Sunday, June 16, 2024
SocietyAdmin hands over condos with over 60 percent price adjustment

Admin hands over condos with over 60 percent price adjustment

The Addis Ababa City Administration has handed over 25,000 condominium houses, with a price increase between 61 to 77 percent per square meter from the previous rate.  

The condo units are built under the 20/80 and 40/60 housing schemes since 2013/14. The former requires buyers to pay 20 percent upfront, while it is 40 percent in case of the latter. The remaining is to be paid in 20 years in both cases.

The city administration held a draw for 14 rounds under the 20/80 scheme and three rounds for the 40/60 housing scheme.

In the latest round, the cost of the 20/80 housing unit was 7,997.17 birr per square meter, a 77.2 percent jump from the previous round. It has also seen a 61 percent increase in case of the 40/60 housing units.

Draws for the 13th round was held three years ago on March 6, 2019. Yesterday’s 14th round draw was the first since Mayor Adanech Abebe took office in Addis Ababa.

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A total of 79,794 residents were eligible for the draw, while at least 52,599 registered residents, who saved up at least 40 percent until February 28, 2022, were eligible for the third round of the 40/60 lottery draw.

About 27,195 residents who registered in 2005 and saved the 20 percent down payment until February 28, 2022, were eligible for the 14th round draw of the 20/80 scheme.

The condominium houses built under the 20/80 scheme are located in Hayat, Bole Beshale, and Bole Bulubla sites, while the 40/60 condos are located in Berket, Bole Arabsa 3, 5, and 6, Wotader, Yeka Tafo, Jemmo Gara, Goro Siassie, Furi Hana, and Fanuel sites.

Currently, the market price for condominium housing units is over 30,000 birr a square meter. The price differs depending on the location of the house and its nearness to the center of the city. Condominiums located in Balderas, Gotera, Gofa Mebrat Hayl and Gerji are the most expensive units in the city.

“We are still delivering the houses with a low-cost, compared to what is being charged by private developers,” said Adanech.

The condominium housing development project was launched in 2005 to address urban poverty and improve the living conditions of low and middle-income residents.

Its main objective was to increase housing ownership of low-income households. It was initiated based on the idea that the successful applicants would pay only for the construction costs of their unit, and the government would provide the land.

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