+85561 777 090
Logo
Logo
Add Property

Featured Property Guides

Recent Property Guides

Choosing the Right Orientation For Property in Cambodia
Choosing the Right Orientation For Property in Cambodia
February 20, 2024, 8:19 a.m.
investment property cambodia
How to Achieve High Returns in Cambodia's Residential Property Market
February 13, 2024, 3:38 a.m.
Comprehensive Guide on Cambodian Visa in 2024
Comprehensive Guide on Cambodian Visa in 2024
February 6, 2024, 7:29 a.m.

Property Buyers & Sellers Advice

davy kong, DFDL
How To Get a Real Estate Development Licence in Cambodia
August 2, 2022, 9:17 a.m.
Realestate News
Property Buyers & Sellers Advice
The real estate sector has grown tremendously over the last two years. Much of the activity is being seen in the construction sector.Prakas 965Issued by the Ministry of Economy and Finance (MEF), this prakas has served to establish a system to manage real estate development in Cambodia. It was passed in 2016 and replaced a previous prakas that was less comprehensive. Prakas 965 also serves to regulate the housing business and establish rules for operation. It calls for every developer to be properly licenced. Any business that is developing four or more flats, three or more villas or at least four units in a co-owned must have a licence.Prakas 089The Ministry of Economy and Finance (“MEF”) issued Prakas No. 089 SHV on 20 January 2020 relating to the Management of Real Estate Development Business. The new prakas distinguishes between three different types of licenses or permits depending on the activity performed by the real estate developer:Residential development business license/permitsCo-owned building development business license/permitsLand parcel development business license/permitsPrakas No. 089 specifically instructs that the listed three activities above are subject to obtaining a license or permit if the real estate developer endeavors or performs a business activity for the purposes of a sale or long-term lease. Prakas No. 089 merely reintroduces leasing activities that were excluded by Prakas No. 965.Types of Housing Development LicencesThere are two different types of residential development licences for housing developers in Cambodia.Type 1 Licence: All capital is held by the developer. For this type of licence, construction must be totally complete before the housing is sold.Type 2 Licence: This type allows for investments from many sources such as banks, private investors, or pre-sale buyers. With this licence, sales are allowed during the construction period.The licence fee for developing a flat or single villa is around $25, the exact fee is determined by the MEF.There are two tiers for fees. Units with more than three bedrooms or twin villas have developing fees of $50.Requirements for Developing LicenceIn order to obtain a developing licence in Cambodia, you must meet certain criteria.You must have a company set up. Before the new prakas in 2016 individuals could develop real estate. Now, however, there must be a registered company on the books.The project must be backed up by $500,000 in capital. A housing development account is required. This account is monitored by the Ministry of Economy and Finance.You must have a detailed business plan.The person whose name is on the licence must be a chairman for the associated company.A deposit must be paid for 2% of the total investment of the project. This must be deposited at a branch of the National Bank of Cambodia, or a local affiliate.Note: To withdraw this deposit you will need a closing permit and a report on the completion of construction, issued by the Ministry of Land Management. You also need an assessment from the MEF.A construction licence must be held for the building site.Buying and selling There is plenty of unscrupulous development activity in Cambodia. Article 19 of the prakas lays down regulations for buying and selling. Rules for buying and selling are different depending on which licence you have, Type 1 or Type 2:Type 1 LicenceBefore you start selling under this type of licence, you must have a model home or model unit. You must also have a closing permit and an assessment from the MEF before beginning sales.If you begin sales without a model you can be subject to a fine.Type 2 LicenceYou must also have a model unit for this type of licence, as well as a MEF assessment and closing permit. Under this licence, you are only allowed to take a maximum 1% deposit from buyers before you obtain a construction permit. This must be deposited into the housing development account.Purchase AgreementThere are a few key stipulations about the purchase agreement. It must contain:Names of the buyer and sellerDetails about the plot of land (location, size, etc)Purchase price and payment conditions Responsibility for taxes and processing feesProject completion date and reference to construction permit detailsAdvertising and marketingA developer licence must be obtained before any advertising or marketing takes place. The location of the project must be mentioned in any advertising. The project name must also be mentioned, as well as price, date of commencement and completion.Land declarationIn every step of the development process, it must be clear whether the land is leasehold or freehold. Freehold land is completely held by the property owner. Leasehold land is held under a lease agreement for a certain amount of time.Since foreigners cannot technically own land in Cambodia, those developers can get a long-term lease on the land instead.Monthly reportsThe developer is required to submit monthly reports to the MEF during the life of the project. This report must document all movements of funds in the developer's account. PenaltiesFines for breaking any regulations set down in the prakas can be subject to fines of $25,000. If developers are found to be using accounts separate from the monitored developer account, they can be subject to a fine of $2,500. Advertising without a licence can lead to penalties of $200 per day. Note: This is a general guide and does not constitute definitive legal advice. Always do your own research and invest at your own risk.Looking for property in Cambodia? Let us help!
26573 views
Shrine in Siem Reap
Expat Rental Guide: Siem Reap
June 6, 2022, 5:07 p.m.
