“This paper explores the limits to both state- and market-led land reform approaches, and the potential of a hybrid that is founded on participation in decision-making by rural residents themselves. First it outlines the genesis of the market-led land reform undertaken in South Africa and notes some of the foundational precepts informing this model. Next it periodises a gradual and tentative process towards decentralisation. The paper presents some guiding principles to inform participatory land reform planning.”