Urban Development Ministry Unveils Housing Policy

The Ethiopian Ministry of Urban Development and Construction revealed the final draft of the urban housing policy and strategy.
The strategy proposes the increase of housing through eight modalities to solve housing shortage in urban areas.

The document was presented to regional and federal officials, members of the House of Representatives, private real estate developers and experts in the sector.

The government will play an important role in developing urban housing as it is to be the sole executor of five of the eight means of increasing available housing according to the housing policy.

The schemes include the existing condominium projects, the 40-60 and 10-90 saving and mortgage schemes, the construction of rental housing for low income citizens and accommodation for university professors and adjoined housing in designated industrial areas.

The 40-60 plan is designed for the upper middle class able to save the 40% quickly or even pay upfront while the 10-90 is designed for civil servants and others who have lower incomes explained Mekuria Haile Minister of the MoUDC addressing the confusion that had ensued in regards to this modality earlier on this year.

Registration for these schemes will be preceded by proper orientation to the public at large as the registration scheme will also include condominium projects requiring those who have already registered under this plant to re-register he noted.

Source: Fortune