Demolition of the Long Chhin-built villas (bottom), even though the Chinese company owner seems to be cozy with top state officials (top)March 20, 2008
Despite the recent property boom, buying land and house can still be a very risky business in Cambodia and there is no easy solution, local media reported Thursday, citing a leading lawmaker and a real estate broker.
"All property buyers should study carefully before deciding to buy houses and land," Sung Bonna, president of Bonna Realty Group, was quoted by the Mekong Times newspaper as saying.
The well-known case of the Long Chhin company attempting to build on protected lakes in Kandal province last year was a good example of risky land development, Sung Bonna said, adding that the land was confiscated from the firm by the government.
"It was the buyer's fault because they did not conduct an in-depth study of that land," he said.
Meanwhile, Sam Rainsy Party (SRP) parliamentarian Son Chhay, who has helped resolve many land disputes, warned that study alone would not help property buyers escape being cheated.
Only the authorities and strict law enforcement can prevent this, he said.
Cambodia has seen a dramatic increase in property prices since mid-2004, which observers say is due to increased investment, political stability and population growth.
Source:Xinhua
"All property buyers should study carefully before deciding to buy houses and land," Sung Bonna, president of Bonna Realty Group, was quoted by the Mekong Times newspaper as saying.
The well-known case of the Long Chhin company attempting to build on protected lakes in Kandal province last year was a good example of risky land development, Sung Bonna said, adding that the land was confiscated from the firm by the government.
"It was the buyer's fault because they did not conduct an in-depth study of that land," he said.
Meanwhile, Sam Rainsy Party (SRP) parliamentarian Son Chhay, who has helped resolve many land disputes, warned that study alone would not help property buyers escape being cheated.
Only the authorities and strict law enforcement can prevent this, he said.
Cambodia has seen a dramatic increase in property prices since mid-2004, which observers say is due to increased investment, political stability and population growth.
Source:Xinhua
