ADDIS ABABA – The city administration of Addis Ababa is set to transfer 25,491 condo units to residents on a lottery draw on Friday.
The condo units are built under the 20/80 and 40/60 housing schemes, said Adanech Abiebie, mayor of Addis Ababa city on Tuesday.
A total of 79,794 residents are eligible for the official lottery draw, scheduled for July 8, 2022.
They have already made a down payment to the government of at least 20% and 40% of the price for a flat built under 20/80 and 40/60 schemes, respectively.
The beneficiaries are expected to pay off the rest over a ten- to 20-year period. A state-owned bank holds the mortgage.
The city administration said at least 52,599 registered residents who saved up at least 40% payment until February 28, 2022, are eligible for the third round of the 40/60 lottery draw.
In 14th round lottery drawing for the “20/80” scheme, 27,195 clients registered in 2005 and saved up the 20% down payment until february 28, 2022 are eligible.
The condos built under 20/80 are located in Hayat, Bole Beshale and Bole Bulubla sites while 40/60 condos are situated in Berket, Bole Arabsa 3, 5 and 6, Wotader, Yeka Tafo, Jemmo Gara, Goro Siassie, Furi Hana and Fanuel sites.
Overall, the condo units up for the draw are 97 percent finished, according to the city’s housing development authority.
The price of the condos built under the 20/80 housing scheme set at 7,997.17 birr per square meter while the condo units under 40/60 plan is 11,162.97 per square meter.
These rates are much lower than the prices to acquire similar units built by private developers in the city, the mayor said.
‘Additional housing schemes’
Since the public housing scheme started 17 years ago, the Addis Ababa mayor said only 300,000 condo units have been transferred to residents.
Even the condo units ready for transfer could not significantly ease the housing problems in the city, the mayor added.
The city administration is therefore implementing five additional housing development schemes to meet the growing demand, according to Adanech.
These include providing houses built in joint ventures, and facilitating for residents, registered in the public housing program, to form cooperatives to build houses on their own. Over 12,000 residents have already done that, city officials said.
The officials also said it is creating a link with the private sector to encourage them to invest in either a 70/30 public-private partnership development program or real estate sector.
For those who may not afford to utilize these options, the mayor said the administration is also working on a development plan that will build low cost houses and make them available for rent at a reasonable fee.
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