Home & Living
Property Buyers & Sellers Advice
A majority of Siem Reap’s roads are paved, making it easier for residents to move around. Photo from Khmer Times.Siem Reap is an amazing area of Cambodia filled with history. It’s no surprise that many expats chose to move here when they arrived in the Kingdom. Temples, nature, culture and arts are just a few of the factors that make Temple Town so great.This Expat Rental Guide will help you figure out how to find the best expat rentals in Siem Reap. This guide will also answer the following questions you need to know before signing that rental agreement:How much does it cost to rent in Siem Reap?What’s the best property for an expat to rent in Siem Reap?What should I keep in mind before renting in Siem Reap?Realestate.com.kh is Cambodia’s largest real estate classifieds portal. It is home to over 30,000 (and growing) property listings and works with the most reliable real estate developers and agencies across the Kingdom.For this guide Realestate.com.kh is collaborating with Daka Kun Realty, a popular real estate agency in Siem Reap staffed by local real estate experts, to help expats find the right property for their needs!How much does it cost to rent in Siem Reap?There are plenty of quality houses/villas for rent in Siem Reap without breaking the bank, like this one from Daka Kun Realty.For a ballpark estimate, renting in Siem Reap can cost anywhere from US $350 - $2,000 including utilities, this figure is dependent on several factors like type of property, size, facilities and location. Check out our breakdown of the different costs in the guide below.Monthly Rent in Siem ReapRenting a residential property in Siem Reap can cost anywhere from $250 to upwards of $1,800 per month depending on type of property, amenities available and location. A 1-bedroom apartment could cost $300 USD a month or even $600 USD a month if you’re feeling fancy, while a 2-bedroom can cost as low as $500. Siem Reap has a lot of rental properties to the point that your mileage may vary.Houses and villas (houses with yards) are also available for rent in Siem Reap. According to Daka Kun Realty, which has a whole portfolio of landed properties for rent, landed houses usually start rentals at $300 per month.Check available rentals in Siem Reap todayRental Deposit in Siem ReapRental Deposits in Siem Reap (and Cambodia in general) can be the equivalent of 1-2 month’s rent. According to Daka Kun Realty, this depends on the length of stay agreed on: a 6-month lease commonly asks for a 1-month rental equivalent and a 12-month lease could be up to 2 months. Although this may vary from landlord to landlord.The deposit is used to pay for any damages/lost items incurred during your stay on the property. Sometimes this is used to pay for your last month of renting the property. Though this depends on the rental agreement.Electricity cost in Siem ReapElectricity cost in Cambodia is around 800 - 1000 KHR per kWh (0.21 - 0.25 USD cents per kWh). Yes, it is considerably more expensive compared to neighbouring countries like Thailand and Vietnam. It is important to note that some landlords round this up to 0.25 USD per kWh.According to Daka Kun Realty, expat renters can expect the electricity costs in Siem Reap.Property typeCost in KHR per kWhCost in USD per kWhApartment1,0000.25House/Villa7800.19Water cost in Siem reapWater utility in Siem Reap is adjusted depending on monthly consumption. But generally, there are fixed rates employed by landlords to simplify calculations.Property typeCost in KHR per m3Cost in USD per m3Apartment2,5000.62House/Villa1,7000.42Rental TaxesThere is a withholding tax of 14% for rental properties in Cambodia. However, it is common practice for landlords to cover this.What is the best property to rent as an expat in Siem Reap?Siem Reap offers a lot of choices that cater to many different walks of life. Given its diverse population, much of its rentals have also grown to accommodate many different tastes. Find out which one is right for you (and your budget!)Apartments/CondosExpect around $250 per month as a starting price for new/renovated 1-bedroom apartments in Siem Reap. You can find a table below of what prices to expect when renting in the city.Cost of renting an apartment in Siem ReapNumber of bedsMedian rent per month1-bedroom$2502-bedroom$3503-bedroom$500NOTE: These are starting prices of recommended properties for expatriates, especially those looking for western-style apartments like in the image above. You can still find more affordable/premium accommodations by searching on Realestate.com.khAmenities to expect in apartments in Siem ReapRentals in Siem Reap have usual inclusions such as furnishings, appliances, and common fixtures. The only thing missing might be a WiFi connection. However, more landlords have started installing WiFi to make things easier for expatriates.Apartments for rent in Siem ReapHouse/VillaAccording to Daka Kun Realty, houses start at $300 while villas start at $500 per month. Houses/Villas available for rent often come complete with furnished interiors and some additions depending on how premium the property is.Houses/Villas are interchangeable when referring to rental properties. Villas, however, usually have large yards and spacious interiors.Cost of renting a house/villa in Siem ReapType of PropertyStarting rentHouse$300Villa$500NOTE: These are starting prices of recommended properties for expatriates, especially those looking for western-style homes/home interiors like in the image above. You can still find more affordable accommodations by searching on Realestate.com.kh.Amenities to expect in houses/villas in Siem ReapUsual inclusions are the furnishings, appliances and common fixtures. The only thing missing might be a WiFi connection. However, more landlords have started installing WiFi to make things easier for expatriates.Houses for rent in Siem ReapWhere are the best areas for expats to rent?Siem Reap’s central areas are the best areas for expats to rent. They’re close to supermarkets, restaurants, shops, and anywhere else you might need something from. Daka Kun Realty recommends the following areas:Sala KamreukSala Kamraeuk commune. East of the river and south of Highway 6, this area is fairly quiet, but still has a range of restaurants and shops.Svay DangkumSvay Dangkum is across the river from Sala Kamraeuk. Most of the backpacker hostels are here. And don’t forget the famous Pub Street!Sla KramSla Kram is north of Sala Kamraeuk. It’s closer to Angkor Wat park and has tons of local flavour.Things to consider before renting in Siem ReapWhen signing on the dotted line for rental properties, small very important details are oftentimes overlooked. But you should remember that your final lease agreement might not include many important elements that will ultimately make or break a rental agreement. You can check out our guide on a rental checklist worth going over before signing any lease!Things to consider when renting in CambodiaWhether you’re someone new to renting or it’s your first time coming to Siem Reap, we hope this guide has given you a few things to consider for your future rental in the temple town. Now, the real step begins: Find the right rental property in Siem Reap for you!Help me find an apartment/house for rent in Siem ReapArticle by:
20579 views
Overview of property taxes in Cambodia
Overview of property taxes in Cambodia
September 15, 2023, 6:43 a.m.
Realestate News
Property Buyers & Sellers Advice
Gaining a basic understanding of property taxes in Cambodia is important for property owners, sellers, and buyers in the country. Knowledge of these important obligations will not only make transactions easier but also help everyone avoid unnecessary costs and penalties.This guide is designed to give you a basic understanding of obligations so you don’t go blind into Cambodia’s property market.Overview of Property Taxes in Cambodia:Cambodia has a 0.1% Property Tax applied on Immovable PropertiesProperty Taxes must be paid every year around SeptemberProperties below $25,000 (100 Million KHR) are exempt from Property TaxAgricultural land, industrial, and state-owned lands are exempt from Property TaxLocal tax offices have a valuation matrix called the Tax Base for specific property types and sizes within their jurisdiction, this factors into the final Property Tax that has to be paid.How much is Property Tax in Cambodia?Property taxes in Cambodia are officially referred to as “Tax on Immovable Property” (TOIP) and levies an annual tax of 0.1% on properties that have a value of more than $25,000 (100 million KHR). The term “Immovable Property” includes plots of land, infrastructure on land, and buildings.NOTE: Properties valued under $25,000 are exempt from paying the Property TaxProperty Tax is generally calculated by the following formula:(80%*(tax base)-$25,000)*0.1% = Property TaxSample calculation:Mr. Ivanov owns a reinforced concrete building with 3 floors with each floor having 15m x 25m of floor size. Mr. Ivanov consulted with the Property Valuation Commission and retrieved the following Tax Base relevant to the property:Land price per sqm$1,000Ground floor per sqm$250First-floor per sqm$200Second-floor per sqm$150 Mr Ivanov’s 3-storey building’s property tax can then be calculated like this:Land price25m x 40m x $1,000$1,000,000Ground floor15m x 25m x $250$93,750First-floor15m x 25m x $200$75,000Second-floor15m x 25m x $150$56,250 Tax Base of Mr Ivanov’s property: $1,225,000. Let’s take this Tax Base and apply the Property Tax formula.