate are lasting. This is not to mention that Addis Abeba is a big metropolis, with many international organisations based here, and this unique set of people and community. I am optimistic.

Q: Would you say that this administration's liberal economic outlook is part of the appeal to invest in the country? Does that add to your optimism?

We actually entered Addis Abeba before this administration came. We saw and see the opportunities in Ethiopia before any such new policies and regulations were being considered.

If any policy changes are in the works that help in this regard, that is even better for us. It helps my optimism in the real estate sector.