Houses and condominiums at Camko City.Published: 06-Jan-12
Phnom Penh- (Cambodia Herald)- A foreign-ownership law has boosted condominium sales at several developments in Phnom Penh, Cambodian Real Estate Valuers Association president Sung Bunna said Friday.
"Among nine condo development projects with 2,600 units in Phnom Penh that I have in my hands, about 20 percent have been sold to foreigners under the foreign ownership law," he said.
The law signed by King Norodom Sihamoni in May, 2010 allows foreigners to buy property above the ground floors of buildings.
An officer at World City, a South Korean developer behind a $2 billion satellite city known as Camko City, said several units had been sold to buyers from South Korea, Australia, Singapore and China in 2011 and that more sales to foreigners were expected in 2012.
"The signs are going to be more positive for 2012, because of the economic growth in Asia Pacific and the development of the real estate market in Cambodia," he said.
Phnom Penh- (Cambodia Herald)- A foreign-ownership law has boosted condominium sales at several developments in Phnom Penh, Cambodian Real Estate Valuers Association president Sung Bunna said Friday.
"Among nine condo development projects with 2,600 units in Phnom Penh that I have in my hands, about 20 percent have been sold to foreigners under the foreign ownership law," he said.
The law signed by King Norodom Sihamoni in May, 2010 allows foreigners to buy property above the ground floors of buildings.
An officer at World City, a South Korean developer behind a $2 billion satellite city known as Camko City, said several units had been sold to buyers from South Korea, Australia, Singapore and China in 2011 and that more sales to foreigners were expected in 2012.
"The signs are going to be more positive for 2012, because of the economic growth in Asia Pacific and the development of the real estate market in Cambodia," he said.
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The law, signed by King Norodom Sihamoni in May 2010 allows foreigners to buy property higher floors of buildings.
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