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The Minister of Rural Development and Land Reform, Gugile Nkwintini has now announced that he is going to introduce a new law to ban foreigners from buying land in South Africa. The good news, and there is always allegedly good news with these strange laws that they seem to be coming up with, is that they will not expropriate land already owned by foreigners! It is worrying that they even had to think about that aspect and announce it – surely it would be foregone conclusion that they would not expropriate the land?
Apparently, at a media conference, he said they might have “difficulties” making the law retrospective – which is really an understatement of our law, but that the ANC was clear that it is going to implement a resolution that in future foreigners can only lease land but not actually own it. One wonders what that is going to do for the housing market in certain areas, especially around Cape Town, and no doubt houses in Clifton, Camps Bay and the like are going to go for much less in future as are game farms and wine farms because all but the most wealthy South Africans cannot afford those purchases. Why they need to bring in such legislation one cannot imagine – apparently statistics show that foreigners only own 3% of the country’s land anyway.
Posted by Michael de Broglio on Monday 04-Aug-14
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Comments
Jolene said:
on Friday 08-Aug-14 04:04 PM
I do agree with Jade, they are wasting their time on matters that are actually helping our economy. They should rather focus on the matters that are causing our economy to worsen every year; like unemployment.
Thabitha said:
on Friday 08-Aug-14 02:37 PM
If people are tired of using their brain to think or do good things they must go home and be useless
Nikita said:
on Friday 08-Aug-14 02:08 PM
watch the value of property suddenly plummet!
Jade said:
on Monday 04-Aug-14 12:49 PM
Again, I just think they are wasting their energy, money and time. They should rather focus their time on sorting out service delivery for example making sure that school children get textbooks so they don't riot on the streets of Johannesburg again. Just a thought.
Elektra said:
on Monday 04-Aug-14 11:53 AM
This is a catastrophe for this Country, We can now kiss foreign investments good buy.
Brumilde said:
on Monday 04-Aug-14 08:25 AM
I wonder who the person behind this is. What idiot just sits and thinks this stuff up. The economy needs to grow. Banks need the loans income. really... lets see whats next
Alexis said:
on Monday 04-Aug-14 08:18 AM
And i heard Zuma was overseas trying to get the USA to invest in us - they are making it so unappealing to invest in this country. This is not a good idea and they could be doing so much more to get this country to where it can be
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!
