By Elaine Moore in Phnom Penh
Financial Times
Cambodia is hoping to court international investment by relaxing laws on property ownership by foreigners in a bid to counter property prices that have fallen as much as 40 per cent in the wake of the global recession.
Cambodia’s draft law – which echoes an Indonesian move this week to review foreign ownership rules to draw investors to its property market – is currently under discussion at the National Assembly and would allow non-nationals to fully own residential apartments on the first floor and above for the first time.
The first-floor rule, which is also likely to be part of the Indonesian review, skirts sensitive political and legal issues.
The topic of land and property ownership is particularly sensitive in Cambodia where all land deeds were destroyed by the communist Khmer Rouge regime in the 1970s. Proprietary disputes are frequent as a result.
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