Sunday, November 16, 2008

Cambodian property values dropping by 25%

Cambodia's land prices have fallen by up to 25 per cent from a historic peak in June amid the global financial crisis and a border dispute with Thailand that scared off investors.

President of National Valuers Association of Cambodia, Sung Bonna, says the land prices countrywide dropped between 20 to 25 per cent by early November.

Prices reached as high as $US5,000 per square metre in June in prime locations in the capital Phnom Penh but the boom started to collapse as the country prepared for July elections.

The government is considering allowing foreign ownership of property such as apartments and office buildings to boost the country's economic growth.

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