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Moratorium on Land Purchase by Foreign Nationals

Published: July 22, 2013 | 8:54 am
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A moratorium on foreign nationals taking ownership of land plots has come into effect. The Chairman of the Parliamentary Agrarian Commission, the author of the current initiative, has told TV3 that the move will not have a negative effect on the market. The legislation only applies to those who do not hold Georgian citizenship, and will be in effect until 14 December 2014.

On the other hand, a spokesman for Transparency International-Georgia has stated that the initiative is unconstitutional, and will potentially have a detrimental effect to the economic development. He points out that the move will see the Prime Minister himself barred from purchasing land in the country. Transparency International-Georgia has appealed to the Constitutional Court demanding the removal of the moratorium.

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