Foreign ownership property law passed by NA

The National Assembly of Cambodia passed the new law for Foreign Ownership Property last week before the law would be moved to Senate and signed by the King. It is hopeful that the passage of the law will help boost the more investment.

Daniel Parkes, Cambodia country manager for CBRE Richard Ellis, told VOA Khmer that the foreign property law will benefit both foreign investors and Cambodians and will increase confidence in the legal framework for foreign property ownership in Cambodia.

He called the law “a revolution in property investment” and one more step for Cambodia toward becoming a destination for international investors and property developers. “It goes a long way toward improving confidence and improving investment in Cambodia.”

The law was drafted in December in a bid to improve ownership rights, allow foreigners to own residential property such as apartments, so long as they are above the ground floor.