After being depressed for several years, Cambodia’s property market is now recovering slowly, fuelled by strong economic growth and the new foreign ownership law. Despite the absence of official property price statistics, land prices in the country were estimated to have been rising recently. In Phnom Penh, Cambodia’s capital, land prices rose by an average of 15% during the first half of 2015 from the same period a year earlier, to US$2,350 per square meter (sq. m.), according to local real estate experts.
New foreign ownership law boosts demand Foreigners are now allowed to own apartments and condominium units, but not land, and therefore not the first floor of buildings, under the new foreign ownership law approved by King Norodom Sihamoni in May 2010. Just after the passing of the law, tax revenues from property-related transactions soared 60% to KHR76.21 billion (US$19.5 million) in 2010, from KHR47.7 billion (US$12.2 million) in 2009.
In 2005, the Cambodian government amended its investment law to allow foreign ownership of buildings. However, the law not then implemented and the idea floundered, since the country was then experiencing one of the biggest property booms in Asia.
Land ownership is against the Constitution and is still out of the question. Land can however be held by foreigners on long (renewable) leases and through majority locally-owned companies incorporated in Cambodia. These structures are argued by lawyers in Cambodia to be safer than legal schemes in any other South East Asian country in which foreign land ownership is formally prohibited.
Axis Residences is sure to boast a mixture of modern and elegant architecture and interior. Spacious units have sleek design to suit the lifestyle you want. They are equipped with high quality finishing for a more comfortable home for its future residents.The Property Booming of Cambodia is now an excellent investment opportunity for Singaporeans.