· The Reporter Ethiopia · Selamawit Mengesha
Ethiopian, OVID strike deal for residential development project
Topics:DevelopersHousing programs
Summary of the The Reporter Ethiopia report
The Ethiopian Airlines Group plans to build 5,000 additional housing units for its staff with the OVID Group in the Bole Bulbula area. The project is part of a larger deal between the Addis Ababa City Administration and OVID to build 60,000 housing units in the capital. OVID-Kling Consult designed the buildings, which will be eight to ten storeys tall, and prices depend on unit type.
Key points
- Ethiopian Airlines Group plans 5,000 more housing units for its staff with OVID Group.
- The units are in Bole Bulbula, under OVID's 60,000-unit deal with the city.
- The buildings will be eight to ten storeys tall.
Real.et analysis
The Reporter Ethiopia reports that Ethiopian Airlines Group plans to build 5,000 more housing units for its employees together with OVID Group. The homes will be in the Bole Bulbula area. They are part of a larger agreement between OVID and the Addis Ababa city administration to build 60,000 units in the capital. OVID-Kling Consult designed the buildings, which will rise eight to ten storeys. Prices will depend on the unit type.
What this means for buyers
This project is for Ethiopian Airlines staff, not the open market. For airline employees, an employer-backed scheme can make a home far easier to afford than a regular purchase. Staff who join should ask:
- What the price includes. Ask about finishes, parking and shared facilities for each unit type.
- How payment works. Find out whether the airline offers salary deductions or a loan.
- When you get the title. Ask whose name goes on the deed and whether there are resale limits.
For other buyers, the deal shows how much new supply is heading to Bole Bulbula. Many thousands of new homes in one area will bring more residents. Over time this may bring new roads, schools and shops. It may also hold down resale prices and rents nearby while the supply is absorbed.
Background
Bole Bulbula is in the south-east of the city. Mid-rise buildings of eight to ten storeys are cheaper and faster to build than high-rise towers, which helps keep unit prices lower. See the Ovid Real Estate profile for its other projects. Our best neighborhoods in Addis Ababa guide compares Bole and other areas.