Cambodia Allow Foreigners Buy Property

Foreigners would be allowed to buy real estate in Cambodia just not buy the land, after the country imposed new rules approved by parliament. Rules of Property Ownership by Foreigners approved by most members of the Cambodian parliament and aims to transform the real estate market. Senate approval is needed now and then final approval before the rule of King Norodom Sihamoni was formally accepted.

Before this law apply to the full, foreigners can not own land or property on their behalf, and they have to do a deal with the people of Cambodia. Increased demand from foreign investors engaged in the property, the new rule is expected to revolutionize the real estate sector in Cambodia. ”This increases confidence in the market,” said Daniel Parkes, Country Manager of CBRE Richard Ellis – Cambodia, a global property agent. Daniel added that this new policy will encourage foreign interests. ”Six months into the future is the right time to make a purchase. Property in Cambodia is relatively more attractive foreign investors compared with Thailand and Vietnam,” he added.

These new rules give foreigners the right to buy real estate at least one floor since land ownership is still prohibited. Property purchases within 20 miles from the Cambodian border is also prohibited for reasons of national security. Other prohibitions, including restrictions on foreign ownership of more than one building up to 49 percent. Those who buy property to set up a company by the name of Cambodia in the next two years to move property into the name itself. Im Chun Lim, said Cambodian Minister of Land Management, the adoption of this law will help give an attraction for foreigners, and strengthen the Cambodian economy. ”This new rule will promote investment in the sector and encouraging the development of luxury apartments,” he said. Cambodia’s economy is still dependent on agriculture and tourism sector, but foreign investors will help faster economic growth, by promoting the real estate market.

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