The Addis Ababa City Administration’s Land Development and Administration Bureau has announced the results of the second round of its land lease auction, with 140 of the 216 winning bidders having signed leases so far.
The latest land lease auction was held from May 20-25, 2024, with the city putting up approximately 241 sites across its ten sub-cities for bidding. While 216 of these sites were successfully awarded, the Bureau reports that around 70 winners have been unable to complete their lease contracts by the June 21, 2024 deadline.
According to the Bureau, the lease terms require winners to sign the agreement within 10 days of the announcement of the winning bids. However, a significant number of the 216 successful bidders have so far failed to finalize their contracts before the June 20th deadline.
The land lease management process was restarted in May 2023 after a hiatus, with the second round of auctions taking place on April 17, 2024. The maximum price per square meter was set at 470,000 ETB, with a minimum of 20,100 ETB.
A total of 4,203 participants registered for the latest auction, with 2,972 completing and submitting the required documents. If the primary winning bidder is unable to complete the contract, the land will be awarded to the second-highest bidder.
The Bureau also noted that 25 of the land parcels put up for auction remained unsold and have been carried over to the next round.
The land lease auction is part of the Addis Ababa City Administration’s efforts to develop and manage the city’s land resources, including in areas like the Adwa Victory Memorial Museum corridor, where land has been cleared for various commercial and public service developments.
