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.