Land Minster pledges to legalise all title deeds in the kingdom by 2021

• Me Wathana
• 14 March 2019
• Uncategorized
• 1355 Views

Minister of the Ministry of Land Management, Urban Planning, and Construction (MLMUPC) H.E. Chea Sophara has pledged to the public to legalise all the title deeds nationwide by 2021, with the aim to build more confidence for investors both domestically and internationally.

“The ministry has so far legalised a total of 5.1 million title deeds out of 7 million unofficial deeds, which is equal to about 73% of the whole title deeds in Cambodia. Therefore, I [MLMUPC] want to have the rest done by 2021.,” said H.E. Chea Sophara during the annual 2018 Annual Report Conference.

In addition, H.E. Chea Sophara also reminded the public that holding unofficial deeds (soft titles) are very risky and urged everyone to register their titles as soon as possible.

“Land without legal title deeds and land with title deeds have a huge different in price. So, I urge everyone to consider registering their land. The legal title deeds (hard title) are very valuable and beneficial because they are real asset of the owner.”

“Investors, especially foreign investors, will have more confidence in buying or renting the land with the legal deeds. So, this is the big opportunity for land owners to co-invest with foreign investors,” he added.

In the past decade, investment related to construction and property sector in Cambodia has seen remarkable growth. In January 2019 alone, the investment was recorded as more than US$800 million, a 178% jump compared to the same period of 2018. Meanwhile, the total investment capital in the construction sector over the past decade from 2010 to 2019 is valued at more than US$43 billion.