PHNOM PENH, Aug. 21 (Xinhua) -- The Cambodian government is mulling to allow foreigners to own condominiums and office buildings in order to prevent a possible downturn in property values and boost long-term investment, national media said Thursday.
At present in Cambodia, foreigners are prohibited from owning land or fixed assets such as buildings, apartments or office space.
Any government move to allow foreigners to own condominiums or office buildings would need to begin with Ministry of Land Management, a move that the ministry is indeed considering, English-Khmer language newspaper the Cambodia Daily quoted a ministry official as saying on condition of anonymity.
"I think the government will de-restrict the property market. Once things start getting more competitive, once things start to slow down, people start to look at other places and the competition starts to get more competitive, they will need to start doing more things to attract more foreigners," said Liam Bailey, head of international research for London-based realtor David Stanley Redfern (DSR), which has real estate business in Phnom Penh.
The real estate business in Phnom Penh and other major Cambodian cities have been booming in the past two or three years, but the market leveled off shortly before the general election in July this year due to the investors' political calculation.
During this period, the price has stayed stable but the demand decreased, which propelled the government, property consultants and retailers to think of the next step to heat up the market.
At present in Cambodia, foreigners are prohibited from owning land or fixed assets such as buildings, apartments or office space.
Any government move to allow foreigners to own condominiums or office buildings would need to begin with Ministry of Land Management, a move that the ministry is indeed considering, English-Khmer language newspaper the Cambodia Daily quoted a ministry official as saying on condition of anonymity.
"I think the government will de-restrict the property market. Once things start getting more competitive, once things start to slow down, people start to look at other places and the competition starts to get more competitive, they will need to start doing more things to attract more foreigners," said Liam Bailey, head of international research for London-based realtor David Stanley Redfern (DSR), which has real estate business in Phnom Penh.
The real estate business in Phnom Penh and other major Cambodian cities have been booming in the past two or three years, but the market leveled off shortly before the general election in July this year due to the investors' political calculation.
During this period, the price has stayed stable but the demand decreased, which propelled the government, property consultants and retailers to think of the next step to heat up the market.
5 comments:
Cambodia as a country is so unfortunate! Cambodia was victimized by the Communism and now by Capitalism! It seems that Cambodia is either going too far to the right or going too far to the left! Is there anything in the middle for Cambodia?
3:39PM asks "Is there anything in the middle for Cambodia?" Yes, a penis and a pussy!
To 6:03PM
Yeah, I used to think like you and it is just penis and pussy for Cambodia! But after all the land grabbing and your family will be living on the road and one day the car will run over them!
To 6.03pm,
That should be your penis & pussy!! Don't be to much negative about Cambodia and its future unless just show your penis & pussy on the muddy streets!!!
3.39pm, that is very good question!!
Govnt
this area needs further and careful studies before things get out of hands. please study how other countries in the world are doing it when it comes to foreigners owning property in cambodia. god bless cambodia.
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