Cambodia is both a beautiful and fascinating kingdom beset by a troubled history that previously stood in the way of national development and prosperity. Not any more.
Confidence in the longevity of a new-found stability has sparked a roaring economic renaissance in the kingdom. Like most nation states emerging from the political and socio-economic wilderness as a tourist destination, the property market has evolved as one of the pillars underpinning new Cambodia. Albeit under the jurisdiction of a regulatory model adopted from Thailand, there is far more room for growth in a property sector that starts at a significantly lower price pitch than its established Thai cousin.
The most secure framework for foreign nationals to purchase land or property within Cambodia is to form a limited company in partnership with a Cambodian citizen. In this case, 49 per cent of the land or property is allocated to the foreigner and 51 per cent to the Cambodian business partner. However, prior to any investment transaction, the Cambodian citizen must sign a written agreement assigning complete power of attorney to the foreign national in respect of the land holding and the business process of the company.
A more expensive alternative for a foreigner is to gain an honorary Cambodian citizenship by donating in excess of dhs143,000 to the government for the benefit of the people of Cambodia. That allows the foreign donor to acquire 100 per cent ownership and complete use of any land or property purchased within the country.
So what can you get for your money? Heres what: In Siem Reap province: New villa for sale in a well-populated area. Two bedrooms attached with two baths, large car parking. Price dhs202,000.
And this: Phnom Penh: Don't miss this one! Villa for sale, just a short distance from the main road in a well- populated area. Three floors with five beautiful bedrooms attached with four bathrooms, two living rooms, dining room, kitchen, small garden and carport. Price: dhs605,500. And heres yet another possibility: Sihanouk Ville: Great location on the main road just 500 metres from downtown. On two floors with four bedrooms and five bathrooms, living room, kitchen, dining room, large car parking and beautiful big garden. Price: one million dirhams.
There are other forms of ownership including those with a lease-back period of 70 years to 99 years from a Cambodian citizen or marriage to same.
So, what are you waiting for?
Andy McTiernan is the editor-in-chief of Property World Middle East. Contact him at pworld@eim.ae
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