Commercial Bank for lottery, prices will increase
Around 1,292 40/60 condominium units will be handed over to Commercial Bank of Ethiopia which will handle the lottery process. The price for each condominium unit will increase by an unknown amount. According to Addis Ababa housing enterprise official Ato Yidnekachew Walelign, the 40/60 condominium lottery will be handled by Commercial Bank of Ethiopia.
When the 40/60 condominium housing schemes began in 2013, the price for 1, 2 and 3 bedroom condominium units was set at 162,000, 250,000 and 386,000 birr respectively. However, due to inflation of construction material, labor costs and design changes, the prices had to be increased to an unspecified amount.
It is believed that the bank will hold a lottery for 1,292 condominium units located at Senga tera and Kality crown sites.
Currently, 38,709 condominium units are under construction on 12 sites around Addis Abeba. However, most of the projects are behind schedule which has brought serious backlash from people saving money.
160,000 people registered for the 40/60 condominium scheme on 2013 and around 154,000 are saving money each month. Out of these people, an estimated 13,000 people have paid the full amount (100%) while an estimated 29,000 people have paid (40%)