More condominium in Addid Ababa....

The Ministry of Works and Construction initiated a new housing project that will give residents of Addis Ababa a chance to own a house if they did not get a chance to register for the condo housing program previously, according to the Capital.

Since the government introduced low cost housing projects in 2004, the city administration has been giving out houses on a lottery basis to inhabitants who registered. In the first round of registration close to 450,000 people registered to own low cost houses that are built by the government and later paid by the lucky winners. Out of these registered inhabitants the unlucky ones were put on the waiting list until another round of houses were put for draw. 

There was an even higher number of people who did not get a chance to register. Based on the new housing scheme, which is managed by the ministry office, those registered or those who were not part of the first registration will have a chance to obtain a condominium house.

According to the arrangement, residents who want to be part of the new housing opportunity are expected to open a savings account, which is expected to be introduced in September this year for this specific project. Based on the new plan, the government will facilitate a 60 percent long-term credit scheme for residents who have 40 percent of the stated amount in their savings account.

Approximately 40,000 houses are expected to be constructed per annum in the coming four years with the new project that is being supervised by the ministry office. According to sources, most of the houses will be constructed in Addis Ababa.

Houses that range from studio’s to three bedroom homes are still being erected as part of a previous low cost housing project; but the new housing program will include only two or three bedroom houses, which will be affordable to middle class residents. According to sources, the price of one house will be over 400,000 birr.

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