Adanech Abiebie, the Deputy Mayor of the City of Addis Ababa, has pledged that the city’s administration will increase its support of real estate developers in a bid to tackle the city’s severe housing challenge. She affirmed that the city’s housing challenge needs the private sector’s involvement.
The city administration has availed thousands of hectares of land for developers and companies that showed interest to take part in the sector, said the Deputy Mayor during a program for the inauguration of a housing project developed by Tracon Trading.
Tracon inaugurated 624 housing units that cost approximately 2.6 billion ETB.
The announcement comes after the Commercial Bank of Ethiopia reached an agreement with Gojo Bridge Housing Trading PLC to collaborate on addressing the housing challenges the city’s residents face. The bank will register people who want to purchase houses, collect payments and carry out other finance related aspects of real estate development
According to Almaw Gari, CEO of Gojo Bridge, the company is currently preparing to build 1,000 housing units at four sites in Addis Ababa. Its plan is to build 100,000 units over the coming five years.
In her pledge, Adanech said that the city is willing to go as far as allotting land to those who are seeking to invest in real estate projects that work towards meeting the housing demands of the city.