{"id":461173,"date":"2011-07-14T20:01:56","date_gmt":"2011-07-14T20:01:56","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/14\/offer-of-26800-br-for-square-metre-in-bole-turns-heads\/"},"modified":"2011-07-14T20:01:56","modified_gmt":"2011-07-14T20:01:56","slug":"offer-of-26800-br-for-square-metre-in-bole-turns-heads","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/14\/offer-of-26800-br-for-square-metre-in-bole-turns-heads\/","title":{"rendered":"Offer of 26,800 Br for Square Metre in Bole Turns Heads"},"content":{"rendered":"
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Addis Fortune<\/a> (Addis\u00a0Ababa)<\/p>\n

Hadra Ahmed<\/p>\n

12 July 2011<\/p>\n

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Unusual bid suggests land prices will continue to rise.<\/p>\n

An obscure businessman has offered the highest bid ever made for a square metre plot in the city, a price which is 20 times more than what the administration has set as a threshold auction price tag. It is rare for a plot in Addis Abeba to be auctioned off for more than 15,000 Br for a single square metre of land.<\/p>\n

An open auction was held in the afternoon of July 1, 2011, at a meeting hall inside Kokeb Building, Yeka District, off Equatorial Guinea Street, to lease 16 plots measuring between 350sqm and 500sqm. The plots are all located near the Millennium Hall, off Africa Avenue (Bole Road), behind Ambassador Hotel.<\/p>\n

Although the district set starting price at 2,000 Br for a square metre, many of the 135 bidders have offered lease prices beginning at 10,205 Br. One bidder, however, stood tall, offering 26,800 Br for a square metre and also leased a 450sqm plot, proposing to build an apartment complex. The second highest bidder offered 13,500 Br for a square metre.<\/p>\n

Administration officials have declined to disclose the identity of the bidders, including the highest bidder, claiming confidentiality before the board of Land Development and Administration at the District decides on the offers next week. However, Fortune has independently learnt that the highest bidder is known by the name of Yonatan Zeleke.<\/p>\n

If granted, Yonatan will have to sign a lease agreement with the District amounting to a little over 12 million Br; upon signing, he will have to deposit 3.6 million Br.<\/p>\n

This caught many observers of the city’s real estate market by surprise.<\/p>\n

“I could get you a 450sqm plot near Bambis Supermarket for 1.5 million Br,” said a broker engaged in the housing market. “Why anyone would spend such an amount for a barren land, I can’t understand.”<\/p>\n

Others, however, are not very surprised, observing a new trend in the city’s property market whereby buyers would spend as much as six million and eight million Birr in buying old villas in prime locations only to demolish the houses for spaces to erect new structures.<\/p>\n

“Despite Land becoming so expensive in Ethiopia, businesses have not failed to take steps to contribute what they have to their country,” Zemedeneh Negatu, managing partner of Ernst & Young, whose residence is adjacent to the plots offered for auction last week, told Fortune. “This shows a growing optimistic view of business in the real estate sector.”<\/p>\n

The Addis Abeba City Administration had allocated over 2.7 million square metres of land, less than one per cent of its landmass, for lease to private developers over the next three years. Bole District accounted for the highest allocation at 1.5 million square metres, followed by Nefas Silk-Lafto at 576,446sqm, Yeka at 391,845sqm and Kolfe-Keranio with 108,841sqm.<\/p>\n

“Businesses demand to have these plots because there is always a thriving market in areas such as Bole,” Asalefew Amedin, general manager of Bole District Administration, told Fortune. “This is expensive not because of the land but because of land provision in a prime location.”<\/p>\n

Asalefew’s District had offered seven of the 16 plots last week for the construction of apartment complexes, eight for building of villas, and one for a business edifice, Asalefew disclosed.<\/p>\n

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\nOffer of 26,800 Br for Square Metre in Bole Turns Heads<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Addis Fortune (Addis\u00a0Ababa) Hadra Ahmed 12 July 2011 Unusual bid suggests land prices will continue to rise. An obscure businessman has offered the highest bid ever made for a square metre plot in the city, a price which is 20 times more than what the administration has set as a threshold auction price tag. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-461173","post","type-post","status-publish","format-standard"],"yoast_head":"\nOffer of 26,800 Br for Square Metre in Bole Turns Heads - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/07\/14\/offer-of-26800-br-for-square-metre-in-bole-turns-heads\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Offer of 26,800 Br for Square Metre in Bole Turns Heads - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Addis Fortune (Addis\u00a0Ababa) Hadra Ahmed 12 July 2011 Unusual bid suggests land prices will continue to rise. 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