[INNEWS Comprehensive Report] On November 13, Cambodian Prime Minister Hun Manet hosted the 19th “Royal Government-Private Sector” Forum. It was attended by heads of ministries, agencies, governors of the capital and provinces, representatives of the private sector in various fields, ambassadors to Cambodia and representatives of a number of international institutions.
At the meeting, Hun Manet mentioned the issue of “allowing foreigners to purchase land and real estate in Cambodia”.
He said that at present, foreigners still do not have the right to purchase land and houses, and the relevant laws are still implemented under the long-term leasing mechanism of the previous government, that is, “Foreigners can rent a house with land for a maximum period of 50 years, and it can be renewed.” About 50 years.”
Under strata title regulations, foreign investors cannot legally own ground-floor apartments, and all foreign investment can only reach a maximum of 70% of a condominium building.
It is understood that Cambodian Prime Minister Hun Manet previously revealed when attending a meeting with nearly 20,000 workers in Ta KMav City, Kandal Province that in order to support Cambodia’s construction and real estate industry, the government plans to discuss new real estate policies on November 13: Or relax policies to allow foreigners to legally purchase houses and land in residential community projects.
In addition, Hun Manet pointed out that under the outstanding leadership of former Prime Minister Hun Sen, Cambodia has become an independent, sovereign, peaceful, politically stable country with democracy and rule of law in all aspects, with an average annual economic growth rate of 7% for more than two decades. This high growth transformed Cambodia from a poor country emerging from war to a lower-middle-income country in 2015. and help improve employment and living standards for millions of Cambodians lifted out of poverty.
It is reported that the Royal Government of Cambodia-Private Sector Forum is held annually by the Royal Government of Cambodia as a dialogue mechanism. The forum provides an opportunity for the private sector to raise challenges and suggestions for the Royal Government to review and take appropriate action to address.