Friday, June 26, 2009

Property Law – New Rules permitting Foreign Ownership

Prime Minister Hun Sen said that the implementation of the new rules allowing foreign ownership would lead to an influx of foreign capital investment in the real estate and other sectors.

According these rules, foreigners who wish to purchase new and second homes in the kingdom of Cambodia, will be allowed to have ownership of homes, apartments and condominiums above the ground floor.

Even though, having the full support from the 15 members of National Valuation Association on this rule, the related government officials must study strongly on the pros and cons of the new rule and to make sure that the Nation would benefit from it in general. Or if possible, the government should form a special group to monitor or regulate closely on the property market, where some those foreigners could participate easily in the property speculation. As the result, it could lead to the unusual high price of property, which many local Cambodians still could not afford.

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