Ethiopia Plans to Allow Foreigners to Buy Real Estate in the Country for the First Time

Ethiopia previously banned foreign property ownership based on political and economic concerns. The architects of Ethiopia’s socialist revolution of 1974 were replaced by an authoritarian administration that oversaw a command economy and held power until Abiy took office. That regime was wary of loosening controls due to fears over any outside influence on the country’s sovereignty. Abiy had made some headway in loosening state control of the economy. For example, Ethiopia has invited international investors to take stakes in the telecoms and banking sectors in recent years, though that has had varying degrees of success. Ethiopia has opened up its telecoms and banking sectors over the past six years as part of his long term drive to attract foreign investment.

SEMAFOR