Foreigners entering the condo market in Phnom Penh
The number of foreign owners of houses in Cambodia has soared in recent years after the government permitted foreigners to have rights over owning real estate in the Kingdom, according to officials of the Ministry of Land Management, Urban Planning and Construction. Speaking at the opening of the Cambuild 2012 exhibition at Koh Pich two weeks ago, Phoeung Sophorn, secretary of the Ministry of Land Management, said the number of foreigners who have purchased housing is likely to increase further, because Cambodia has allowed co-ownership rights for purchasing homes. The figures show that 286 foreigners bought homes in the first eight months of 2012, equal to 670 housing units. Business in the building sector is increasing because of the government, which has granted concessions for new building through encouraging the building of high buildings within specific areas.
