Ministries monitor land sales
3 April, 2018, 12:00 am
FOREIGNERS who purchase freehold land outside municipal boundaries for residential purposes are adhering to provisions of the amended Land Sales Act 2014, says Minister for Lands Faiyaz Koya.
Mr Koya said the ministry was monitoring the situation to ensure that conditions were adhered to.
In 2014, Government amended the Act and restricted foreigners from buying freehold land for residential purposes within municipality boundaries.
One of the conditions under the amended legislation was for foreigners who purchased land to construct dwellings within 24 months of the purchase date.
“That was the law introduced by Government and we have put into place a monitoring system done not only by my ministry but also the Ministry of Economy as well,” Mr Koya said.
“The monitoring process is good and no one has breached it.
“The amendment of this Act has been well observed and it’s good to know that people are adhering to the conditions.
“There are certain conditions to be followed and the monitoring team checks to see if these conditions are met.
“So far, everyone who this amended law applies to has adhered.”