Prime Minister Abiy Ahmed announced on state TV that Ethiopia is moving towards permitting foreigners to own real estate, part of broader economic reforms to attract investors.
Currently, foreign ownership of houses and commercial buildings is prohibited. Abiy stated that the government is finalizing legislation for this change.
Additionally, plans are underway to amend existing laws to open up the retail sector, which is currently reserved exclusively for Ethiopian citizens.
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These reforms aim to unlock economic growth and create job opportunities in the country. Prime Minister Abiy emphasized the government’s commitment to finalizing the necessary legal framework to enable foreign ownership of real estate to attract international investors.
Although Prime Minister Abiy didn’t provide a specific timeline for the legislation’s presentation to parliament, he assured that the drafting process is in its final stages.
The Ethiopian government is opening up Ethiopia’s tightly controlled economy, allowing foreign investment in sectors like telecommunications and banking to drive growth and create jobs. The government also aims to permit foreign investment in banking.
