26 March 2024
Addis Ababa, Ethiopia – In a move to boost the economy and attract investment, Ethiopia’s Prime Minister Abiy Ahmed announced plans for a new law allowing foreigners to own real estate.
This significant change comes as Ethiopia seeks to open up its economy and shed its reputation for restrictive foreign ownership rules.
Currently, foreigners cannot own property in Ethiopia, which has been a hurdle for attracting foreign investment. During a meeting with major taxpayers in Addis Ababa, Prime Minister Ahmed revealed the government’s finalization of a new law that would permit foreign ownership of real estate.
Although a specific timeline for introducing the legislation wasn’t provided, the announcement signals a shift toward a more open economy.
Further economic reforms were hinted at by the Prime Minister, who mentioned revisions to existing laws that would allow foreigners to participate in Ethiopia’s retail sector, which is currently limited to Ethiopian nationals
