Tuesday, December 8, 2009

Foreigners will have ownership on properties in Cambodia

Cambodian ministers have recently approved a draft law allowing foreign ownership of buildings such as apartments and office buildings.

The draft law was aimed at attracting investors, facilitating the growth of real estate market, and pushing the development. Foreigners will be permitted to own only buildings and apartments, not the land beneath them.

The draft law is expected to be approved by Cambodia's parliament and senate, and then will be promulgated by King Norodom Sihamoni.

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1 comment:

Anonymous said...

Article 5:
Foreigner can have ownership right to private area of co-ownership building, but must not exceeding 49%
(Forty nine percent) of the total co-ownership building’s private area.
The provision of ownership right is applied to only private area of co-ownership building. However, the
common area of the co-ownership building shall be kept for collective use by co-owners.
In any case, the piece of land where the co-ownership building located can not be the subject of
ownership by foreign co-owners..


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