Cambodian Gov’t Explores Opportunity to Open for Foreign Ownerships in Landed Property (Borey)

• 27 October 2023
• Local News
• 9235 Views

The Ministry of Land Management, Urban Planning, and Construction, in collaboration with the Cambodian Housing Developers Association, convened a high-stakes meeting to deliberate the legal framework surrounding the potential expansion of property ownership rights for foreigners in Borey projects.

Chaired by HE Deputy Prime Minister Say Sam Al and Ohkna Ly Hour, President of the Cambodian Housing Developers Association, this urgent session, titled “Discussing the Situation of the Construction Sector in Cambodia,” brought together key stakeholders from the ministry and the association. The participants included the Secretary of State from the Ministry of Land Management, Urban Planning, and Construction, along with several vice presidents of the association.

The central focus of the discussion revolved around the legal feasibility of allowing foreigners to acquire property, including housing and land in Borey projects.

Moreover, the participants took the opportunity to review the broader state of Cambodia’s construction sector, which presently faces multifaceted challenges. The meeting addressed critical financial aspects, exploring avenues for securing the necessary funding to reinvigorate this pivotal sector, enabling it to recover and thrive.

Deputy Prime Minister HE Say Sam Al also revealed that the ministry has been diligently preparing a series of supplementary proposals and policies. These will be presented to the leadership of the Royal Government to provide comprehensive support to the construction sector, which plays a paramount role in Cambodia’s ongoing development and prosperity.

This concerted effort to potentially open the property market to foreign investors could mark a significant turning point for the real estate landscape in Cambodia. While this endeavor still faces complexities and potential legal intricacies, it represents an exciting step toward international real estate investment opportunities in the kingdom.

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