The city administration of Ethiopia’s capital Addis Ababa has announced the new per m2 prices for land lease in the city. The city revised the existing lease rate as per the current market price it was learned.
The new prices will serve as a benchmark for land being auctioned by the city and for former private holdings being transferred to the lease system as per the new Urban Lands Lease Holding Proclamation.
The new directive divides land in the city into three zones according to their proximity to the center.
The first zone is the Central Market District Zone which is divided into five sub division will include areas of the city considered primary commercial districts.Land categorized in the first subdivision has been allocated the lease price of 1686 birr per m2, while the second level land in this zone is priced at 1535 birr per m2 and 1323 per m2 for the third level areas. Land in the fourth and fifth levels has been designated prices of 1085 birr and 894 birr per m2 respectively.
The second zone is referred to as the Transitional Zone and includes areas surrounding the city center taken up by primarily residential and industrial units. This zone is also divided in five zones with prices being 1035 birr per m2 for the first level, 935 birr per m2 for the second level, 809 birr per m2 for the third level, 685 birr per m2 for the fourth level and 555 birr per m2 for the fifth level.
The third and final zone is the Expansion Zone encompasses area on the outskirts of the city and is classified in four levels with prices ranging from 355 birr per m2, 299 birr per m2, 217 birr per m2, and 191 birr m2.
It is expected that sub-cities which had suspended transaction of property transfers awaiting this directive will resume work this week.
Source: Capital
