Eritrea is building 1,680 modern homes and businesses in Asmara

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The Eritrean Housing and Commercial Bank stated that it will build 1,048 modern apartments, 376 residential units and 256 commercial buildings in Space 2000 and Asmara Khalibet Hospital in Sembel District. (homes and businesses in Asmara).

The bank stated in a statement issued yesterday that it can register in person at the headquarters of the Housing and Commercial Bank or the Eritrean embassy and consulate.
The statement also warned that citizens who had signed contracts or deposits in the past can continue to participate in new projects by transferring their deposits to housing and commercial bank accounts called “Asmara Housing Project 2012 EURO C / A # 124-5”.
In addition to this project, Eritrea will also start construction of a number of development projects with a national investment of more than one million US dollars, including the 300 million US dollars Massawa residential and commercial project, the 115 million US dollar Dahlak city master plan, and Ras Kharab And several luxury resorts in Khalibay.


Asmara construction projects Eritrea
Render of 200 sqm modern houses, each featuring 1 living room, 4 bedrooms, 4  bathrooms, and  1 kitchen that will be on sale for  €113,006 (US$150,184 ) – Sembel district of Asmara

The following is the memo posted by the Housing and Commerce Bank of Eritrea

Potential buyers are required to meet their national obligations and make 25% deposit of the total price of the house or business they select. 376 residential houses and 256 for business ventures would get underway this year around Halibet Hospital, Space and Sembel. The Registration form (FORM-1) to this end has been distributed.

1. Potential buyers are nationals who have fulfilled their national obligations.

2. Following the filling of the above stated Form, buyers are expected to make a 25% deposit of the total price for the chosen type of house at the account in the headquarters of the Housing and Commerce Bank (Bahti-Meskerm Square) entitled “Asmara Housing Project 2012 EURO C/A # 124-5.” The remaining portions of the payments are due to be completed within two years and all transactions should be in EURO.

3. All applications are invalid without the aforementioned deposit.

4. Payment of deposits and the following transactions should involve full names of buyers and number of their Eritrean Identification Cards.

5. Registration can be fulfilled in person at the headquarters of the Housing and Commerce Bank or in the Eritrean Embassies and Consulates in various countries, while the relevant for in the Eritrean Embassies and consulates in various countries, while the relevant form can be download from the website, get filled and sent to the fax numbers +291-1-120401 or +291-1-127957, or the e-mail address [email protected] Attachment of deposit invoice is an imperative.

6. In dealing with No. 7 of FORM-1, applicants should clearly select an area for the breadth of apartments and houses that range from 30 to 120 sq. meters and 125 to 200 square meters respectively. So as to prioritize choices, applicants out to fill the given 11 boxes in the respective options according to their choices as “1,” “2,” and “3,” and placements would be made on this basis.

7. Entitled buyers or their agents would be notified through their telephone numbers or email addresses.

8. Nationals who had signed contract agreements and made deposits thereof in the past can shift into the new project through transferring their deposits to the above-mentioned Bank account. Such applicants are expected to attach document of money transfer order (Refer No. 6 of FORM-1)

9. Nationals who have already become beneficiaries of land plots could equally avail themselves of this opportunity (Refer No.5 of FORM-1)

10. In case of a need for additional information, reference could be made to the Housing and Commerce Bank:

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