TIRET offers 72,800 birr for one square meters of condo shop

Ambasel Trading House PLC, a subsidiary of TIRET development organization, which exports agricultural products, offered the highest price of 72,800 birr per sqm, during a tender auction for shops in condo projects.
A total of 2,331 condo shops were up for auction and most of the winners offered between 10 to 20 thousand birr per square meter.
Dashen Bank offered 62,000 birr for one square meter in Yeka Abadu site. The third highest  offer is 51,000 birr and and the fourth is 40,000 birr per square meter.
In addition to banks some of the businesses expected to open in the new condos include cafés and supermarkets.
The condo shops up for sale were in seven sub-cities, including Bole (1,543) Akaki (464), Yeka (276), Kolfe(22), Arada (5), Ledeta (11) and NifeasSilke (10).
The shops are located in areas commonly known as Gelan, YekaAbadu, Bole Hayat, Lafto, Jemoo, Kilionto, Ledeta, BashaWolde, Tulu Dimtu, Bole Arabssa, KoyeFitche, Gofa and Mekanisa.
The spaces are from 28 to 300sqm.  Auction winners must pay half the cost in 10 days and the rest over five years.
Most of the shops were built over four years ago but were not auctioned because finishing work was not completed. They are often on the ground floor of condo spaces.
Currently 1.2 million people in Addis Ababa live in rented houses and 2.5 million people share rooms with other people, and 375 thousand residents live in government owned houses. Seventy per cent of the houses in Addis Ababa are made of mud.
In the 20/80 scheme for Condominium houses 130,000 housing units are under construction.
This includes spaces for businesses.