Addis Ababa, Ethiopia (07 July 2022)

The 3rd round of 20/80 and 14th of 40/60 Addis Ababa condo unit handovers was scheduled to take place today before being postponed to Friday, July 08. According to Tikvah, the reason is a conference call scheduled by the House of People’s Representatives for the same day.

All in all, a total of 25,491 units are up for transfers, of which 18,648 are part of the 20/80 program whilst the remaining 6,843 comprise the 40/60 ones. There are, however, a disproportionate 79,794 people waiting to get lucky during the official lottery draw. Only those who have registered in 1997 and 2005 E.C, have saved up for an average of 60 months (20/80), or have made a 40% payment so far (40/60) are eligible for tomorrow’s drawing. The beneficiaries are expected to pay off the rest over a ten- to 20-year period. A state-owned bank holds the mortgage.

The 20/80 condos are located in Berket, Bole Arabsa 3, 5, and 6, Wotader, Yeka Tafo, Jemmo Gara, Goro Siassie, Furi Hana, and Fanuel sites and are priced at 7,997.17 birr per square meter, while the 40/60 condos are located in Hayat, Bole Beshale, and Bole Bulubla sites and are valued at 11,162.97 birr per square meter. According to Ethiopian monitor, these rates are much lower than the prices to acquire similar units built by private developers in the city.

The city’s housing crisis, on the other hand, is far from over. According to Adanech Abebe, Mayor of Addis Abeba, only 300,000 condo units have been handed over in the 17 years since this housing scheme began. To meet the growing demand, the city administration is implementing five additional housing development schemes, including providing houses built in joint ventures, establishing a link with the private sector to encourage them to invest in either a 70/30 public-private partnership development program or the real estate sector, and working on a development plan that will build low-cost houses and rent them at a reasonable fee for those who cannot afford other options.

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