South Africa plans to begin wide-ranging discussions later this year on whether to limit foreign land ownership as part of an effort to curb rising property prices, officials said on Monday.
Land is an emotive issue in South Africa, where minority whites still control most of the economy 10 years after the end of apartheid and most unemployed people are black.
Nana Zenani, spokeswoman for Land Affairs Minister Thoko Didiza, told Reuters the government would invite all property stakeholders to join talks on the issue after it had completed a detailed study of the extent of foreign land ownership.
"There is consideration on looking at foreign ownership and assessing it, once discussions have taken place with all the stakeholders," she said.
"The minister has indicated this may take place at the end of the year. The feeling is that property prices are too high and South Africans are finding it difficult to buy land, especially in coastal areas."
South African house prices climbed by an average 24.3 percent in the year to May 2004, accelerating from 19.8 percent the previous year and about 14 percent in each of the prior two years, figures show.
Comments
Comments are closed.