Addis Ababa Holding Lottery Draw for New Condos

Addis Ababa CondosApril 21, 2010 -- Condominium houses will be transferred in a lottery draw in the next couple of weeks after the city administration announced it will not sell the houses to those who pay the full amount up front. In the last lottery, the Addis Ababa Housing Development Project Office transferred 15,039 condo units.

The city's plan is to distribute over 70,000 houses during this Ethiopian budget year to ease the severe housing shortage.

This round is the fifth one the city administration has conducted. During the first four rounds, the city transferred ownership for over 50,000 condominium houses. The housing agency announced some months ago that it is building 43,000 new condominium houses to be distributed to private citizens. In previous draws 30 percent of the houses were reserved for women, and the remaining 70 percent were given equally to both men and women who won in the lottery draw and the same split is expected this time.

Winners have to make a 20 percent down payment and then pay the balance in installments.

In the first registration in 2005 in Addis Ababa, about 450,000 people registered to get houses from the city administration.

The government had a plan to build these houses at low cost to make them accessible to lower income residents, but over the last two years, galloping inflation led to increases in the price of construction materials, forcing the city administration to sell the houses at higher prices. Hence, due to the price increase in building materials, the cost of condos has become unaffordable for many.

Source: Capital


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