A recent law has been passed in Cambodia allowing Foreign overseas nationals to purchase property in Cambodia providing that the property is above the first floor, allowing Foreigners to purchase apartments and condos in the newly built high rise residential compounds.
The law does not allow Foreigners to purchase land in Cambodia, and those who attempt to purchase land in Cambodia risk having the land taken from them.
Foreigners have been long awaiting legal ownership of property in Cambodia since Thailands property market has been booming with Foreign investment, the new law is set to stimulate Cambodia’s real estate developments and property market.
Previous to Foreigners being allowed to purchase property in Cambodia many had purchased though a Cambodian nationals name, this method can be quite risky and requires alot trust to be placed in the local Cambodian buyer who technically owns your property.
The new law passed will allow those who have already purchased a property in the name of a holding company or name of a cambodian local will have 2 years to process the transfer of deeds to their own name.
The new laws passed will increase foreign overseas confidence in the Cambodian real estate market market.
The next six months to twelve months are going to be very good times to purchase property in Cambodia for foreigners, still relatively cheap and more appealing than neighboring Vietnam and Thailand.
Foreigners will not be able to purchase ground floor properties and nor can their properties be located within 20 miles of the Cambodian borders due to national security regulations in the country.
Foreign ownership must represent no more than 49% of any building or property development.
Overall the law has been passed to promote the real estate investment and property sector in Cambodia whilst ensuring their is properties and land available for Cambodian nationals.