KEYIR NEWS:- In a landmark move, the parliament has passed an amended bill allowing foreign nationals to own residential property, following intense debate over constitutional compliance and national interest.
The legislation, approved with four abstentions, permits foreign individuals to own a single residential property, significantly scaled back from the original proposal that allowed ownership of up to five.
This revision was made in response to concerns that broader rights to immovable property might conflict with Article 40 of the Constitution, which designates land as the collective property of the people, administered by the state.
Under the new law, foreign nationals may lease land and own one residential unit, which can be either occupied by the owner or rented out. However, resale of the property remains prohibited.
The bill retains the existing $150,000 minimum investment threshold, though a forthcoming directive is expected to offer more flexibility, particularly for investments in regional cities.
Proponents of the legislation argue that the reform could invigorate the housing sector and provide a boost to local real estate developers.
Opponents, however, caution that even limited foreign participation in the housing market could exacerbate existing urban housing shortages and affordability issues.