Addis Ababa, Property 2000 sign a contract to build 500,000 condo houses with 4.2bln Birr

Addis Ababa, June 2, 2021 (FBC) – Addis Ababa City Administration and the South Africa based Property 2000 have signed a contract to construct 500,000 condo houses in the capital at a cost of 4.2 Billion Birr within five years.

Deputy Mayor of Addis Ababa, Adanech Abiebie and the representative of Property 2000 have signed the agreement.

The budget of the construction of the housing units will be covered by Property 2000 while Addis Ababa City Administration is to allot land for the project around ICT Park area.

Out of the total houses, 100,000 will be built within each year, according to the agreement. Residents of the city who will receive the houses should have their debt paid off within 30 years.