On the verge of losing his job as a sales officer at Ayat (Real Estate) Share Company, Waktola Woldemichael was caught in a desperate search for potential homebuyers. In his late twenties, he could be seen hurrying to and fro in Mesqel Square last week. He gave particular attention to the gates of the newly-opened Addis Diaspora Hall.

In over a year of working for one of the largest real estate companies, Waktola has sold three flats, walking away with 50,000 Br in commission from each sale. It was a gainful effort to the 13,000 Br salary the company pays him. Though he was upbeat about the job when he first started, things have been going downhill recently. He saw the property market in gridlock for the past six months. Waktola did not sell a single property in three months.

This is partly due to a series of government restrictions that have had a tremendous impact on the property market and the construction industry. Central bank authorities ordered commercial banks to freeze all collateral-based loans six months ago. The measure was detrimental to housing and construction, which comprise a combined 21pc of the country's gross domestic product (GDP). According to data from the central bank, the construction industry is a primary recipient of loans, receiving over 28.6 billion Br from commercial banks and 16.4 billion Br from the Development Bank of Ethiopia (DBE) last year alone.

The loan freeze was followed by suspending the transfer of lease rights and title deeds by the Addis Abeba City Administration. The restrictions have been disastrous for the 240 real estate firms operating in the capital, developing a combined 70,000sqm of land. Intermediaries and sales officers like Waktola have not been spared either. However, the past few weeks have brought a glimmer of hope.

Last month, Prime Minister Abiy Ahmed (PhD) called on "a million Ethiopians" abroad to visit for the holidays. Government officials have christened the journey back home "the Great Ethiopian Homecoming."

“The Diaspora homecoming is just in time to help me keep my job,” said Waktola.

A salesperson at Ayat is expected to sell three houses in four months, or at least one flat over the same period. Waktola is sparing no effort to convince returning Ethiopians to buy property, tirelessly chasing down anybody he sees as a potential buyer. His superiors at the real estate company are also keen to capitalise on the new market.

The arrival of the Diaspora has spurred the property market, according to Marta Gebrewold, sales manager at Ayat.

“The Diaspora community has shown interest in the past few weeks,” she said. "Many are signing contracts with the company.”

Nahom Alemayehu, a sales consultant at Gift Real Estate, echoes the same views. He observed members of the Diaspora community buying houses, paying up front rather than in instalments. Nahom sees this reviving the ailing property market.

Leaving the chilly weather in Zurich, Switzerland, behind, Mengistu Gebre, 39, arrived in Ethiopia a few weeks ago. He has been baffled by the persistence he encounters from real estate brokers like Waktola, dogging venues frequented by the Diaspora community.

“It's precarious to get into business with anyone on the streets,” said Mengistu, who has visited Ethiopia three times since he departed as a teenager over two decades ago.

Though Mengistu is considering buying some property in Addis, he prefers to peruse his options through formally organised programmes such as the fourth Ethiopian Real Estate & Home Expo held at the Hilton Hotel earlier this month. Mengistu attended the two-day event, which served as a platform for local and overseas-based real estate developers to showcase their properties to potential buyers.

Over 20 real estate companies, several agents and interior designers participated.

Mengistu also took part in a four-day investment seminar held at the Skylight Hotel last week. The government organised the event, promoting investment opportunities available to the Diaspora community.

The Ethiopian Diaspora Agency, a federal agency established in 2019 and under the auspices of the Ministry of Foreign Affairs, estimates that an average of 4,000 members of the Diaspora have arrived each day since mid-December 2021. As the Timket (Epiphany) holiday approaches, this number can grow even higher in the coming weeks, hopes Wondessen Girma, communications director at the Agency.

This is good news not only for the property market and agents such as Waktola. A range of other industries where business waned over the past couple of years due to the COVID-19 pandemic, armed conflict and political instability are showing a sign of recovery.

It has been a tough couple of years for Tenkir Teni, founder and owner of Totot Traditional Restaurant in the Gerji area. However, the past few weeks had seen his business pick up, inching back to the level he was accustomed to before the COVID-19 pandemic struck. The restaurant is operating at full capacity, accommodating up to 800 diners.