Foreigners to be allowed to own property in Cambodia March 1, 2009Posted by chandrapong007 in Business, Cambodia.
Saturday, February 28, 2009
By Asia Pulse
The Cambodian government is actively taking steps to allow foreigners to own property in Cambodia, Xinhua news agency said, citing the Cambodia Daily on February 20.
The Cambodian Ministry of Land Management, Urban Planning and Construction is now drafting the legal framework to make the idea come true soon, Information Minister Khieu Kanharith was cited as saying at the Banking Cambodia 2009 conference in Phnom Penh.
In a move that will increase the ease of doing business in Cambodia, foreigners will be allowed to have 100 per cent ownership of apartments and condominiums, he said, adding that land, however, will remain off limits to foreign buyers.
At present, foreigners can only gain a 99-year lease on apartments and condominiums.