The Phuket Gazette
– A daily digest of news from around the world compiled by Gazette editors for Phuket's international community
PHUKET: Cambodia is trying to encourage international investment by relaxing laws on property ownership by foreigners.
The Financial Times reports that Cambodia's draft law is under discussion at the National Assembly and would allow non-nationals to fully own residential apartments for the first time.
While resort islands such as Phuket and Bali remain the most popular destinations for foreigners looking to purchase a holiday home in southeast Asia, Cambodia's lawmakers hope deregulation will help to lift the Cambodian property market out of the doldrums.
While Hong Kong and Singapore pose few barriers to foreign ownership of property, the less developed nations of southeast Asia still labor under significant restrictions against it. In Thailand, total foreign ownership of buildings must not exceed 49 per cent.
But with property prices under pressure across Asia, a number of countries are now considering liberalising discriminatory property laws.
The Financial Times reports that Cambodia's draft law is under discussion at the National Assembly and would allow non-nationals to fully own residential apartments for the first time.
While resort islands such as Phuket and Bali remain the most popular destinations for foreigners looking to purchase a holiday home in southeast Asia, Cambodia's lawmakers hope deregulation will help to lift the Cambodian property market out of the doldrums.
While Hong Kong and Singapore pose few barriers to foreign ownership of property, the less developed nations of southeast Asia still labor under significant restrictions against it. In Thailand, total foreign ownership of buildings must not exceed 49 per cent.
But with property prices under pressure across Asia, a number of countries are now considering liberalising discriminatory property laws.
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