Draft law may help foreign ownership in Cambodia

Country:  Cambodia

27 April 2009

The government of Cambodia has drafted new legislation that could pave the way for foreigners to own property in Cambodia.

Overseas nationals are currently not permitted to own Cambodian land or homes, in order to avoid speculation and price volatility.

However, the proposed alterations would permit foreigners to own houses, apartments and condominiums from the second floor up for resale. Foreigners would also be able to inherit property.

Im Chhun Lim, the Minister of Land Management, Urban Planning and Construction, in Cambodia, told the Phnom Penh Post that the proposed legislation has already been submitted to the private sector for feedback.

See Also:   Cambodia