(80%*($1,225,000)-$25,000)*0.1% = $955 will be the Property Tax Mr Ivanov has to pay every year for his 3-storey building.What is a Tax Base and How is it calculated?A Tax Base is a price per square metre for a certain property type assessed by the Ministry of Economy and Finance. Here is a table of the Tax Base for properties located in Daun Penh, Chamkarmon, 7 Makara, and Toul Kork as of 2018:TAX BASE AS OF 2018TYPE OF BUILDINGPart of buildingBuilding age <10 years (USD/sqm)Building age >10 years (USD/sqm)Reinforced concrete frameworkSemi-permanent structureCondoReinforced concrete frameworkSemi-permanent structureCondoBasement$200$200$200$180$180$180Ground floor (E0)$250$120$600$200$100$500First floor (E1)$200$100$600$150$80$500Second-Fifth floor (E2-E6)$150$80$600$100$60$500Six-Tenth floor (E6-E10)$700$700$700$600$600$600Eleventh floor onwards (E11)$800$800$800$700$700$700 Registration Tax (a.k.a. Transfer/Stamp Tax)The Registration Tax (a.k.a. Transfer/Stamp Tax) is the tax paid for transferring property ownership or right occupancy of land that does not have a standing building on top. This is a 4% tax derived from the Tax Base of the property in question.This property-related tax is crucial to know if you’re someone looking to buy or sell property in Cambodia. Sellers are generally the ones shouldering the transfer tax, though it can go either way - this is best discussed in clear terms with whoever you may be transacting with.NOTE: Properties transferred to direct kin via inheritance are exempted from the Registration Tax. The relevant Prakas states “transfers between spouses, parents, and children, or grandparents and grandchildren, will no longer require this tax”Calculation formula: (Tax Base*4%) = Registration TaxSample calculation: ($100,000*4%) = $4,000 Registration TaxProperty Tax on Rental PropertyLocals and foreigners who own and rent out their properties need to pay Rental/Income Tax every year. A foreign investor who buys property here and rents it out needs to pay 14% of the gross rate annually while locals have to pay 10%.Property Tax on Unused LandThe Unused Land Tax is a 2% tax levied on bare plots of land with no building constructed and abandoned landed properties in cities like Phnom Penh. The Unused Land Tax is determined by the Unused Land Appraisal Committee (ULAC).How is Property Tax paid in Cambodia?Property Taxes can be paid via local tax office branches or through ACLEDA Bank, Canadia Bank, Vattanac Bank, or Cambodia Public Bank. For already registered properties, taxpayers will only need the tax payment receipt of the previous year or their Property Tax Registration ID.For unregistered properties, owners must contact the local tax office their property is in. The following documents will be required for registration:Tax Form PT01 - a form issued by the General Department of Taxation (GDT) that asks owners to outline the specifics of their property.Tax Form PT02 - another form issued by the GDT which serves as a tax application form.National ID Card, Birth Certificate, or PassportResidence Book or Family Book or Residency LetterOther documents may be required depending on the status of those involved in the transaction. We highly encourage seeking legal assistance for more specific matters.Capital Gains Tax in CambodiaThe Capital Gains Tax in Cambodia is a flat 20% rate. The Capital Gains Tax was promulgated through Prakas 346 in April 2020 and was initially to be enacted in July 2020. However, the advent of COVID-19 delayed its implementation to January 2022 to keep Cambodia's property market activity going throughout the pandemic.Contrary to what most people perceive: The Capital Gains Tax in Cambodia is not exactly new; businesses in the Kingdom have always paid capital gains. The material difference now is that it applies to individuals, especially those looking to sell immovable property a.k.a. real estate. A more thorough discussion of Capital Gains Tax in Cambodia can be found here.The Capital Gains Tax in Cambodia can be calculated in 2 different ways:Actual Expense Deduction MethodThis method takes the sales proceeds and subtracts the expenses the seller made on that property to get the actual Capital Gains Tax to be paid. These deductibles can be the purchase cost, consulting fees, registration tax, commissions, and even advertising. These actual expenses are deducted from the sales proceeds and 20% of the difference will be the Capital Gains Tax to be paid.There are more applicable deductibles so we highly suggest you keep tabs on the expenses you made in your property if you are planning to sell in the future.Determination-Based Deduction MethodThis method takes 80% of the sales proceeds and subtracts it from the whole sales value. The result will be the Capital Gains and 20% of it will be the Capital Gains Tax to be paid. This method is highly beneficial for property owners who buy low and are planning to sell high.Capital Gains Tax in Cambodia is expected to be enforced by January 2022. Once the law is in effect, we highly encourage keeping tabs on your expenses on the property to properly assess which method applies best in your case.Looking for property in Cambodia? Let us help!Article by:
29128 views
Four tips on budgeting for a new home
Four tips on budgeting for a new home
June 6, 2022, 6:38 p.m.
Home & Living
Property Buyers & Sellers Advice
Everyone needs to save money for buying property! But, in order to save for your new home, or to borrow for that home, you will need to budget for it. And this budget only gets harder as your family grows…The following are 4 basic budget tips that will help you keep more money in your pocket and get a handle on your household finances, thanks to Realestate.com.kh.First of all, list your monthly income, including everything that earns you money. List all of the costs you have to pay each month: Including rent, power, gas, car repayments, school uniforms, food etc. In short, anything that is a necessity in your and your family’s life.List all of the costs you can avoid from the previous list… This includes all things that are not necessary in your life, including entertainment, take away food, fancy new clothes, travel etc. This represents your “expendable income”: money that doesn’t always need to be spent! It is very important that you and your family are honest about what you don’t really need, if you are serious about saving.Now that you have defined what you HAVE TO PAY and what YOU LIKE TO PAY each month, you can control your budget for the next month by reducing your expendable income spending.Subtract your necessary costs from your total income to see what remains for the next month’s budget. This figure is the amount of money you can potentially save each month if you control your spending habits. Completing this exercise should help you review your spending patterns and make better financial decisions. The better your budget, the more control you can have over your monthly savings.   Ultimately, if you follow these tips, you will be surprised what money you can save to put toward a new home, or to manage home loan repayments. You should read How to Save Money When RentingLook for more information related to home loans in Cambodia? look for real estate for rent in Phnom Penh or real estate for sale in Phnom Penh? Check out Realestate.com.kh today.
17938 views
Critical tips for prospective lessors
Critical tips for prospective lessors
June 6, 2022, 5:07 p.m.
Home & Living
Property Buyers & Sellers Advice
When you are looking for the best tenants for your property; regardless of the term of the tenancy, it is necessary to ensure you have a well-prepared property and legal lease document for your prospective tenants.Below are several major things to include in your lease agreements when creating or signing a residential tenancy agreement, thanks to realestate.com.kh:What Is a Lease Contract?A lease contract is a formal document that properly identifies the landlord (lessor), tenant (lessee), and the leased property. This document further states the lease term and rental fee, and detailed terms and conditions of the lease agreement.Who Should Be in the Lease Contract?When it comes to obtaining a lessee,  it is strongly recommended that you draw up a written agreement. This legal contract needs to be completed by the lessor and lessee so that both parties are 100% clear on what their rights and obligations are.This contract also allows and specifies the tenant to temporarily use the property of the owner, legally, in exchange for paying a rental fee to the owner. It is essential that both parties keep a copy of this agreement to refer to when in doubt.In the contract, both parties can set the clauses to protect themselves if any circumstances were to change for either the lessor or lessee and how this should be remedied if these circumstances arise.The Lease Agreement Should Contain:Both parties must sit together and write up clearly what they expect from each other. These include:The description of the property (which describes the current location and overview of the property);●     The names, signature, or thumbprint and addresses of both parties;●     The current rental fee and reasonable escalation in the future;●     The rental payment term (monthly, quarterly, or yearly);●     The deposit amount;●     The monthly payment amount;●     The lease period;●     The notice period for termination of contract;●     The renewable term and condition;●     The lessor's obligations;●     The lessee's obligations;●     The renovation permission;●     The number of residents;●     The tax obligation (In general responsible by lessor, but can be altered according to the discussion).All other costs must be paid by the lessee (waste collection, public light, electricity & water bill) unless otherwise negotiated in the rental agreement.Create an Inventory ListAn inventory list aims to describe all the furniture that is presently existing inside of the property (including photos) before the tenant moves in. This is critical to ensure both parties know what is present in the property - and especially for the lessor to ensure no furniture or chattels are removed without permission or opportunity for redress.The lessor also needs to list down any current defects and the agreement of both parties whether the lessor or lessee must take responsibility to have them fixed. This is generally the responsibility of the lessee. Generally, this is made in a separated document.Ultimately a contract between a lessor and lessee is critical in setting out the obligations of both parties to ensure there is no confusion about any aspects of the tenancy. It will also enable both parties protection if there was any dispute arises.Looking for property in Cambodia? Let us help!
