Ethiopia to Allow Foreign Property Ownership in Bid to Boost Economy
Ethiopia is on the brink of overturning its long-standing ban on foreign property ownership, a move that could potentially revolutionize the country’s real estate sector and spur economic growth. Prime Minister Abiy Ahmed recently unveiled new legislation that will permit foreign individuals and entities to own real estate, marking a significant departure from the policies put in place during the 1974 communist revolution. This decision is part of a broader strategy to liberalize the economy and attract more foreign direct investment (FDI) to Ethiopia. In addition to allowing foreigners to own property, the government is also opening up the retail sector to international players.
While the lifting of the ban is expected to make Ethiopia more attractive to global investors, experts caution that the full impact of these changes may not be immediate. It will take time for the market to adjust to the new regulations and for investors to fully take advantage of the opportunities presented by the newfound openness in the real estate sector.
According to a report by Business Insider Africa, the move to allow foreign property ownership is a significant step towards modernizing Ethiopia’s economy and aligning it with global standards. It is hoped that this reform will not only attract more foreign investment but also create a more competitive and dynamic real estate market in the country.
