Might foreigners one day be able to buy land outright in Cambodia? As we’ve blogged about before, foreigners can only buy units in co-owned buildings above the first floor. The land itself is off limits. Might that be about to change?
Prime Minister Hun Sen, as reported in today’s Cambodia Daily (print only), said the following in a public speech:
“We have a law allowing foreigners to buy apartments from the second story up, but we need a solution, because what they build on [Marakot Island, a new development near Sihanoukhville] are not multistory buildings but villas.”
The article also reports that the Council for the Development of Cambodia and the relevant ministries will take up the issue. It’s obviously too soon to say what will come of this proposal, though the Prime Minister’s statements are certainly a good sign.