PHNOM PENH, July 31 (Xinhua) -- Cambodia's Council of Ministers on Friday approved a sub-decree of new co-ownership regulations, allowing legal ownership of individual apartments or condominium ownership, which paves the way for a law allowing foreign ownership of some property.
The new co-ownership regulations will make it possible to own units within a larger building without having title to the land it's on, according to the press release from the weekly meeting of the Council of Ministers which was presided over by Prime Minister Hun Sen.
"Its objects will guarantee to protect rights of legal holders in apartments or condominiums for co-ownership," it said, adding that it will facilitate to management work of co-ownership of apartments and co-owners who live in the apartments or condominiums.
Moreover, the new regulations will also facilitate co-ownership for sale, exchange, donation, in-heritage, permanent rent, and collateralizing of the private parts as personal ownership. The sub-decree, with seven charters and 27 articles, has large coverage for exercising all kinds of the apartments and condominiums across the country.
"This sub-decree will be applied in the country soon and local people who bought the houses in the apartments, condominiums and skyscrapers blocks will know about the rights and ownership," Nun Pheany, spokeswoman for Ministry of Land Management, Urban planning and Construction, told Xinhua.
The foreigners have not had rights to own Cambodian land or housing so far. They could rent for doing their business or staying only, she stressed.
"In the near future, we will have a law on the foreign ownership of Cambodian land and housing. My ministry and Ministry of Justice are discussing to compose that draft law in accordance with our constitution," she said.
"By that law, the foreigners, perhaps, could own above the first floor for apartments or condominiums, even though, we need to discuss more details," she said.
However, Nun Pheany said the foreigners would not be allowed to buy the land near borders with neighboring countries because it could affect national sovereignty and which is also prohibited by the law.
She said that when foreign title law is to be approved, it will help increase the foreign investment and contribute to economic growth in the country.
The new co-ownership regulations will make it possible to own units within a larger building without having title to the land it's on, according to the press release from the weekly meeting of the Council of Ministers which was presided over by Prime Minister Hun Sen.
"Its objects will guarantee to protect rights of legal holders in apartments or condominiums for co-ownership," it said, adding that it will facilitate to management work of co-ownership of apartments and co-owners who live in the apartments or condominiums.
Moreover, the new regulations will also facilitate co-ownership for sale, exchange, donation, in-heritage, permanent rent, and collateralizing of the private parts as personal ownership. The sub-decree, with seven charters and 27 articles, has large coverage for exercising all kinds of the apartments and condominiums across the country.
"This sub-decree will be applied in the country soon and local people who bought the houses in the apartments, condominiums and skyscrapers blocks will know about the rights and ownership," Nun Pheany, spokeswoman for Ministry of Land Management, Urban planning and Construction, told Xinhua.
The foreigners have not had rights to own Cambodian land or housing so far. They could rent for doing their business or staying only, she stressed.
"In the near future, we will have a law on the foreign ownership of Cambodian land and housing. My ministry and Ministry of Justice are discussing to compose that draft law in accordance with our constitution," she said.
"By that law, the foreigners, perhaps, could own above the first floor for apartments or condominiums, even though, we need to discuss more details," she said.
However, Nun Pheany said the foreigners would not be allowed to buy the land near borders with neighboring countries because it could affect national sovereignty and which is also prohibited by the law.
She said that when foreign title law is to be approved, it will help increase the foreign investment and contribute to economic growth in the country.
13 comments:
Good news. This will bring us to par with other SE asian countries on investment and caoital to cambodia.
At least one eyed hyena is dong something right though that was a long time coming.
The sub degree must be passed sooner that later to assure safe ownership of the rich Khmer and foreigners who want to buy some brand-new villas, codominiums, and houses from Hun Maneth and Hilton Hotel who are now building thousands of them along KompongSom coast. The fact is that simple and shallow.
Mother fuckers are salling the country! So where their grand children are going to ebdup???
May lightning strike them the sooner the better!
I am still waiting for the Anti-Corruption Law to pass.
It is a good thing I did not hold my breath.
2:33am you mart bud!
More evictions to come for the land and building to sell to foreigners.
New Ads: Cambodia For Sale!!!
Allowing foreigners to own a second floor and above condo or apt is a good thing and it is in keeping with Thailand which has a large number of westerners retired there. The real threat re land is the large land deal where a long term (70 year +20) is signed by the RGC. These should be where the concern should be. These land leases and concessions should be for a shorter period i.e.10 years-renewable.
we whine they wine......
CPP (CORRUPTED POLITIC PEOPLE)
CPP (CRIME PEOPLE PARTY)
CPP (COLLECTED PEOPLE POCKET)
CPP (COLLECTED PEOPLE PROPERTY)
CPP (CLAIMED PEOPLE PROPERTY)
CPP (CRAVE PERSONAL PLACE)
CPP (CRANKY PERJURE PERSON)
CPP (CLAIMED PEOPLE PLOT)
CPP (COSMETIC PLASTIC PEOPLE)
CPP (CONTROLLED PETROLEUM PERK)
CPP (CONTROLLED PEOPLE PARTY)
CPP (COMMISSION PERK PERSONNEL)
CPP (COMMUNIST PEEPING PLAYBOY)
CPP (COMRADE PIMPING PARTNERS)
CPP (CORPORATION PERSECUTED POLICE)
CPP (CORRUPTED POLICY PARTY)
CPP (COLLECTED CONFISCATE PARTY)
CPP (CONTROLLED POLICE PARTY)
when it comes to land issue in foreign own real estate, i think cambodia ought to first study on how other countries in the region is doing regards this same issue. i think it is ok for foreigners to own real estate like buildings, businesses, but not land outright. the land belongs to cambodia and khmer people, not foreigner; so, there ought to be a good law regulating this controversial issue of foreigner owning lands in cambodia before they ok it. look how thailand, vietnam and other regional countries are doing this, and cambodia can perhaps adopt same same. however, i think it is wrong to let foreigner own khmer lands or property outright with law and regulation governing it. god bless cambodia.
that said, leasing land is ok, but not allow to own cambodia's lands and territories. otherwise, we wouldn't be called cambodia and foreigners with lots of money would buy up all of cambodia if we were to allow that, so, real estate law should regulate this type of transaction so khmer people do not have to worry about losing our precious khmer land to foreigners. it's about safegarding and protecting cambodia's interest in khmer opinion. please study it thoroughly before making any decision about this. the law must be in the constitution. this way, our khmer people do not have to worry or anxious or fear about losing our precious ancestral land to foreigners, period. every other countries on the planet have law regulation foreign ownership, so cambodia should too! it's called being smarter. thank you and god bless cambodia.
It is good strategy for saving housing industry,and also providing jobs.
Be mindful that housing and land only own by those officials and the associated rich cambodians and some ethnics called cambodians.
houses and flats were bought by those are now stuck due to the global economic climate.
As already mentioned, corruption laws are absolute for better manage national resources, for fair distribution and reduce poverty that cambodian have endured.
Neang SA
12:24 AM
Your qualification will enable you to run for the Special Olympics.
PPU
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