The House of Peoples' Representatives today approved a landmark proclamation allowing foreign nationals to own residential houses within the country.
The legislation, initially drafted to permit broader ownership of "immovable property," was refined to specifically focus on residential houses before its ratification. During a regular session, Members of Parliament deliberated on the draft, ultimately approving it with a majority vote, though four members abstained.
This new proclamation is expected to bring a wave of benefits to the Ethiopian economy. Officials stated its primary objectives are to boost foreign currency earnings, invigorate the real estate sector, attract foreign direct investment, and strengthen diplomatic ties, alongside other advantages.
The move marks a notable shift in policy, opening up new opportunities for both foreign investors and Ethiopia's growing housing market.