25373 views
News Page Concierge Service 590x250 ENG
Considerations before you buy your first home
Considerations before you buy your first home
June 6, 2022, 5:07 p.m.
Home & Living
Property Buyers & Sellers Advice
In Cambodia, purchasing a property for the first time can be an overwhelming task. If you are a first-time home buyer, you should consider the following points before you make any financial commitments.Purpose of  the new home:  Different types of houses will bring you and your family different advantages and disadvantages.If you just want a house to live with your family, consider a villa home. Villas offer a lot of space for your family to grow, and a relaxed and private setting. If you intend to buy a home from which you can generate income through opening a retail shop, consider a shop house in a location where you can find consumers. These types of properties allow you both residential and commercial purposes. However, if you really value a location in the central city and want to live a more modern life, you can consider a condo unit. The extra benefit of a condo is that you should be able to rent it into the future, if you decide not to live in it yourself.If you are planning on a profitable resale, you can consider buying a property off-plan (under construction) in a new development project. New Borey projects in the suburban areas usually have high potential for reselling in coming years. Or, if you have more money to invest, you can consider a new condo unit for higher returns when it comes time to resell. However, keep in mind that often these properties won’t be ready to live in right away, and also make sure your choose the right developer with the correct licenses and history.Location of your first home:Purchasing a home at the very heart of the city sounds like a good idea thanks to its fundamental infrastructure and utilities. However, with almost all property prices within central city reaching their peak in recent years, and worsening traffic congestion during rush hours, most new home-buyers (in particular, middle-income class Khmers) are preferring to buy in the suburban areas of the city, at lower prices.The outskirts of Phnom Penh and other urban centers of Cambodia are an untapped area where there are offerings that have high potential for small businesses, commercial centers, population growth, and property price growth. At present, housing projects are shifting towards the suburbs to push the area to become more attractive and populated. Whether you buy to live, do business, or resell, you should look for a good location adjacent to markets, schools, hospitals, and other amenities. Location is an extremely important consideration for any property investment.Budget plan:Preparing a budget plan for your new home is very important for your future expenses. With a clear budget plan, you will be well prepared for your current and future payments. Without a regular income, you may run into problems after your first home purchase. If you’re planning on these costs in advance, it will make it easy for you to decide how much money you should and can borrow money from the bank.Home loan application:Most homebuyers in Cambodia usually do not have enough money to pay outright. This is why they turn to the bank for loan options to pay for their new home. Different banks will offer different types of home loans at various interest rates. However, when you get a home loan, you will be bound by the bank’s terms, including the interest rate charged on that loan. After qualifying for a home loan, you will be required by the bank to submit collateral, income confirmation letter, identity card and proof of a guarantor. For this reason, it might be best to consider your loan limits before you select your dream home.Another option is to pay directly with the developer (if it is a new project). In this case, the interest rate on home loan may be higher than that of the former option - so be careful before you sign up.Extra costs:In fact, purchasing a new home does not mean that you pay only for your property’s price. You also should think about other extra costs in addition to the property’s value. There are a number of fees involved you need to know when you buy a property. Those costs or fees include ownership transfer tax, legal fees, property tax, title verification, loan processing fee, application for registration, property insurance, real estate agent’s fee, and ongoing costs.  Learn more about the details of these extra costs on realestate.com.kh today.Read more great Home Loan and Mortgage Advice, on Realestate.com.kh today! Or, if you are ready, apply for a home loan on Realestate.com.kh today!
19283 views
Seller Beware: The top property sale mistakes that will damage your property's marketability
Seller Beware: The top property sale mistakes that will damage your property's marketability
June 6, 2022, 5:07 p.m.
Home & Living
Property Buyers & Sellers Advice
If you’re planning to sell or rent your property, make sure you avoid the following property sale mistakes to ensure you attract the most buyers and renters and get the best price for your property.Poor exterior paint choice:Don’t try and sell a highlighter green house. Consider re-painting your property using a conservative colour scheme. This will allow it to appeal to a wider audience. Look for a good quality exterior paint, which makes your house look as new as possible and avoid this classic property sale mistake.The overgrown garden:An overgrown yard or garden suggests that your whole property has been badly maintained and will make a bad first impression – an obvious but all-to-common property sale mistake. Try to cut bushes and trees, tidy your lawn, plant some hardy plants and re-mulch for a fresh clean look.Too much mess and clutter:Buyers want to see and buy your house – not your things! So avoid a property sale mistake and don’t leave them lying around! Even houses that are decorated well can have too much clutter when it’s time to sell. The bigger your house seems, the more attractive it will be. Buyers want to feel the house or apartment has space, and will accept their furniture and their sense of style. So be prepared to de-clutter, move furniture or make your decorations more neutral.The shadow seller:Make sure you give your agent and their buyers plenty of space and privacy while viewing your home, and certainly don’t follow them around the house. Buyers want to imagine living in your house and that’s really hard to do while you and your family is waiting outside, or inside.Lack of storage:Buyers look for plenty of storage in any property. So, avoid leaving any overstuffed wardrobes and cupboards in the house because this will show the prospective buyer that there isn’t enough room in the house for all of your things – or their things! A final top-tip, use mirrors in small rooms to help the space appear bigger! Avoiding the above property sale mistakes ensures your home will be easier on the eye, the nose and the nerves of any prospective buyers or renters – and will have them making you an offer in no time!Dirty and smelly digsYour house needs to be cleaner than it’s ever been while it’s for sale. When making the decision to sell your property, get help from family, friends - or professional cleaners if need be. Pay special attention to bathrooms, kitchens, general living areas and backyards. No dishes or messy kitchens. Clean and fresh is the best smell when selling. Regardless of how great your home appears, if visitors are immediately confronted with overwhelming or unpleasant odours when entering a home, the likelihood that a sale takes place is extremely slim.Don’t list POA – Or No Sale PricePotential buyers generally read the home’s description and expect to see a listed price. As such, we strongly recommend that you include a price on any listing. If a home features a long list of unique details but lacks a sales price, buyers tend to think the home is very expensive or potentially overpriced. Make it easy for someone to investigate your home further by providing as many details as possible – including a list price.Nobody likes a reluctant sellerIt is not unusual for an individual or a family to become attached to a home. Especially when the residence is filled with great memories. However, once you make the decision to sell, you must keep the objective of a sale in the forefront of your mind. Try your best to keep emotions in check. Step back, and allow your real estate agent the freedom to perform their job.Lousy AgentGiven that real estate is an unregulated profession in Cambodia, you undertake thorough research before choosing an agent to sell your home. You can start you research on our Realestate.com.kh Real Estate Agent Directory Page. Consider if an agent makes themselves readily available to buyers. Agents who seem to rush clients, or seem distracted, do not have the interest of the buyer or seller at the forefront. Likewise, determine if the agent seems professional, honest and genuinely desires to make a sale. A dud agent could well be your number one property sale mistake, but with Realestate.com.kh this will never be an issue!Want to read more articles like this? Get on Realestate.com.kh today, the best source of information for property buyers and sellers in Cambodia.Looking for real estate for rent in Cambodia or real estate for sale in Cambodia?
