Nine thousand condos to be transferred shortly

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Around 9,000 40/60 condo houses between one and three bedrooms will be transferred in the next three months according to close sources in the Addis Ababa Housing Project Office (AAHPO).
The houses are located at 12 different sites where condos are being constructed. They are in the finishing stages. Those who save at least 40 percent of the total cost will qualify for the lottery draw.
Currently the office is making a contractual agreement with the second-round condo winners and from the 17,000 of these people, 40 have honored the agreement so far at the Commercial Bank of Ethiopia.
“The office is waiting for the progress of the contractual agreement on the houses that were drawn last fiscal year. When the agreement is completed, the third round 40/60 condo draw will be carried out on the 9,000 houses based on the current rules and regulations.”
The sources added that the office is in the planning stage to start the constriction of 300,000 houses in the center and on the outskirts of Addis Ababa in a bid to address the housing deficit in the city.
Among the 300,000 new houses planed, 200,000 of the houses are in the 20 /80 schemes while the rest are in the 40/60 schemes.
“This housing is a big plan for the city who suffered a lot from housing shortages and high rental costs, the budget of the house, the year of completion and the exact place of the construction will be studied and the administration will reveal this plan to the public in the near future,’’ a source at the housing office told Capital.
The administration retook over 200 hectares of land in various parts of the city form investors including 54 hectares of the MIDROC fenced land but no plan has been made so far as to which places will serve for the construction of the condos.
So far, the government has constructed less than170,000 houses but one million people need homes. Takele Uma, the vice mayor of the city previously announced his administration prepared 1,500 hectares to build homes.
The 11th EPRDF congresses which was conducted a year ago raised a new strategy which will facilitate a plot of land and a loan program for private home developers. The document stated that unlike the previous policy land and finance will be facilitated for house developers. In addition, foreign real estate developers will be able to engage in the housing scheme in addition to local investors.