Presidency statement on intended bill to regulate foreign land ownership

A limitation on the area of land that may be owned by individuals and the intention to only allow foreign nationals a lease hold of between 30 and 50 years are two of the elements of a planned bill contained in a statement by the President’s office issued following the State of the Nation address. It has been suggested before, most recently following the ANC National Executive Committee policy lekgotla in January.

The full text of the statement is included below that limits land ownership by anyone to 12 000 hectares with ownership in excess of that needing to be sold back to the State. The law will not seek to apply this retrospectively. Ownership in terms of race, nationality, gender, extent of land owned and its use will be required to be disclosed.

One of the stated intentions of the bill is to make property ownership more accessible to South Africans given the high prices, however an Independent Media report on 14 February quotes the Chairman of Seeff Properties, Samuel Seeff saying that land purchases in South Africa by foreigners was low and that even in the most exclusive areas foreign ownership was 10%. Seeff goes on to say that 700 in 24 000 sales a month nationwide were to foreign owners.

The bill would be submitted to Parliament for debate.

Statement by the Presidency on the Land Holdings Bill


This article first appeared on 702 : Presidency statement on intended bill to regulate foreign land ownership


Recommended

by NEWSROOM AI
Popular articles
'Minnie understood he might become a target'

'Minnie understood he might become a target'

Marianne Thamm wrote the forward to 'The Lost Boys of Bird Island' and worked with Mark Minnie in editing the controversial book.

[WATCH] Dad dresses up as a mom so his sons don't feel left out on Mother's Day

[WATCH] Dad dresses up as a mom so his sons don't feel left out on Mother's Day

Khabazela shares Facebook posts, YouTube videos that have gone viral including one with the smartest dogs.

Nxasana questions why Minister Masutha's involvement is not being challenged

Nxasana questions why Minister Masutha's involvement is not being challenged

Former NDPP Mxolisi Nxasana says he didn't know the payout he received was a golden handshake.

[LISTEN] Is your phone listening in on your conversations?

[LISTEN] Is your phone listening in on your conversations?

MD at World Wide Worx Arthur Goldstuck explains how your phone may record your voice conversations.

'Black Tax'... working hard, earning well, but struggling financially

'Black Tax'... working hard, earning well, but struggling financially

Young(ish) South Africans tell stories of the mixed emotions they feel when supporting family members, and tips from an advisor.

Castro bodyguard shares tales of dictator’s double life and breath-taking wealth

Castro bodyguard shares tales of dictator’s double life and breath-taking wealth

Juan Sanchez shares stories of Fidel Castro that’ll make you re-examine everything you thought you knew about the Cuban dictator.