MLMUPC Minister Orders Shutdown on Recognition of Unregistered Property Transfers

Minister of the Ministry of Land Management Urban Planning and Construction (MLMUPC) H.E Chea Sophara has ordered the respective authorities to stop checking and certifying property transfer documents that have not been recognised by the cadastral office, according to a document obtained by Fresh News dated August 16, 2018.

As stated in the document, the move came as a result of increasing numbers of land disputes caused by the transfer of unregistered property which does not have a clear layout of the property’s border and has not been recognised by the cadastral office.

Meanwhile, before this new order takes place, certifying the transfer of unregistered property (soft title) can be done through lower administrative offices such as at sangkats or city halls without having to go through the cadastral office.

However, this new order intends to see more unregistered property registered with the cadastral office in order to obtain the hard title, which mean more tax collection will be generated for the government through the property transfer tax or stamp duty.

Indeed, this new order came one day after Prime Minister SamdechTecho Hun Sen insisted on an increase in property transfer taxes as land prices across the country had significantly increased over the past few years since the stamp duty rate was last set. (Read more )

- Video Advertisement -

Related Post

Cambodia Faces Mounting Debt Challenges in the Real Estate Sector

The real estate sector in Cambodia is grappling with mounting financial concerns, as total housing debt nears USD 1 billion, according to insights shared during the recent roundtable discussion, The Debt Situation in Cambodia, organised by the Real Estate and Mortgage Regulatory Authority. Mr Chou Vannak, Director General of the authority, revealed that homebuyers owe […]

Expert: Dual-Pronged Strategy to Navigate Post-Pandemic Challenges in the ASEAN+3 Property Market

The ASEAN+3 property markets, encompassing ASEAN nations along with China, Hong Kong, Japan, and Korea, are grappling with declining prices and transaction volumes, compounded by financial constraints, surplus inventory, and at-risk developers. These challenges, exacerbated in the Plus-3 economies by stricter financial conditions and diminished buyer confidence, underscore the pressing need for stabilization measures in […]

Critical Analysis of Cambodia’s Stamp Duty Exemption Policy for Properties Valued at USD70K or Less

The Cambodian government’s decision to introduce a stamp duty exemption for properties valued at USD 70,000 or less is a policy aimed at alleviating the financial burden on property buyers and stimulating the real estate market. However, while this policy appears beneficial, a deeper analysis reveals both advantages and disadvantages that raise questions about its […]

Thai office space vacancy rate rises 26.3%, Yet Thailand’s richest billionaire optimistic about market demand growth

Bangkok’s office vacancy rate in prime Grade A buildings has soared to 26.3%, reflecting a growing oversupply, but Frasers Property Limited, led by Thailand’s wealthiest scion, is betting on the US-China trade feud to drive demand for office and industrial spaces across Southeast Asia, according to bangkokpost on 19 September 2024. With a US$3.6 billion […]

Thailand’s USD 6.5 Billion EV Industry Set to Power Commercial Real Estate Growth

Thailand’s fast-growing electric vehicle (EV) industry is projected to generate a real estate market worth at least USD 6.5 billion by 2030, driven by government policies and strong foreign investments. As the country aims to solidify its position as Southeast Asia’s leading hub for EV manufacturing, this growth will fuel demand for specialised real estate […]

Cambodia Maintains the World’s Highest Central Bank Interest Rates, Defying Global Trends

In the third quarter of 2024, Cambodia continues to lead global markets, with central bank interest rates soaring between 10% and 12%, starkly contrasting with the 0% to 6% range maintained by most major economies. This divergence, detailed in a report by CBRE Cambodia published on 17 October 2024, spans from December 2021 to December […]