Addis Ababa, Ethiopia (18 May 2023)
After a hiatus of four years, the Addis Ababa city administration has recently announced the commencement of a land lease auction. A total of 297 properties located across all eleven sub-cities of the capital are being made available for auction.
These properties, covering a combined area of 143 thousand square meters (14.3 hectares), have been identified as either unused lands previously sold but not developed, or illegally occupied lands that have been incorporated into the land bank.
The Addis Ababa City Land Development and Administration announced on May 15, 2023, that the auction would proceed with a minimum starting price of 960.21 Birr per square meter. The maximum starting price for the properties reached 2,213.25 Birr.
Interested participants are required to purchase the tender document by visiting the Addis Ababa City Administration Land Development and Management Bureau, where they can do so from May 18 to May 31, 2023, until 3:00 p.m.
To participate in the auction, bidders must submit a bid security deposit amounting to 20% of the total price, as based on the starting price of the property they are competing for. This deposit is to be made through a bank payment order or CPO. The auction will be open to Ethiopian individuals, business associations, Ethiopians by birth, and groups of more than one person.
The auction proceedings are scheduled to commence on June 1, 2023, at 9:00 a.m. at the Bole sub-district hall. The event will continue for five consecutive working days, allowing bidders or their legal representatives to be present during the proceedings.
Source: TIKVAH, Addis Ababa City Land Development and Administration
DISCLAIMER
The opinions expresses here in the post "Land Lease Auction to be Held in Addis Ababa for the First Time in Four Years" are those of the individua's contributor(s) and do not necessarily reflect the views of Business Info Ethiopia , BIE Intelligence PLC, its publisher, editor, or any of its other contributors.
