More foreigners buy real estates in Cambodia

PHNOM PENH, Jan. 9 (Xinhua) -- More foreigners are buying Cambodia's real estates, especially, condominium which is mushrooming in the country.

Sung Bonna, President of the National Valuers Association said Monday that foreigners have occupied some 2,600 units in the condominium industry in the country.

He said, by the end of 2011, nine condos were operated in Phnom Penh and about seven more are about to open soon.

Sung Bonna said the number of foreigners buying condos was higher than previous years due to stability of the country, and a newly adopted law that allows foreigners to own condo or building up from the first floor.

In a move to encourage foreigners to invest in Cambodia's real estates, Cambodia adopted in 2010 a law allowing foreigners to own properties themselves, but from the first floor.

The law says foreigners can buy 49 percent of shares of any buildings, but above the ground floor or first floor.

However, foreigners are banned from purchasing any buildings within 30 kilometers from the country's borders, according to the law.

Sung Bonna said Cambodia's real estates and construction sector were hit hard since mid-2008, but beginning from late 2011, the sector is recovering step by step.

He said foreigners who are buying real estates in Cambodia include those from the United States, France, China, Singapore and Australia.

In recent years, Cambodia has been busy building skyscrapers or high ends, especially, in the capital of Phnom Penh.

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