23762 views
Home-buyer Guide: Extra costs when you buy a new home
Home-buyer Guide: Extra costs when you buy a new home
June 7, 2022, 6:48 a.m.
Home & Living
Property Buyers & Sellers Advice
Buying a new home to live in is a necessary thing for everyone in Cambodia, especially in Phnom Penh as most of them are renting but considering buying one for their family. However, buying a new home does not mean that you spend only on the base price of the property - you also have to spend on additional costs associated with the property. Therefore, it is vital that you be aware of extra costs associated with a property purchase in order not to have any unpleasant surprises. Below are several necessary tips on “additional costs” to help first-time homebuyers manage their budget plan for a new property in the event that you are unaware of it. Those additional costs include home loan application and legal fees, ownership transfer tax fee, home insurance fee, real estate agent’s fee, interest on home loan, application for registration and title verification fee, property tax fee, and ongoing costs. Home Loan application and legal fees When purchasing a home, most buyers in Cambodia usually do not have enough money to pay outright. Therefore, they will look for home loan options either with a company project or banks to buy one. However, If you choose a bank loan, you usually get 70% of the home value you are going to buy.Nhoep Nimol, a senior housing loan officer at Canadia Bank, said: “If a homebuyer applies for a home loan, he/she will be charged some fees to cover the charges incurred for valuation and processing of the loan. Then he or she has to pay 1 percent of total loan to the banks.”Ms. Nhoep added: “in the meantime, homebuyers will also have to pay $250 dollars to a lawyer for legal service which includes loan operation, legal advice, property check, and legal processing.”Interest on home loanIf you do not have enough money to buy a home and rely on a bank for a home loan, remember that you have to pay the interest on a home loan every year until the end of the contract. Bank loan terms can range up to 20 years, depending on the decision between homebuyers and the banks.Ms. Nhoep explained that if customers decide to get a bank loan, they need to pay interest which ranges from 8% to 10% per annum. Furthermore, homebuyers are required to submit collateral, hard title, and an income confirmation letter to the banks before qualifying for a home loan.Ownership Transfer tax feeIt is mandatory that homeowners pay ownership transfer tax during the transaction a.k.a. Stamp Tax.  If you choose to buy a home in the Borey project, you will find it easy as the company has a master hard title to be issued to each homeowner. But homeowners have to pay 4% for this ownership transfer tax.Mr. Seng Sopheak, Chief Operating Officer at cplagent.com, said: “you need to pay 4% for the ownership transfer tax. In addition to the 4% transfer cost, buyers also need to spend about $1,000 to the cadastral office which is tasked with the overall operational processing of issuing the title.”“Usually, it takes around 12 weeks to complete the transfer of hard titles done at the cadastral office. A hard title, an ownership certificate issued by the Cadastral office, is the most secure form of ownership and recognized at the national ministerial level as well as at the Sangkat and district level,” added Mr. Seng.At present, due to the economic effects of COVID-19, the 4% Stamp Tax exemption for properties under $70,000 has been extended to 2023.Home insurance feeAlthough a relatively new concept in Cambodia compared to other ASEAN nations such as Singapore, Malaysia, and Thailand, home insurance is gradually spreading in Cambodia with more and more insurance firms starting their operation in the kingdom.Home insurance is currently not obligatory for homebuyers in Cambodia. But some developers such as Borey Peng Houth require their customers to buy home insurance when they buy a home from their project.Commenting on this, Mr. Seng explained that home insurance is crucial to every home buyer in Cambodia as he or she will not have to keep a lot of reserves for all types of risks possibly affecting his or her property. For home insurance fee, it depends on the size and value of the home: If the home price is above $100,000, the homeowner must pay $100 or higher per year and If the price is under $100,000, the homeowner must pay less than $100 per year.In any case, if you get a loan from the bank, Cambodia’s Ministry of Finance and Economy cooperate with banks and requires home buyers to buy home insurance of at least $70 per year.Application for Registration and Title Verification FeeDone at the District Land Office of the Ministry of Land Management, Urban Planning & Construction, you must pay a cadastral transfer fee of KHR 600,000 in order to insert the name of the new owner on the legal documents. Moreover, you also have to pay the title verification fee. According to Prakas 995 dated December 28th, 2012, checking for potential liens or encumbrances under a title will cost you around $12.50.Property taxLike other countries, all the immovable properties in Cambodia need to be paid annual tax; however, it will only apply to the properties with a value of $25,000 and above. According to the Prakas of the Ministry of Economy and Finance, the property tax is collected annually at a rate of 0.1% of the value of the property.To know how much you have to pay for your property tax, there is a clear formula for calculation on it. The property tax is computed by taking 80 percent of the property’s total value, subtracting $25,000, and then multiplying that by 0.1 percent.The property’s value is obtained through a government valuation, depending on several factors such as data collection on relative properties in the market, quality, and location. This tax equally applies to both Cambodian and foreign national who owns the property in Cambodia.Real estate agent’s feeIt is common practice for the seller to shoulder the commission for the agent. But this is not set in stone and there have been instances when buyers pay the agent's fee. It is advised to settle this matter in writing between the buyer and the seller.Mr. Seng explained that in Cambodia real estate agency charges a commission fee of 3%, usually from the seller. But in some cases, buyers also have to pay the commission fee of 3% when they want to buy property from someone. This occurs when the seller is unwilling to sell the property, but the buyer is willing to buy and asks for the agency to persuade the seller to sell their property.Property Management feeThose ongoing costs are usually paid monthly to support daily living including maintenance fees, repair costs, and bills such as internet, electricity, and water. Maintenance fees are paid by homeowners for the upkeep of the building. This fee varies between Borey home and condos/apartments.Mr. Seng says, “For borey home, the maintenance fee includes cleaner, security guard, and public light in the project area. It will be charged between $20 and $50 per month. For a condo, the fee ranges from $0.50 to $2 per square metre. In addition, living in a condo requires you to pay for parking space which ranges from $50 to $60 per month. Furniture and any future renovations can also be regarded as ongoing costs.”Ongoing costs for condos are usually covered in management fees.Looking for a new home in Cambodia? Let us help!
21428 views
Extra costs when you buy a new home, Part 2
Extra costs when you buy a new home, Part 2
June 6, 2022, 5:04 p.m.
