In a televised address on Saturday, Prime Minister Abiy Ahmed revealed Ethiopia’s intention to enact legislation allowing foreigners to possess real estate, marking a pivotal step in the nation’s economic liberalization agenda aimed at enticing investors.
Presently, foreign ownership of residential or commercial properties is prohibited in Ethiopia, a restriction viewed as impeding efforts to attract international investment to the Horn of Africa.
During a gathering of prominent taxpayers in Addis Ababa, Abiy disclosed that the government is in the final stages of drafting legislation to facilitate foreign ownership of real estate, although a specific timeline for its introduction to parliament was not provided.
“We will introduce a law which will allow foreigners to own property,” he said, adding that the government also intended to amend existing laws to open up the country’s retail sector, which is currently restricted to Ethiopians only.
“It (economy) was closed, but now we will slightly open it. So we want you to be ready as well,” he said.
In recent times, Abiy’s administration has initiated reforms aimed at opening up sectors of the tightly controlled economy, including telecommunications and banking, to foreign investment.
These measures form part of a broader strategy to stimulate foreign capital inflows, drive economic expansion, and generate employment opportunities in a nation boasting a population exceeding 100 million.
