I still don’t understand why any country let’s another country’s citizens buy property…
Because the owners of the real estate and land are at the mercy of local government for enforcement of property rights. And if the government chooses to be anarchist, it can basically squeeze the real estate owners/investors out of enjoying real property rights (with for example rent moratorium, or immoral tenants rights and sharecropping rights etc).
Some Arizonans are asking the same question when it comes to Californians buying property here
Yeah, but still US Citizens either way. If they don’t want CA buying AZ property, they can try to secede. But they’re not Texas. If Texas tried to secede, I think they might succeed. AZ, not so much…
Funny thing is that both TX and CA were part of Mexico before they become part of the USA. That is one paradoxical questions. Both states have huge Latino population but totally different approach to politics and life.
Because to implement such restrictions flies in the face of personal freedom. And is indicative of an authoritarian regime.
It’s no different than trade sanction policies.
Would you buy anything in Venezuela?
Such policies are anathema to economic growth. No country is an island in world economics.
What brand of car do you drive? Where was it built?
When you own a country’s land, you own the country. When you own a car, well you just own a car…
That said, the assumption that a country can just f-over any foreigner owning land if they feel like it, certainly works. But then would you really want to own land in such a country? Because then you don’t really own it.
Sadly, with byzantine permitting requirements and COVID measures like rent moratoriums this is happening even to people who live here.