Please be reminded that the Housing Development Association of Cambodia and the Ministry of Land Management, Urban Planning and Construction held an emergency meeting at the Ministry of Land Management, Urban Planning and Construction to discuss the situation of the construction sector in Cambodia on October 23, 2023.

In the proposal, there is a point of interest related to the legal aspect of allowing foreigners to buy houses and land in the Borey project as well. At the same time, there are different views on this point.

Ms. Tang Hour, Director of Amatak Property Service Co., Ltd., expressed her optimism about the proposal, “Looking at ASEAN countries, such as Malaysia, there are also opportunities for foreigners to buy real estate, along with legal titles. If the legal aspect of Cambodia is changed to make it easier for foreigners in the future to be able to buy real estate, land, and houses in the Borey project, it will definitely attract foreign investors and help the national economy. However, this does not mean that foreigners’ full right to purchase real estate can qualify for Cambodian citizenship.”

borey in Cambodia

Mr. Sok Ken, General Director of Kampot Street Real Estate Co., Ltd., also expressed similar views, saying, “I have been thinking about this for a long time, through many years of experience, if the procedure to facilitate the right to buy property of foreigners in Cambodia is better, it will be very useful as a whole. Most of the land buyers with me now are foreigners, so the policy that allows them (foreigners) to buy land fully and legally will definitely help to improve the real estate market in Cambodia efficiently.”

Mr. Seng Loth, a spokesman for the Ministry of Land Management, Urban Planning and Construction, said, “Instead of giving foreigners the right to own real estate, the ministry is considering pushing for the implementation of permanent leasehold rights. In fact, the implementation of this permanent lease is an existing law, it’s just rarely enforced. In other words, foreigners have the right to own and enjoy the same rights as real estate.” According to French radio broadcast in Khmer.

In fact, according to current practice, Cambodian law also allows foreigners to buy land in Cambodia. The process works in a number of ways, such as through a corporation, through a trust company, through a representative of Cambodian nationality, Cambodian citizenship, and so on.

Source: www.harbor-property.com