Condo prices under revision


The Addis Ababa Housing Development & Administration Agency (AAHDAA) who administers the 20 /80 condominiums and the Addis Ababa Savings & Houses Development Enterprise (AASHDE) which constructs the 40/60 condominiums are revising prices to transfer more than 35,000 condos in the coming few months.
The price has not been finalized yet. It will consider the increasing cost of labor, materials and the inflation.
Sources that are close to the issue told Capital that the new prices will be revealed to the lucky condo letter winners who have been waiting for houses for the past years.
“In any economy prices fluctuate, so we are revising the price and the lucky winners will pay money to the Commercial Bank of Ethiopia after they sign a deal to receive the house.’’
When the 40/60 condo housing schemes began in 2013, AASHDE set the price at 2289, 3300 and 3860 birr per square meter for one, two and three bedrooms respectively. But in the first and the last 40/60 condo lottery the agency transferred the price increase of two bedroom apartments by 91,470 Birr while 3 and 4 bedroom apartments faced a 110,650 Birr and 124,000 Birr price hike respectively.
While in the recent 20/80 condo draw, Studio houses were sold at 2,483 birr per square meter while one, two and three bedrooms sold at 3,438 birr, 4,394 birr and 4,776 birr respectively.
The 13th condo draw is expected to prioritize people who have saved more money than the total price of the house.
He source added that lottery draw system is also being revised to become fully controlled by the Addis Ababa Housing Administration.
“Previously the Information Network Security Agency was involved in the lottery but we got some complaints and now we are preparing ourselves to fully control the system ,’’ the source added .
In the past 15 years more than 170, houses were transferred to the lucky winners but over one million people are waiting the condos which are far away from the schedule.
A city dweller who claimed anonymity told Capital that the city administration should give lands to the people who have the capacity to build the houses by themselves.
“Many people in the 40/60 and 20 80 projects have paid the full price of the houses but they still don’t get it. It is the better for the government to give them land and to build the houses which will be managed by them. This system will ease the burden of the government and as well the people by letting them house in short period of years.’’
The 11 EPRDF congresses promised to come in to a new strategy which will facilitate a plot of land and a loan program for private home developers. The document stated that unlike the previous policy land and finance will be facilitated for house developers. “. In addition foreign real estate developers will be able to engage in the housing scheme in addition to local investors.