Fresh legislation easing restrictions on foreign ownership of property in Cambodia has led to rise in transactions which is helping the market, according to Sung Bonna, President of National Valuers Association of Cambodia (NVAC).
Having undoubtedly had its appetite whet by the property success in nearby Thailand, Cambodia has introduced a new foreign ownership law making it easier for overseas nationals to buy property in Cambodia.
Cambodia has grown increasingly popular with tourists in recent years, including many Brits, which has helped to fuel strong international demand for homes in the country.
Foreigners are now permitted to buy apartments and condominium, but not land, and therefore not the first floor of buildings, under the new foreign ownership law approved by King Norodom Sihamoni in May 2010.
Although land ownership by foreigners is against the Constitution, it can be held by foreigners on long renewable leases.
It is estimated that around 70 per cent of Cambodia’s luxury property market relies on foreign investors and holiday home purchasers.