markato

Merkato sees another massive bid

Merkato sees another massive bid

Addis Ababa, Ethiopia – As expected a staggering 355,500 birr or  $15,872 US* per square meter was offered by Garden Real Estate for 1,380 square meters of land located in Addis Ketema sub-city Woreda 1, Merkato commonly known as America Gibe.

The total price for the plot of land is about 491 million birr or close to $22 million US dollars

The second highest bidder for this plot offers 352,333 birr ($15,733 US).

Another 311,500 birr was also offered in the same compound for 1,388 square meters of land.  In the six areas of Addis Ketema sub city auctioned off the lowest price offered was 150,000 birr per square meter, offered by Alemu Nega for 376 square meters of land.

Most of the places offered in the 24th round land lease auction are business centers. Two places around Kirkos sub city and five places in Lideta sub city received bids of 75,000 birr up to 95,000 birr. Kolfe, Nifias Silk and Akaki sub cities auctioned off 70, 14 and 20 plots respectively.

The winner of the bid should appear in 10 days and pay a 20 percent down payment. If they don’t show up the city will award the second highest bidder.

*1 US Dollar = 22.395 Ethiopian Birr (as of 11-09-2016)

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