Addis Ababa To Transfer Over 51,000 Condos

The Addis Ababa City, the capital of Ethiopia, is set to transfer 51,229 condominium houses to residents this week.

The Addis Ababa City Administration indicated that the houses will be allotted by draw on Wednesday to those who are registered and have been saving money. The City’s broadcaster – Addis TV reported that it will live broadcast the draw on Wednesday afternoon. Out of the total 32,653 are built under 20/80 program, while 18,576 are built for those registered under 40/60 program, according to Senait Damtew (Eng.) head of the City’s housing program.

Those who are registered to purchase government-subsidized condominium houses under 20/80 program are expected to save at least 20% of the total cost of the house in a blocked account. While those registered under 40/60 program are supposed to save at least 40% of the total cost.

The 20/80 program targets the low income people, while the 40/60 targets those better that the lower income segment of the society.

The condominium housing program of the government has four house types: studio (single room with partitioned kitchen and toilet), one bedroom, two bedroom and three bedroom houses. Read more...