This price, while significant, reflects a decrease from the previous record of 695,000 Br per square meter set last year in the Sarbet area.

The auction, held by the Addis Ababa Land Development & Administration Bureau, aimed to streamline the bidding process by leveraging technology. Bid documents were available online, and Tele Birr, a mobile payment platform, was used to avoid large crowds. This approach proved successful, with 295 bid documents for Piassa area plots selling out on the third day. The auction for remaining plots in other districts continues until tomorrow.

The auction attracted a diverse range of bidders, including companies from the banking, insurance, and real estate sectors. Ethio Re Insurance opted for upfront payment for a 1,585 square meter plot, while Varnero Construction Plc emerged as the highest bidder for a different plot at 119,000 Br per square meter with a 40% down payment. Quarit Agro-industry also secured a plot for its headquarters construction with a bid of 298,511 Br and a 50% down payment.

This auction signifies continued interest in prime development opportunities within Addis Ababa, with bidders utilizing innovative technologies to participate in the process.