The fourth round of the City's land lease auction held on July 24, 2013 attracted bids as high as 26,202 Ethiopian Birr for a square meter, Fortune reported.

The latest auction is the fourth round since the enactment of the revised lease holding of urban lands law in 2012. The Addis Ababa Land Bank and Transfer Agency announced a tender for auctioning of 95 plots on 40,000 meter of land on July 9, 2013. The plots were located in Akaki Kaliti, Bole, Yeka, Kirkos, Arada and Kolfe Keranio districts of the city.

The highest bid, 26,202 birr for a square meter was offered by GS Trading PLC for a second grade plot in Kirkos Sub City. The floor price set for the plot was 809 birr.

The Agency has postponed the opening of the auction of 29 plots in Akaki Kaliti following an appeal by investors who have requested to lease the plots previously.

Source: Fortune