Dr. Hun Manet, Prime Minister of Cambodia, stated that on November 13, 2023, he will announce a policy to support the construction and real estate sectors in Cambodia in response to the request of the Real Estate Association to the Royal Government.
This statement was made by Samdech Thipadei during a meeting with nearly 20,000 workers in Takhmao City, Kandal Province, on the morning of November 2, 2023.
Samdech Thipadei Hun Manet said, "I just talked to H.E. Say Sam Al about the request of the Real Estate Association, which I will announce on November 13. In fact, there is a policy that we are open to, but not many people may know, so we will promote it for the benefit of thewhole."
Please be informed that on October 23, 2023, the meeting "Discussing the situation of the construction sector in Cambodia" was held at the Ministry of Land Management under the presidency of Deputy Prime Minister Say Sam Al, Minister of Land Management, Urban Planning, and Construction.
In an emergency meeting, the leaders of the Ministry of Land Management, Urban Planning, and Construction and the Housing Developers Association of Cambodia discussed three important topics.
These topics include: 1. discussing the current situation of the construction sector in Cambodia, which is currently facing challenges; 2. discussing the financial situation to seek funding to support and sustain the construction sector in Cambodia; and 3. discussing the legal aspects to allow foreigners to have a legal right to buy houses and land in the Borey project.
The legal policy for foreigners to buy houses and land in the Borey project shows the Royal government's interest in the real estate sector and its commitment to attracting more foreign investors to boost a recovery in the real estate sector.
However, it should be noted that Cambodia can allow foreigners to buy only housing and land in the Borey project, which also means land for residential purposes and not land for any production.
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