ABC Radio Australia
The Cambodian government has drafted a law that could pave the way for foreign ownership of property in Cambodia.
Existing rules prohibit foreigners from owning land, which supporters say prevents speculation and price volatility.
The proposed changes would allow for foreign ownership of houses, apartments and condominiums from the second floor up for resale.
Foreigners would also be able to inherit property.
The Minister of Land Management, Urban Planning and Construction, Im Chhun Lim has told the Phnom Penh Post the proposed law has been submitted to the private sector for feedback.
Existing rules prohibit foreigners from owning land, which supporters say prevents speculation and price volatility.
The proposed changes would allow for foreign ownership of houses, apartments and condominiums from the second floor up for resale.
Foreigners would also be able to inherit property.
The Minister of Land Management, Urban Planning and Construction, Im Chhun Lim has told the Phnom Penh Post the proposed law has been submitted to the private sector for feedback.
4 comments:
Country for sale! Motherfuckers!!!
I hope that the draft law would also be opened for public comments/feedback before it is submitted for parlimentary debate.
We, the people should also be granted the right to voice in all issues involving our property.
no land ownership for any foreigners. there's a difference between owning a real estate property and owning land outright in cambodia. no way can do for land. lands and territories belong to the nation of cambodia, not foreigner! real estate is another story. even owning real estate, everybody have to pay property taxes as well. all lands belong to cambodia, the nation, not foreign own, ok. foreigners can only lease khmer land, not own outright. please know the fact! thank you. god bless cambodia.
As long as they don't own land, I believe it is a good idea as it will boost Cambodia economy. I can see the example of Singapore, Hong Kong, Vietnam. They now open for such investment. Singapore is such a small country, but it allows foreigners to buy a freehold condo at first floor or any other floor.
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