UAE-based developer Tamweer is to lay off around half of its workforce amid the meltdown in the Dubai real estate market caused by the global financial crisis. Tameer last week handed redundancy notices to around 180 of their 350 employees stating that Dec. 31 would be their last day at work.
A strong economy and interest from foreign investors seen fueling demand in Phnom Penh’s property investment market
With foreign investors eyeing a piece of Phnom Penh’s property pie, the Cambodian capital’s real-estate market has potential for growth this year, a survey by Agency for Real Estate Affairs (AREA) shows.
AREA president Sopon Pornchokchai said land prices in Phnom Penh range between Bt200,000 and Bt300,000 per square metre.
Nuth Nurang, Secretary of State at Cambodia’s Ministry of Land Management, Urban Planning and Construction said: has revealed that the government is considering an amendment to Cambodia’s law that would allow foreigners to buy property in the rapidly emerging market freehold. Currently the best option for foreigner investors is to buy on a leasehold tenure of up to 99 years. Another option is to form a company with Cambodian partners – this carries complex tax issues and needs to be considered carefully.
More on Cambodian Law Changes May Open Property Market for Foreign Investors
