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Registration started August 12
Registration is under way for the 40/60 housing project, continuing until Friday 23rd August.
People can sign up at more than 100 branches of the Commercial Bank of Ethiopia (CBE), including branches at the Economic Commission for Africa, African Union and the Cargo Airport.
Members of the Ethiopian diaspora living overseas can register through a proxy or legal representative – a proxy should provide a copy of their passport or other document proving their identity, a copy of their yellow card and passport photographs.
Diaspora members should deposit their money for the scheme in foreign currency and all registrants are entitled to deposit the full cost of a house in one payment under the scheme.
CBE will guarantee a loan for the construction of the house for a maximum of 20 years.
Yohannes Abayneh, communication head of the Addis Ababa City Condominium Development Enterprise, said construction has already begun on G+9 and G+12 apartments at the Sengatara and Crown sites.
The cost of a one-bedroom apartment is 162,000 ETB, with a monthly payment required of 1,056 ETB.
A two-bedroom apartment will cost 250,000 ETB with a 1,575 ETB monthly cost and a three-bedroom apartment is 384,000 ETB, costing 1,666 ETB per month.
More than 400 homes will be built at the Sengatera site, and 882 at the Crown site in the center of the city.
Across the city, work is underway to build a total of almost 11,000 properties at the Imperial, Bole Tourist, Meri, Asko and Bole Bulbula sites.
Construction of an additional 10,000 homes will start in the Ethiopian New Year, according to Yohannes.
To accomplish this, all the necessary preparations, including soil examination, cleaning and paying compensation to displaced peoples has been done.
The aim of the 40/60 scheme is to address the housing problem in Addis, as well as to change the city’s image as a place with a lack of basic facilities and poor housing management.
About 140,000 houses will be built in the coming three years under this scheme.
In terms of job opportunities, about 1,300 employees are engaged for this project alone, with 94 being professionals and the rest engaged in manual labor.