How will technological advances benefit the real estate sector in Cambodia?

How will technological advances benefit the real estate sector in Cambodia?

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  1. The modernization of the digital technology of the real estate transfer process in Cambodia will bring a new transformation to the real estate sector, making real estate business operations safer, more transparent and faster to encourage real estate investment in the country, Cambodia.

    Owners can now register their property in two ways that the government recognizes.

    Since 2001, property owners have been able to obtain a land title deed called a “hard title deed” through the Cadastral Office of the Ministry of Land Management. Hardcover is nationally recognized and is the safest form of ownership.

    The second less secure method is by obtaining a “soft title” which is the property of the real estate recognized at the local level but can be challenged by other parties. Although this plan is less secure, it is still a form of widespread occupation in Cambodia.

    Soft title ownership does not have full legal protection but is often used because it is easy to transfer property when the owner sells his property with minimal administrative procedures required.

    Through the creation of an online platform, real estate can be transferred in a secure and formal process and without the need for agents and brokers, which adds unnecessary costs, risks and time to the whole process. These brokers are unlicensed and not recognized by government ministries and provide little or no documentation for their services. Real estate transfers through agents can now take up to three months to be processed by the Ministry of Land Management.

    By establishing an online ownership transfer platform, the Royal Government of Cambodia will bring the necessary clarity to the administrative process that is important to all Cambodians and real estate investment, while property buyers will be able to budget and plan. This is according to a EuroCham report released this week.

    The digital upgrade will also allow the government to effectively collect fees and taxes from the real estate sector.

    “Electronic collection of fees and taxes will greatly facilitate the work and there will be no violations as it may eliminate the provision of services by any agency to facilitate the entire process,” the report added.
    The Ministry of Land Management has taken significant steps to integrate online technology into the real estate sector. The ministry has launched a number of programs to update land ownership online using QR codes and has also launched a mobile app on approved construction projects and provided government image files to ensure transparency at the administrative level.

    The digital modernization of the ownership transfer process will transform the real estate sector and increase investor confidence and be faster.

    According to a EuroCham report, “Digital Updates will allow stakeholders to access all necessary information over the Internet and send and track their patent applications with the Cadastral Office, which can act as It is the only channel for real estate transfer. ”

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