ADDIS ABABA, July 2 (Xinhua) -- The Ethiopian House of Peoples' Representatives, the lower chamber of the parliament, has approved a law to allow foreigners to own properties in Ethiopia.

Under the previous laws in Ethiopia, foreign nationals were not allowed to own houses in Ethiopia.

The new law approved Tuesday contains many detailed provisions, one of which is that individuals who are not Ethiopian citizens must allocate at least 150,000 U.S. dollars to own residential properties in Ethiopia.

It is expected that the new policy would help increase investment flows, stimulate the development of the real estate sector, and create a wide range of job opportunities for the East African country.

According to the Ethiopian government, various efforts have been made to pass the law, which was enriched through resource-raising discussions, particularly in light of the government's desire to expand investment opportunities. ■