Campaign to boost market for apartments

HE government kicked off a publicity campaign Thursday to promote a newly passed measure allowing co-ownership of buildings in the hope of boosting the depressed property market.

Minister of Land Management, Urban Planning and Construction Im Chhun Lim said promotion of the sub-decree, which was approved earlier this month, would give confidence to developers and investors currently constructing apartment buildings. The measure will be promoted through advertisements, he said.

The Sub-Decree on Co-ownership allows Cambodians for the first time to own apartments. Previously they could only rent or lease them. It also paves the way for a forthcoming law allowing foreign nationals to buy space on or above the first floor of a building. Click to read more...