https://en.sputniknews.africa/20240324/ethiopia-to-allow-foreigners-to-own-property-reports-say-1065747033.html
Ethiopia to Allow Foreigners to Own Property, Reports Say
Ethiopia to Allow Foreigners to Own Property, Reports Say
Sputnik Africa
The prime minister's statement came during his discussions with loyal high rate taxpayers and businesses to address issues of importance to them as... 24.03.2024, Sputnik Africa
2024-03-24T16:20+0100
2024-03-24T16:20+0100
2024-03-24T16:30+0100
sub-saharan africa
ethiopia
east africa
abiy ahmed
economy
property
law
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Ethiopia is poised to enact legislation allowing foreigners to own real estate, a pivotal step in the nation's overarching strategy to liberalize its economy and entice investors, Ethiopian Prime Minister Abiy Ahmed announced, as quoted by media.Ahmed revealed that his administration is in the final stages of drafting new legislation to enable foreign ownership of real estate.The prime minister also underscored the government's broader intention to revise existing regulations to facilitate access to Ethiopia's retail sector, which currently maintains exclusive rights for Ethiopian nationals.Also at the meeting with taxpayers, the prime minister emphasized that the private sector, especially loyal high taxpayers, plays a vital role in the nation's economy.Currently, the Ethiopian government does not allow foreigners to purchase land or real estate in the country. However, foreigners can lease property for up to 50 years with the approval of the Ministry of Urban Development and Construction.The Ethiopian constitution specifies that rights to own land belong only to "the state and the people," but citizens may lease land for up to 99 years only, and cannot mortgage or sell it.
https://en.sputniknews.africa/20240305/un-launches-insurance-and-risk-financing-facility-in-ethiopia-to-help-manage-shocks-1065395424.html
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ethiopia, east africa, abiy ahmed, economy, property, law
ethiopia, east africa, abiy ahmed, economy, property, law
Ethiopia to Allow Foreigners to Own Property, Reports Say
16:20 24.03.2024 (Updated: 16:30 24.03.2024) The prime minister's statement came during his discussions with loyal high rate taxpayers and businesses to address issues of importance to them as stakeholders.
Ethiopia is poised to enact legislation allowing foreigners to own real estate, a pivotal step in the nation's overarching strategy to liberalize its economy and entice investors, Ethiopian Prime Minister Abiy Ahmed announced, as quoted by media.
Ahmed revealed that his administration is in the final stages of
drafting new legislation to enable foreign ownership of real estate.
"We will introduce a law which will allow foreigners to own property," he said, as quoted by media.
The prime minister also underscored the government's broader intention to revise existing regulations to facilitate access to Ethiopia's retail sector, which currently maintains exclusive rights for Ethiopian nationals.
Also at the meeting with taxpayers, the prime minister emphasized that the private sector, especially loyal high taxpayers, plays
a vital role in the nation's economy.
Currently, the Ethiopian government does not allow foreigners to purchase land or real estate in the country. However, foreigners can lease property for up to 50 years with the approval of the Ministry of Urban Development and Construction.
The Ethiopian constitution specifies that rights to own land belong only to "the state and the people," but citizens may lease land for up to 99 years only, and cannot mortgage or sell it.
