Cost for Middle Class Public Housing Spike
The Addis Ababa City Administration unveiled the cost revision of middle-class public houses just two days before it announced the raffle winners of 972 residences, raising the cost of all types of apartments by 56pc to 4,918 Br a square metre.
The winners of the raffle were announced on July 8, 2017, at the premises of the Addis Ababa City Administration Council. The winners were drawn from 11,088 registered citizens who have already paid their due payment in full after saving for more than 18 months.
The move came a week after the Addis Ababa Saving & Housing Development Enterprise (AASHDE) handed over 972 houses to the Commercial Bank of Ethiopia (CBE), the bank that is collecting the savings for housing projects.
The current market prices of infrastructure, labour costs and change of building design were taken into consideration during the revision of the cost.
When the middle-class public housing project began in 2013, AASHDE set the size of the houses to 55, 75 and 100sqm with a price tag of 2,289 Br, 3,300 Br and 3,860 Br a square metre for one, two and three bedrooms, respectively.