Logo of Phnom Penh Post newspaper Phnom Penh Post - Regulators urge owners of seized property to register complaints

Regulators urge owners of seized property to register complaints

Content image - Phnom Penh Post
A notice from a company states that this house is confiscated and the owner must move out in seven days. FB

Regulators urge owners of seized property to register complaints

Real Estate Business and Pawnshop Regulators have informed the buyers of houses and condos from any real estate company to report to the government body immediately should their houses or condos be confiscated due to failing to make their agreed repayments.

The June 9 public notice followed recommendations from Prime Minister Hun Sen that the owners of borei and condo developments not seize the homes of buyers who are unable to meet their payments due to financial difficulties.

The regulators encourage buyers who are facing such situation to visit their office on Floor 7 of House 168 on Street 598 in Chraing Chamres 1 commune in the capital’s Russey Keo district. Alternatively, they can reach them via 012 393 727, 099 980 499, 069 517 186, or their social media channels.

Kaing Tongngy, head of the Cambodia Microfinance Association's (CMA) communications department, said the government’s intervention will incentivise more people to finance their property purchases.

He also noted that arranging finance through real estate developers carries more risk than traditional lenders, such as banks and microfinance companies.

The first challenge, he said, is that those who finance through developers do not receive their land titles immediately and can have their property seized at any time. With a loan from a financial organisation, the buyer has their property title, and their home cannot be confiscated without court permission.

“The second challenge is that the company do not always assess the buyers’ ability to make repayments, while traditional lenders will do a thorough check, to ensure that a buyer will be able to make their payments. Without such analysis, some customers can easily lose their property due to an unforeseen crisis, as we have seen recently,” he added.

“The third matter is that banks and microfinance companies will verify the authenticity of documents related to property ownership. On the contrary, some borei projects proceed with construction without the appropriate permits, or lack some other legal requirements,” he continued.

He added that those who take loans from bank and microfinance can also file complaints to regulatory bodies should a dispute arise.

“In addition, the interests rate from banks and microfinance are generally lower than those offered by borei or condo developers,” he concluded.


  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Cambodian diaspora laud Manet’s UN Assembly visit

    Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former

  • After three deferrals, Capital Gains Tax to take effect Jan 1, 2024

    The General Department of Taxation (GDT) will implement the Capital Gains Tax starting January 1, 2024 to after being deferred three times as industrial players warn that the implementation might have some negative impact on the property market growth, which is down due to the economic downturn.