Residents are required to pay 40% of the cost upfront up on taking the housing units in the capital Addis Ababa
Come Wednesday March 6, 2019, Ethiopian government will be transferring 51,229 housing units, built through a program of condominium development in the city, to residents of the city who registered for it.
The transfer will be made through a draw. Details of the draw process is not disclosed.
The housing units are of two different sizes. According to a report by Addis Ababa City Administration, 32,653 houses are 20×80 and 18,576 are 40X60.
The report also said that 5 percent of the 20×80 housing units are for people abled differently, 20 percent will be for civil servants and 30 percent for women.
In terms of financial requirement to be in the draw, residents who have registered for it need to have savings of 40 percent of the cost estimated during the time of registration.
Based no the city’s calculation those who are getting a one bedroom unit are paying 65,050 Ethiopian birr (about US 2,306 in the current rate of exchange), those who are getting two bedrooms unite need to pay 100,000 Ethiopian Birr and those who are getting a three bedrooms unit are paying 154,000 Ethiopian Birr up on taking the units. The rest of the payments is seemingly in installment payments.
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