Foreign Countries Start to Recognize Cambodia’s Realty Market

Foreign Countries Start to Recognize Cambodia’s Realty Market

         After Cambodia has passed Foreign Ownership Property Law, from 2010 up to now, approximately 20 % of foreigners have bought real estates in Cambodia, and this makes foreigners grow interests in Cambodia’s realty market especially condominium. “Among 9 condo construction investment projects equal to 2,600 condos in Phnom Penh, 20 percents of foreigners from different countries bought condos”, said Mr. Seung Bunna, Chairman of Cambodia Valuers and Estate Agents Association.  He also underlined his expectation that, as Cambodia’s 2012 economic situation seems more developed, a lot more foreigners will buy and grow interests in real estate market in the country. Political stability and security and social order will insure the interests of foreigners in Cambodia’s realty market, he continued. Till now, foreigners have legal rights to hold title to real estates from the first floor (one floor above the land). (Rasmei Kam, 08-09 January 2012)