Cambodia introduces new regulations for developers and real estate agents

New regulations are being introduced in Cambodia to protect property investors from fraud as the country's real estate industry booms. Real estate agents and developers will have to obtain a licence from the Ministry of Economy and Finance to sell projects and face legal action and even closure if they fail to do so.The new rules mean developers and agents must comply by the end of September.'Real estate developers will be required to deposit 2% of the projects' total value at the National Bank of Cambodia,' said Mao Pao deputy chief of the ministry's real estate division.
There are estimated to be around 100 developers currently operating in Cambodia, many of them quite small. Capital Phnom Penh has undergone an unprecedented construction boom over the last several years, including a number of residential and commercial mega-projects that are set to transform the capital from a sleepy backwater.

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