The city administration of Addis Ababa, Ethiopia announced plans to build 90,000 condominium houses over the next three years as part of its plans for development.
The project is expected to benefit an estimated 450,000 residents of Addis Ababa according to Kassa Wolde-Senbet, Head of the Communication Affairs Office with the City administration. The housing development project has been able to build more than 97,000 condominium houses at more than 100 locations with 71,000 condos transferred to homeowners up to last Ethiopian year noted Kassa.
According to data from the Central Statistics Agency, which shows five family members living in one condo on average, an estimated 355,000 residents have benefited from the housing development project so far he explained.
It is expected that the construction of 20,330 residential and 2,192 commercial properties will completed and the properties will be transferred by the end of this year in Bole Ayat II, Lideta, Jomo II and Sumit sites Kassa said.
The completion of these projects will benefit an estimated 90,690 people he added.
There are more than 340,000 people registered for condominium housing in 2005 still waiting with just 71,000 having received homes according to Kassa.
Condos have been transferred as per lots drawn from the waiting list and to people who are displaced by the redevelopment programs inside the city he explained.
In addition to the condominium housing development projects there are also plans, expected to become effective next Ethiopian year, to facilitate 60% mortgage loans to people who save 40% of the cost of building a home over three years said Kassa.