As the Cambodian property market continues to expand, adding more high-rise condominiums to an ever-developing skyline, the construction sector has become a backbone of the Kingdom’s economy that attracts investment from across the region.
But as the ASEAN integration opens up at the end of this year, with the promise of deeper market integration, the race to attract foreign investors to individual markets appears to be accelerating.
One of the laws allows foreigners to fully own houses and apartments, while the other is geared towards large investors who wish to lease houses, and land and develop residential and non-residential property.
According to Huynh Dai Thang, country partner of DFDL Vietnam, the anticipation for the law has already placed Vietnam higher on the investment radar.
“As a matter of fact, the interest of foreigners in ownership of properties in Vietnam has increased recently,” he said.
The new laws allow for increased flexibility that seeks to draw in more investors for new development projects and also fill vacancies in the countries’ apartment buildings with additional transparency.
“[The laws] have not only expanded the scope of activities in which foreign invested [real estate] developers can carry out in Vietnam, but they also diversify the foreign ownership of properties in Vietnam by foreign individuals and foreign entities,” he said in an email.
Yet, in order for Vietnam to rapidly attract new investors, he explained that the government has to streamline the ability to obtain ownership certificates or “the purchase of properties by foreigners would unlikely increase drastically as expected at least for the coming months.”
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