Property Buyers & Sellers Advice
Buying a new home does not mean that you spend only on the base price of the property - you also have to spend on additional costs associated with the property. Therefore, it is vital that you be aware of extra costs associated with property purchase in order not to have any unpleasant surprises.Last week, Realestate.com.kh explained in “Part 1” some basic additional costs including: Home Loan application fee and Legal fees, Ownership Transfer tax fee, Home insurance fee and Real estate agent’s fee. This week Realestate.com.kh will explain the remaining additional costs associated with your property. Below are other extra costs you need to know upon purchasing a new home.Interest of the home loan:When purchasing a home, most buyers in Cambodia usually do not have enough money to pay outright. Therefore, they choose home loan options either with company project or banks. Whether you choose to pay with the company project or banks, you still have to pay for home loan interest.When you opt for bank loan, you are required to submit collateral, hard title, and an income confirmation letter in order to qualify for a home loan. Bank loan terms can range up to 15 or 20 years, depending on the decision you and the bank agreed to; interest rate can range from 8%  to 10% per annum. Generally, banks will not offer you 100% of total home value but only 70%.Application For Registration and Title Verification Fee:Done at the District Land Office of the Ministry of Land Management, Urban Planning & Construction, you must pay a cadastral transfer fee of KHR 600,000 in order to insert the name of the new owner on the legal documents. Checking for potential liens or encumbrances under a title will cost you around $12.50, according to Prakas 995 which is dated December 28th, 2012.Property tax:All the immovable properties need to pay annual tax; however, it will only apply for the property with a value of $25,000 and above. According to the Prakas of the Ministry of Economy and Finance, the tax is being collected annually at a rate of 0.1% of the value of the property.The property tax is computed by taking 80 percent of the property’s total value, subtracting $25,000, and then multiplying that by 0.1 percent. And the property’s value is obtained through a government valuation, depending on several factors such as data collection on relative properties in the market, quality and location.On going costs: This includes maintenance fees, repair costs, and bills such as internet, electricity, and water. Maintenance fees are paid by home owners for the upkeep of the building. This fee varies between borey home and condo.For borey home, the maintenance fee includes cleaner, security guard, and public light in the project area. It will be charged between $20 and $50 per month. For condo, the fee ranges from $0.50 to $2 per square meter. In addition, living in condo requires you to pay for parking space which ranges from $50 to $60 per month. Also, you should prepare some money for furniture and any future renovations.These are the remaining additional costs associated with property purchase. Check out our additional costs part 1 @Realestate.com.kh/news. Realestate.com.kh will explain more details of this topic and you can find it in our full guide online @ Realestate.com.kh/news.
25474 views
Office space in Phnom Penh: How to choose the best working space
Office space in Phnom Penh: How to choose the best working space
June 7, 2022, 1:36 a.m.
Property Buyers & Sellers Advice
(A sample of office space for rent in Phnom Penh. Photo courtesy of Raintree Cambodia)The real estate sector of Cambodia has progressed tremendously in the past few years with a lot to do with foreign direct investment bringing big companies and entrepreneurs alike in Phnom Penh. As such, office spaces have grown in demand to house rising local businesses and foreign companies wanting a piece of Cambodia’s growing market.Overview of office spaces in Phnom PenhThere are many options for companies to set up shop in Phnom Penh. The city offers a wide range of office space choices and it’s only growing with each passing year.Knight Frank, a real estate consultancy firm in Phnom Penh, released a report called Cambodia Real Estate Highlights First Half 2019. In their report, they indicated 4 key findings for Phnom Penh’s office sector, namely:The completion of Diamond Twin Tower, Elysee Tower, and Prince Holding contributed approximately 46,444 sqm of net lettable area (NLA) to the Phnom Penh office stock, taking the total office supply to 463,701 sqm.Diamond Twin Tower, a mixed development comprising condominiums, office and retail components, was the thirst stratified office building to be added [to] Phnom Penh’s office stock.The new incoming supply placed downward pressure on the overall average occupancy, dropping 5.2 percentage points [from 88.5%] to 83.3% during H1 2019.Yield-driven investors may be attracted to stratified office investments as the condominium market continues to cool down.There has been an overall increase in available office spaces in Phnom Penh as of 2019. The Knight Frank report also projects that the growth (if monitored projects are completed on schedule) would more than double by the year 2021; offering up to 1,059,170 sqm NLA.Office spaces in Phnom Penh are distributed in the following areas:Daun Penh (32%) - considered Phnom Penh’s (Primary) Central Business DistrictChamkarmon (25%)7 Makara (17%)Boeung Keng Kong (15%)Toul Kork (4%)Sen Sok (4%)Meanchey (2%)Chroy Changvar (1%)Office Space Grading in Phnom Penh(An office meeting room in Phnom Penh. Photo courtesy of Canadia Tower)The year-on-year expansion of the capital’s business activity gives investors a chance to choose from a healthy selection of Grade A, B, and C office spaces.Grade A - These offices are what would be considered high-end. These are commonly located in high-visibility locations. Grade A offices are outfitted with top-of-the-line equipment, amenities, and modern HVAC systems. They’re spacious and aesthetically pleasing in terms of outside appearance and interior design. These are office spaces that are commonly associated with your multinational conglomerate who can afford the small fortune to keep these offices looking impeccable.Grade B - These are what would be considered middle-of-the-market office spaces. Some Grade B spaces offer the aesthetics and comfort higher-end offices might offer with some compromises. Nevertheless, facilities offered by Grade B office spaces usually are more than enough to cover the basics for a decent work environment. It’s arguably the most popular office-grade companies go for since it’s usually much cheaper than Grade A offices.Grade C - These offices are relatively the lowest priced and the poorest-quality in a given market. Grade C offices can usually be found outside a city’s business district and/or in old buildings over 20 years old. While this office-grade seems unattractive on paper, they do serve companies who are on tighter budgets and do not require a position proximal to the city’s business district.Office Space Rental PricesAccording to the Knight Frank H1 2019 report, office rental rates remain fairly stable over the past few years. The report states:“As a result of continuous office supply swelling, specifically Grade B and C, office rentals remained unchanged across all grades. Grade A, B and C offices command rentals ranging between US$28 to US$40 per sqm per month, US$18 to US$29, and US$9 to US$18, respectively. (excluding service charges and tax)”Of course, when it comes to Grade A office spaces, more luxurious (and expensive) options are available - coming with all the bells-and-whistles an office manager could ask for. One example is the Diamond Twin Tower located in Koh Pich which, according to the Knight Frank report, sells (via strata titles) its floor space anywhere between USD$2,800 to USD$3,600 per square meter.How to find office space for rentThere are various means to find offices for rent in Phnom Penh. You can find real estate agents who have a network of office space lessors. These real estate agents can save you a lot of headaches in terms of time spent looking for the right space, and negotiating the prices with the lessors. We recommend going through an agent since they will also walk you through the whole legal process of securing the lease.You can also search for office spaces (and agents) by visiting Realestate.com.kh, the