One of the winners of the 10th round 20/80 condominium lottery was fetene waqjira. He says he is happy to get his own condominium but he is also worried about the future. He explains that he was able to save 14,000 birr for the condominium but he was required to pay an advance payment of 109,000 birr to get the keys for his apartment. Ato Fetene registered on the 1996 condominium program but he re-registered for a 3 bedroom apartment 2 years ago.
When people registered for the 40/60, 20/80 and 10/90 condominium program on 2013, the price for 3 bedroom 20/80 apartment was around 304,000 birr, but now that cost has escalated to 512,000 birr. Since most people don't have that kind of money, ato Fetene has agreed to borrow the 20% from a bank and finish his debt in the next 15 years.
This is the issue facing 35,000 residents of Addis Ababa who got their condominium on the 10th round of the lottery. After 1 year of grace period (Effoyta Gize), he says he has to deposit more than 4,000 birr per month.
This is worrying not only for the registrants who just got their houses but also for the people who are currently depositing money and waiting for the new round of condominium lottery.
According to public relation department of commercial bank of Ethiopia, registrants of the 10/90 condominium program have deposited a total of 106 Million Birr in the until July 07, 2015 (Sene 30, 2007) while the registrants of the 20/80 condominium program have deposited a total of 5 Billion birr until the same date.
As for the 40/60 condominium program, registrants have deposited a total of 10 Billion birr until July 07, 2015 (Sene 30, 2007). According to new data, out of the total 165,000 people registered, around 15,000 people have paid full amount, which is almost 6,800 more than the data released in June 2015.
Out of the 860,000 people registered for the 20/80 program, 132,000 were registered in 1996. Out of the 132,000 registered in 1996, around 34,000 got their homes on the 10th round of lottery. This leaves around 100,000 registrants who will be given priority on the next round lottery.