The latest round of land lease auctions held by Addis Ababa City Administration received lower bids than what was offered in the previous round two months ago.

The municipality attracted an estimated 2,371 bidders for the land it put on auction. The auction included land targeted for residential, mixed use and apartment use. Most of the plots are to be found in Bole sub-city while others are to be found in Kolfe Keranio and Nifas Silk according to sources.

The land in Bole sub-city is classified into third and fourth grade plots and the eight plots in Nifas Silk are graded as third and second while the two plots in Kolfe Keranio are grade three.

The lower grade plots in Bole and Kolfe Keranio had floor prices of 191 birr and 217 birr, while the higher grade Nifas Silk plots started at a floor price of 299 birr, according to the new revised rates, implemented by the city.

The plots auctioned for residential units went for prices ranging from 6,000 to 9,000 birr. A 175 meter squares in Bole District received the highest offer of 12,000 birr.

The prices received during this auction were lower than the previous round of auctions when plots for residential plots fetched more than 10,000 birr according to the city administration.

Source: Fortune