Ministry of Economy and Finance organized on 23rd September 2008, a workshop about the management-control and issuing license to real estate developers, with the aim to inform to all real estate buyers about the risk when buying properties from housing developer without license.
The government of Cambodia has formed since October last year a Inter-ministerial to take control on the real estate development business, assisted from Ministry of Economy and Finance and Ministry of Land Management.
This goverment group will make and execute the laws and will ensure that the real estate developers in Cambodia must have Housing Development License,Compulsory Insurance for Construction Site and before starting their construction projects, they must deposit 2% of the total invesment capital to the deposit account of Ministry of Economy and Finance at National Bank of Cambodia. They could get it back when their construction project finish.
As well, the real estate developers must have the bank account with any commercial banks in Cambodia and are required to advise to their housing buyers to deposit the money directly to that account.
Recently, the housing development in Cambodia has grown noticeably although many real estate developers have no license and the inspection's quality of construction project has not done well.