A ground floor of a condominium put up for commercial use auction near the Ministry of Revenue (Megenagna area) was sold for 111,000 Br and 126,000 Br for a single square meter.

Alem Tour & Travels and Tigist Debebe managed to secure the shops with respective prices where over 30,000 interested buyers grappled over several plots put up for auction by the Addis Abeba Housing Development Corporation. The heated competition forced officials to extend the deadlines for additional two weeks.

Under Corporation's administration, the 13 condominium sites built by the 40/60 scheme are located in Bole, Lemi Kura Akaki Kality and Addis Ketema districts.

Nearly 3,296 shops were up for grabs last week. Prospective buyers made their way to the Corporation's bureau on Dem. Rep. Congo St. around Greek Club to witness the opening of the nine-day auction.

The rainy weather did little to impede the excitement of participants, including real estate brokers, and company representatives who placed offers in hundreds of thousands for a single square meter.

The ground floors of 73 shops near the Megenagna area and near Unity University (Gergi area) garnered the most attention, with over 4,000 interested bidders gathering on the fourth day.

Officials disclosed that homes in these buildings were transferred to owners last year, with the bustling neighbourhoods hosting 29sqm to 320sqm shops.

Brokers have filled the area going left and right, distributing their business cards to potential sellers.

Bekele Dilnesaw, a broker who specialises in linking winners with potential buyers, indicated that some bidders are ready to pay inflated prices merely to secure the titles and sell them off immediately.

He is convinced that such bidders do not care about their offers since they do not intend to work in the shops or pay the remaining debt. He claims the interest rate and monthly instalments would become impossible to handle.

"It's an occasional business for many," he told Fortune.

Some individuals were wiped out by companies with a staggering difference they could not match up.