A draft proclamation to regulate the ownership and holding of immovable property by foreign nationals has been a key topic of discussion at the 44th regular meeting of the Council of Ministers today.
The proposed legislation aims to establish a clear legal framework for foreign nationals acquiring or holding real estate in Ethiopia. The Council highlighted the significant benefits expected from this move, including encouraging foreign capital investment, stimulating housing development and accessibility, helping to balance housing demand and supply, and creating employment opportunities for citizens.
Crucially, the Council stressed that the framework is designed to be implemented without restricting the land holding and utilization rights of Ethiopian citizens. After extensive deliberation, the Council unanimously approved sending the draft proclamation to the House of Peoples' Representatives for further consideration and potential enactment into law.