Cambodia approves sub-decree of co-ownership regulations

Cambodia approves sub-decree of co-ownership regulations

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Proposed Condos in Cambodia

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PHNOM PENH, July 31 (Xinhua) -- Cambodia's Council of Ministers on Friday approved a sub-decree of new co-ownership regulations, allowing legal ownership of individual apartments or condominium ownership, which paves the way for a law allowing foreign ownership of some property.

The new co-ownership regulations will make it possible to own units within a larger building without having title to the land it's on, according to the press release from the weekly meeting of the Council of Ministers which was presided over by Prime Minister Hun Sen.

"Its objects will guarantee to protect rights of legal holders in apartments or condominiums for co-ownership," it said, adding that it will facilitate to management work of co-ownership of apartments and co-owners who live in the apartments or condominiums.

Moreover, the new regulations will also facilitate co-ownership for sale, exchange, donation, in-heritage, permanent rent, and collateralizing of the private parts as personal ownership. The sub-decree, with seven charters and 27 articles, has large coverage for exercising all kinds of the apartments and condominiums across the country.

"This sub-decree will be applied in the country soon and local people who bought the houses in the apartments, condominiums and skyscrapers blocks will know about the rights and ownership," Nun Pheany, spokeswoman for Ministry of Land Management, Urban planning and Construction, told Xinhua.

The foreigners have not had rights to own Cambodian land or housing so far. They could rent for doing their business or staying only, she stressed.

"In the near future, we will have a law on the foreign ownership of Cambodian land and housing. My ministry and Ministry of Justice are discussing to compose that draft law in accordance with our constitution," she said.

"By that law, the foreigners, perhaps, could own above the first floor for apartments or condominiums, even though, we need to discuss more details," she said.

However, Nun Pheany said the foreigners would not be allowed to buy the land near borders with neighboring countries because it could affect national sovereignty and which is also prohibited by the law.

She said that when foreign title law is to be approved, it will help increase the foreign investment and contribute to economic growth in the country.

Source: Xinhua [6]