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One of the most reliable real estate developers, Noah Real Estate plc, announced the introduction of a new residential and office housing scheme for locals and the Diaspora.
The company has an innovative platform which has helped change a sector that is vulnerable and frequently suffers from unreliability because they have been able to deliver homes on time and in line with their contract.
At a press conference on Thursday September 13 a manager for the company said that despite challenges like price hikes on materials used for building homes, like steel, the  hard currency shortage, difficulty securing land from the city administration, and troubles accessing water meters and power from the government it has achieved remarkable success over the past year.
In relation to their recent transfer of 120 residential homes at Noah East Gate Apartments the real estate developer stated that it will come up with new business platforms to expand access to homes for citizens and the Diaspora.
Abiy Hailemariam, a manager at Noah, said that his company will come up with a mortgage scheme with partner banks. “The new scheme will allow home buyers to pay off their homes over 20 years,” he added.
Because there has been significant political change and stability lately, more Diaspora want to own property in the country, the company’s management said. To encourage this Noah is offering a ten percent discount for diaspora.
They also plan to offer a lease to own housing scheme.  “With the goal of stabilizing the housing sector we plan to offer 100 homes via a rent to purchase option initially,” Rateneh Fassil, a company leader, stated. They already have 60 homes that are ready to be purchased with this option.
This is the second time in five months the company has transferred homes. This ceremony was held in Summit.
Recently the company has transferred 226 residential houses located at Atlas Hotel area, in the central part of the city. The 120 homes transferred today were located in eastern part of the city.
The company mainly focus on constructing houses before they are sold. So far they have built 3,600 homes in 14 projects. This fiscal year they plan to finish five projects.
The company leaders say more incentives are needed to reach lower income buyers like tax exemptions and duty free schemes and if they did this the price of homes would decrease.
They argued that the government has not provided land to real estate developers over the last 12 years. “We are securing plots from individuals through partnerships for the development of office and residential apartments,” Ratenew said. He claimed that if the government provides plots in the capital the rate may go down. According to the real estate developers, the minimum price for a house is one million birr.