Realty Roulette
Abel Yeshitila, a real estate developer with a 12-year track record, finds himself unable to sell homes in his latest venture. Despite slashing the asking price for upscale apartments in the Bole District Welo Sefer area from 194,000 Br to 154,000 Br a square metre, Abel laments the drastic drop in demand to an all-time low.
"Buyers are nowhere to be found," he told Fortune.
The towering 17-storey Bella Apartments, with an estimated cost of 485 million Br, is now directly funded by the developers. Abel, a significant shareholder, has previously overseen successful apartment sales in four...