leading real estate website in the country. You can find more than 45,500 properties, subdivided by region, price, and amenities. Realestate.com.kh has a long list of commercial real estate agencies and agents you can contact directly.Popular Office Spaces for Rent in Phnom PenhCORE@PPSEZThe CORE@PPSEZ project is located near the entrance of the Phnom Penh Special Economic Zone. This development includes 10 shopping units, 40 specially-designed office units -- providing convenience for future expansion into trade and factory spaces.The project is designed to provide easy access to trade and to increase productivity. The project will be a profile for various business, trade and industrial activities that offer international quality services and the starting price of this project is $100,000. These include elevators, security, 24-hour room monitor, 500 square meters of a production facility for private cargo handling. The CORE@PPSEZ construction began on August 1, 2016, and opened in March of 2018.Emerald HubEmerald Hub offers affordable office units in the form of a co-working space. It is the most popular option for part-time employees and freelancers. Here, you can work independently or meet with other like-minded people who have different skills and knowledge. Emerald Hub also offers other services such as cleaning, photocopying, hot and cold water, coffee, tea, and many more.The lowest rental price is at $30 dollars a month for a small unit. But if you need a temporary place where you can rent by the day or a week, they also provide flexible and easy ways for people like entrepreneurs who are just starting a new business.The mixed-use developments are usually not only developed for residences. It also includes facilities like shopping malls, offices, and hotels.AMASS Central TowerAMASS Business Center is located in the center of the BKK1 District (also known as the Embassy District), considered to be one of the most prosperous and wealthy districts in Phnom Penh. Surrounded by four main urban roads, the AMASS Business Center is surrounded by hotels, cafes, bars, banks, and supermarkets. It is not only conveniently located within major transportation routes but also places itself near many high-end residential and business office projects.Rental here, considering its ideal location, comes at a great starting price of $18/sq. metre.Office VillasThis isn’t exactly one company offering their spaces, unlike the ones mentioned above. Office villas are villas in high-traffic areas of Phnom Penh (such as BKK1) that are rented out by companies in lieu of high costs of conventional office spaces in the more expensive parts of town.Typical rental prices for villas range from as low as around $6/sq. metre to $25/sq. metre. However, longer leases or opting to sign as an anchor tenant may see these rates reduced. Beware though – working out a fair lease can be a challenge in the Phnom Penh commercial property market, and Cambodia generally, as villas (and other property for that matter) will often be priced according to your presumed budget rather than fair market value.Increasingly, however, villas around Phnom Penh are being pulled down to make way for new luxury developments and condominiums or being secured and modified for retail purposes. A decrease in supply has increased the value of those villas that still remain.Tax for Real Estate RentalIn the past, the landlord or property owner would normally withhold 10% of the rent from its lessor. In a sub-lease situation, the tenant of the real estate entity would withhold 10% of the rent on the sub-lease to the real estate company.  Instruction 18410, a tax update from the General Department of Taxation (GDT), now provides an exemption with the withholding tax on the sublease if both the lessor and lessee are registered taxpayers.“Instruction 18410 is another example of the GDT responding positively to the market, which identified this as a duplicate tax for real estate entities, a withholding tax obligation in this case on both the Lessee and Sublessee on the same exact space,” commented Anthony Galliano, CEO of Cambodian Investment Management.Office space outlook for Phnom PenhPhnom Penh’s available office spaces are projected to increase by 130% according to Knight Frank. The report projects that rental prices will either remain static or be pressured down as more office spaces open in the immediate future.The report further projects that stratified offices (spaces that can be acquired via strata titles) are attracting more investors as Phnom Penh’s condominium market reaches equilibrium. Investors also note that business tenants tend to sign longer-term leases - which helps boost the confidence of those investing in the construction of stratified offices.The main challenge to the long-term future of conventional office spaces is co-working spaces in Phnom Penh. Co-working spaces are gaining momentum among young entrepreneurs, digital nomads, and start-ups in Cambodia. The flexibility of terms offered by co-working spaces, along with cheaper overhead costs, to companies on a shoestring budget is starting to attract medium-sized businesses as well.Whichever office is more suitable to your needs, Phnom Penh offers a variety of choices! If you’re interested in exploring currently available options, be sure to check out our listings and/or contact our partner agents directly.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:
19150 views
How To Save Money When Renting
How To Save Money When Renting
June 6, 2022, 5:07 p.m.
Home & Living
Property Buyers & Sellers Advice
The idea itself of renting can sound quite expensive. For some, it can be. But a lot of people are missing out on the opportunity to save just because they don’t know how to. Here are a few tips on how to save money while renting a property in Cambodia.Negotiation is keyThe first rule is to negotiate: always try to find a common ground with your landlord and ensure that you get the most out of your lease. Try to get a better rate in exchange for a longer-term contract or leverage on factors such as furniture, location and so on. Finding good tenants is not very easy, so landlords have a significant advantage in getting long-term contracts too. Sit down with the landlord, discuss all the terms and make sure you get a good deal for yourself.Get a roommateIf you have a large space for yourself and can spare a few more square meters, getting roommates can significantly decrease the rental fees you pay. Depending on how big of an area you’re willing to share, you can split the cost as high as 50/50. But just be really careful about the people you share it with. It’s best to split costs and space with people you already know.AirbnbAirbnb has become quite a trend for travelers nowadays. If you’re looking for a more short-term approach to sharing your unit or rental property, Airbnb essentially allows you to rent out your home or part of it for just a couple of days. Travelers tend to lean more towards this route because they get to meet people who are already familiar with the area and they don’t have to spend as much too. You can also benefit from this with all the learnings you can get from people who might come from another culture or environment as you.Get insuranceIt may seem counterintuitive to purchase something when you’re actually trying to save. But buying insurance will benefit you in the long run because you’ll be safeguarding your property from any unforeseen incidents such as flooding, fire, earthquakes, and things like those. So, instead of paying a large amount of money for repairs in one go, you’re actually paying the insurance to do that for you.UnplugIf you’re not using your electronics or appliances, it does help to remove them from the socket as accumulated energy from these can amount to something significant in your electricity bill. In the same way, turning off your faucets when you’re not using them not only saves you money, it also helps the environment.These are just some of the things you can do to save up while you’re renting. But it’s also important to note that the best way to really save is to just take control of how you earn and how you spend money. Knowing where you need to spend and when you don’t need to spend and what to spend on can make so much difference.Looking for rentals in Cambodia? Let us help!Article by:
22647 views
Top mistakes when investing in real estate
Top mistakes when investing in real estate
June 6, 2022, 5:07 p.m.
