Gov’t Issues New Prakas to Further Monitor Real Estate Service Business

• 24 January 2023
• Property Focus
• 3654 Views

The Non-Banking Financial Services Authority has issued a new Prakas to strengthen the management and control of the real estate services business in Cambodia. 

According to the new Prakas No. 064 dated 27 December 2022, real estate services refer to real estate management services, appraisal services, and real estate agency services. 

All real estate service businesses must have a license and/or professional certificate from the real estate business & pawnshop regular. 

The license shall be issued to any legal entity engaged in the business of providing real estate services, which is divided into three types: 

1. Real Estate Management License: This is granted to any company that provides any real estate management services for a professional fee. 

1. Evaluation license: This is granted to any company that provides business evaluation services to customers to receive professional fees. 

1. Real Estate Agent License: This is granted to any company that provides real estate agency services on behalf of clients for a professional commission. 

Meanwhile, professional certificates are required for individuals who are qualified to practice the profession as an appraiser or real estate agent, which is divided into two categories, including: 

1. Professional Evaluation Certificate: This is granted to qualified individuals with conditions specified in Article 11 of this Prakas to practice their profession as an appraiser.
2. Professional Certificate of Real Estate Agent: This is granteed to a qualified individual with conditions specified in Article 11 of this Prakas to practice as a professional real estate agent.

Any business providing real estate services without a license will face a fine from 5 million to 10 million Riels with business operations suspended. 

This Prakas repeals the Prakas No. 636 MEF.PrK dated 29 June 2017. (Read more)

Business owners providing real estate services must comply with the new Prakas. 

• Laws and Regulation