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NMC Real Estate, a relatively new player in the housing development industry in Ethiopia, has started a construction project to build 600 houses. The project, located in front of Tulu Dimtu, Aqaqi-Qaliti Sub City, will have a total area of 35,000 square meters. Additionally, it will include 30 G plus 2 villas and 14 apartments with 12 stories. The project will cost Birr 8.5 billion. Moreover, it is expected to be concluded within two years. Importantly, NMC Real Estate representatives revealed the company plans to have similar projects in other cities in the country. “Regarding addressing the housing scheme the company would have similar projects in other cities in the country,” the company leaders explained. Additionally, the Ethiopian government has projected the construction of about 4.4 million houses in 10 years. In regards, the private sector will handle upto 80% of the stake. Internal road connection as well as the drilling of water well has already been accomplished. According to the company, the project is scheduled to be accomplished within two years’ time. Significance of affordable housing in Ethiopian cities The contractor leading the project is than Huahong Construction, a Chinese company that is not new to similar projects in Ethiopia. The investor is involved on different businesses including the hospitality industry, while its ventures on the real estate industry are relatively new. Currently, about 400 employees including expats are involved on the construction. NMC Real Estate stated that it decided to join the real state sector to play its part on the housing problem. Housing is one of the major socioeconomic challenges in the country, mainly in major cities. The real estate industry was one of the mistrusted sectors for buyers up until recently when new comers changed the trend by keeping their words on transferring houses on time. |
