South Africa Plans To Restrict Foreigners From Buying Land
Author: Global Property Guide
The South African government plans to impose restrictions on foreign investment in real estate by introducing a bill which would allow a foreigner to lease land, but not buy it. The bill will limit the period of lease to 30 years only, according to Minister of Rural Development and Land Reform Gugile Nkwinti.
However the Regulations of Land Holdings Bill, which is likely to be submitted to parliament in November, may take another five years to become law as the administration will need to conduct a land audit to ascertain the race, gender and nationality of current owners.
South Africa has been attracting overseas buyers for a long time. Nearly 7% of land is currently owned by foreigners.
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