Ethiopia Announces Foreign Ownership of Property: Prime Minister Reveals on State TV
Ethiopia is set to introduce legislation enabling foreigners to own real estate, signaling a significant shift in the country’s economic policy aimed at attracting investors, Prime Minister Abiy Ahmed announced on state television.
Currently, Ethiopia prohibits foreigners from owning residential or commercial properties, posing a barrier to foreign investment in the Horn of Africa nation. Prime Minister Abiy addressed a gathering of major taxpayers in Addis Ababa, disclosing the government’s plans to enact new laws facilitating foreign ownership of real estate. However, he did not specify a timeline for presenting the legislation to parliament.
“We will introduce a law which will allow foreigners to own property,” affirmed Abiy, indicating the government’s commitment to amend existing regulations to enable foreign ownership in Ethiopia’s retail sector, currently reserved exclusively for citizens. He emphasized the gradual opening of the economy, urging stakeholders to prepare for forthcoming changes.
In recent years, Abiy’s administration has embarked on economic reforms, gradually liberalizing key sectors like telecommunications and banking to foreign investment. These initiatives form part of a broader strategy to attract foreign capital, foster economic growth, and generate employment opportunities in a nation with a population exceeding 100 million.
The move to permit foreign ownership of real estate reflects Ethiopia’s evolving economic landscape, as the government seeks to create a more conducive environment for investment and trade. By opening up previously restricted sectors, Ethiopia aims to harness the potential of foreign capital to drive sustainable development and prosperity for its citizens.
