Friday, February 17, 2006

Government advised to stop property sales to foreigners

A state-appointed panel of experts has recommended that the South African government suspend the sale of land to foreigners with immediate effect. Agriculture minister Thoko Didiza says the panel has suggested that land sales to foreigners are halted immediately, until appropriate legislation on the issue has been promulgated. This comes after President Thabo Mbeki announced in his state of the nation address that government intends regulating the conditions under which foreigners may buy land in South Africa. There has been speculation that a surge in foreign interest in South African property is pushing prices out of reach for many locals.


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