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In the 25th round of the land lease auction 35 plots received false bids from people who offered from 50 to nine thousand birr per square meter but failed to show up to buy their land.
In the 24th round 37 plots of land also received bogus bids.
After waiting for the first winners for ten days the land bureau called the second place bidders but they did not show up either and the plots were returned to the land bank.
The 25th round of the lease auction was held from December 10 to 14 and the Addis Ababa Land Management Bureau offered 175 plots for residential and business purposes for auction.
In Akaki 95 plots were up for auction, Kolfe had 11 plots and Nifas Silk 19.
The highest bid for this auction was 50,250 birr per square meter for 208 square meters in Nifas Silk offered by Abrham Halefa but he did not show up. The second place bidder offered 33,330 birr for one square meter but also did not come forward to finalize the deal.
In the 24th land auction Garden Real Estate, which offered 355,000 birr per square meter in America Gibi (Merkato) to purchase 1,380 square meters also never arrived to put their money down.
The land bureau said failed bidding occurs because bidders are relying on loans to purchase the land.
“The biggest problem is that the bidder hopes to get a bank loan to purchase the land but the bank requires an equivalent mortgage to approve the loan since bidders don’t often have such a mortgage they don’t get the loan,” said Negusse Lema public relations head of the bureau.
He added that most of the bidders also do not understand how the auction works.
“Most of them only know about the down payment and the CPO but they don’t realize there is also interest charged so when they find out they cancel their offer.”
Negusse said that the bureau is considering developing a new method to stop bogus bidding.
A land expert suggested that the city administration should increase the CPO during the land lease auction to stop bogus bidders.
Currently the CPO is ten percent of the minimum floor price of the land which is not returnable if the winner does not show up.
In other news in the 26th land lease auction a total of 176 plots are being offered in Ledeta, Nifas Silk, Addis Ketema, Yeka, Kirkos and Bole sub cities for residential and business purposes.