The Addis Ababa City Administration collected more than 176 million birr from auctioning 58 plots at the third round land lease auction.

Plots allocated for residence purpose attracted the highest bid in the latest auction round opened the past week. A 173sqm plot for residence around Ayat Real Estate area bring 12,875 Ethiopian birr per sqm.

Most of the plots auctioned in Bole sub-city fetched over 9,000 birr per sqm. The least price offered in this sub city being 8,195 birr per sqm for a 175 meter square plot of land.

Meanwhile, bidders in Kolfe Keranio Sub-city offered significantly lower prices in comparison to offers made in Bole Sub city.

In this Sub-city, the City Administration put up 26 plots for multi-purpose buildings which attracted offers ranging from 3,553 birr to  11,540 birr per sqm.

The City Administration recently introduced a new floor price for plots auctioned in the city revising the previous rate to match current market price. The revised rates are used as a benchmark for transfer of land in the city.

The City's  revised land rates range from 1,686 birr per sqm in districts designated as central market places to as low as 191 birr for developing parts of the city.

Source: Capital