In 2017, the Ministry of Land Management, Urban Planning and Construction (MLMUPC) collected about 371 billion riel (about $ 92 million) in revenue last year, according to a report from the ministry.
The report was presented last week at the 2017 annual meeting of the ministry at the Hotel Garden City Phnom Penh.
The revenue collected from cadastral administration was 42 billion riel (about $10.6 million), while land registration was 6 billion riel (about $1.6 million) and separate land registration 35 billion riel (about $8.9 million). Construction services amounted to 4 billion riel (about $1 million) and from the leasing of enterprises about 277 million riel (about $69,259.02), it said
The income from taxes on property transfers alone collected by the General Department of Taxation amounted to 315 billion riel (about $78.7 million), the report said.
Chea Sophara, the Minister of Land Management, Urban Planning and Construction, said the sector’s remarkable performance was a result of strong leadership in the government and within his ministry, and added that land titles have been one of their priorities in 2017.
“The ministry spared no effort in managing land titles, using and dividing the land with ethics and transparency,” he said.
“This work has helped us increase the national budget and reduce poverty, as well as boost food security, public land management, environment protection and economic development.
“The ministry focused on the implementation of the legal framework and technical standards to guarantee quality and effective management in the sector,” he added.
The overall property market is great, bolstered mostly by the housing market, especially the low-rise landed housing market and development projects that offer low-price housing units were more common in 2017, as markets for high-end things seemed to slow down within these last two years, said Hoem Seiha, the research director of VTrust Appraisal Co, Ltd.
“The market performance in 2017 has suggested a strong confidence in buyers and developers, which could be cast onto 2018 that the market’s still okay for the year to come, especially among mid-income segments at which developers have been aiming,” Mr Seiha said.
“Large investors are more prone to political disturbances. In contrast, mid-income segments are more likely to look for low-price or cheap offers. That is the reason 2017 market performance still showed strong growth,” he added.
The combined value of approved construction projects reached $6.42 billion in 2017, an increase of 22.31 percent, according to a report from the Ministry of Land Management, Urban Planning and Construction released last week.
Across the country, 3,052 new construction projects, equaling 10.74 million square metres, broke ground.
Moreover, the ministry granted construction licenses to 275 companies, which was a decline compared with last year, when 334 licenses were issued.