Property Buyers & Sellers Advice
The real estate sector in Cambodia has such a large scope, and like in any other place investors can run into pitfalls or hit major roadblocks along the way. But what is the difference between investors who prosper and investors that flop? While some attribute luck as the main factor, it’s actually an investor’s skill and ability to avoid making mistakes that carry them through.That’s why Realestate.com.kh made a list of top mistakes investors make in Cambodia. So that you can learn how to avoid making the same ones!Not researching enoughA strong athlete will be remembered throughout history, but a smart athlete survives it. In the same way, investors with great resources can start out strong, but longevity comes from research. Let’s say you make an investment in Phnom Penh because you’ve seen businesses thrive there for years. For the first few months, your investment may do well. But since you didn’t study the investment climate of Cambodia and the projections from experts, you might have missed out on news snippets stating that Sihanoukville is garnering lots of interest as well. And while you’re successful in Phnom Penh, Sihanoukville may have been a better option for your investment type.In an interview, Director of Business Development at VTrust Appraisal In Sitha echoes this sentiment. He says, “The most common mistake that the property developer makes when entering the Cambodian market is moving too fast. Before starting any project a feasibility study is crucial. And they need to get recommendations from professional real estate agents.”Reading up a bit won’t hurt. But if you still have some concerns, it would be better to bring in a professional from the industry.Trusting Too MuchSpeaking of real estate professionals, there are plenty of them in Cambodia. But since the country’s economy and policies are still on its early evolution phase, there are still a number of con artists out there too. If not con artists, self-professed agents who know nothing about the market. So, part of doing your homework is checking the credibility and reputation of the people you deal with.Don’t get us wrong, just because professionals don’t have websites doesn’t mean they’re a scammer. But just because they have websites too, doesn’t mean they’re professionals. So, instead of going to independent agents or sketchy agencies, try heading off to recognized organizations first, like EuroCham, BritCham, and the Cambodian Valuers and Estate Agents.They’re most likely gonna have both the information you need and the connections you’re looking for.For more information on common scams in Cambodia, visit our Scams to Avoid GuideNot preparing financiallyThis has got to be the biggest mistake investors make. Just because you have tons more left on your bank account after your property purchase doesn’t mean everything’s been paid for in full. Like in other countries, Cambodia also has its own special set of taxes and after-sale maintenance you need to pay for. These include the transfer tax, the annual property tax, withholding tax, fees like a public service charge for setting up a limited liability company. And don’t forget the utility bills and the insurance.Some investors think spending ends after the purchase of the property. In reality, that’s exactly when expenditures begin. This is why proper allocation of funds will get you far into the market because you know exactly how much you have, how much you’re going to spend, and how much you can potentially make as profit.To learn more about processing fees, taxes, and other expenses, check out our Ownership Guide now!Much like in other situations “Just because you can doesn’t mean you should.” And that’s exactly how investing goes. Taking a risk has to have its fair share of research, insight, and merits first. Without them, you might just find yourself in murky waters. This list of top common mistakes by investors should give you an early advantage. But remember to always keep yourself updated so you can adjust accordingly too.Want to learn more? Check out other great resources on Realestate.com.kh now! Go to our Location Profiles and Investor Guides pages for more information! Looking for real estate for rent in Phnom Penh? Or want to read about critical tips for prospective lessors? Check out Realestate.com.kh
23150 views
Houses for Sale in Sihanoukville: Home Buyers Guide
Houses for Sale in Sihanoukville: Home Buyers Guide
June 6, 2022, 5:07 p.m.
Realestate News
Property Buyers & Sellers Advice
Sihanoukville is one of the major tourist destination of Cambodia and is seeing a rapid economic growth. Currently, tourism and real estate are the main drives of its development and investors are rushing here not to miss out on the benefits of investing in the housing and hospitality sector.What are the types of Houses for Sale in Sihanoukville?Currently, the housing sector in the province is growing significantly due to the increasing demand of the tourism sector. Several kind of residential properties can now be found such as flats, villas, apartments, and resorts for tourism or business.Borey for sale in SihanoukvilleBoreys are regarded as a gated community occupied by people looking for a modern living space, and they usually offer different types of residential units such as apartments, villas, and shophouses. Borey projects available in this area include Borey BS, Borey Peal City, and the Borey Hillton Park Villa. These borey projects typically start with 1-bedroom with a starting price of $60,000.Condo for sale in SihanoukvilleAs in the rest of the country, the supply of condo projects in Sihanoukville is growing too.One of the prime condo projects that saw an early investment opportunity in Sihanoukville is D'Seaview Condominium project. The development is located only1 km from the coast of Sokha beach and the fresh air and the beautiful natural scenery provides comfort and great atmosphere to those living there. Residential units range from 1 to 3 bedrooms and are suitable for those looking for a modern lifestyle by the beach.Another condominium project in this area is The Royal Bayview which is located along the coast of Independence​ Beach. The project will feature 1.344 units and will also have a 3-storey shopping area. The Royal Bayview is expected to reach completion by the end of 2019.Another project located near by is The Blue Sky Tower, which is located in Sangkat 2, with a starting price of $40,000.  The Nest Apartments Seaview Condominium is also rising on the in the area and is located along the coast of Hawaii beach. It has 9 storeys and has unit sizes ranging from 30 to 126 square meters with a price range of $28,500 to $52.500.It is clear therefore that the number of residential condominium projects rising in the coastal areas is growing very fast.Why are residential developments in Sihanoukville attractive?Currently, a number of infrastructure projects are under construction such as The railway system, the airport expansion, the Sihanoukville port development. This development will not only help boost the growth potential of the region and provide confidence for investors, but it will also ease the transport of materials and reduce the price of condos in the area. In addition, Sihanoukville is becoming very popular due to its location, and clean beaches.As mentioned earlier, tourism is also growing very fast: the Department of Tourism expects tourist numbers to run up to 3 million annually by the end of 2020 -- 1 million of international arrivals and 2 million locals.What are the potential areas for investment in Sihanoukville?Sangkat 4 seems to be one of the best options for residential area. It is located alongside the beach and includes the Ochheuteal Beach and stretches for 4 kilometers. It is located along the coastal road towards Serendipity beach and is a very popular area because of its convenience in terms of transportation and international trade.There is no doubt that Sihanoukville is becoming increasingly popular; whether you are looking for a vacation house or looking to relocate by the beach, is it certainly worth to check what the market is currently offering.Find out more about new developments in Sihanoukville on Realestate.com.kh now!Take 2 minutes to complete our survey and win and IPhone 8!
25034 views
Pros and Cons of Buying Pre-Selling Properties in Cambodia
Pros and Cons of Buying Pre-Selling Properties in Cambodia
May 12, 2023, 8:27 a.m.
Property Buyers & Sellers Advice
What is a Pre-Selling Property?  A pre-selling property is a property released for sale in the market at any stage before the development is completed. This is otherwise known as an off-plan property. Pre-selling properties exist for a few reasons. Developers offer it to finance the construction of the project, while others for an assurance that all units are sold before construction is completed. Some developers do it for both reasons too. But buying pre-selling properties has its fair share of advantages and risks. Advantages of Buying Pre-Selling It’s more affordable – off-plan properties are mostly, if not always, cheaper than buying units that are ready for occupancy (RFO). This is because you won’t be able to use the home just yet! As a reward for trusting the developer, buyers are given extra privileges in the form of a low-cost purchase amount and more flexible payment terms. So, you can pay for the property in instalments as well with little to no interest. Other developers also do special discounts for early buyers, making the property all the more attractive.Great investments – Pre-selling properties mostly increase in value as it is near completion. This can be used to the buyer’s advantage. For example, if you buy a property now in its pre-selling stage and its selling price is $120,000, in about two to three years, once it’s completed, the value can go up to around $150,000. That’s a $30,000 profit for doing nothing except waiting for the development to be completed. But of course, you have to do your study on the property first.More options – Since the property is in its pre-selling stage, not many have inspected the property and bought it. So, as a buyer of off-plan properties, you have more freedom in choosing your unit type, where it’s facing, what floor, and other similar factors. With RFO units, this is hardly the case. You’re stuck with manageable units, at best. Cons of Buying Pre-SellingChanging Terms - Pre-sale contracts can be ambiguous and vague sometimes. It can be subject to further changes, either legally or through a technicality or loopholes. The risk is that you might actually get a unit that’s very different from what you were promised. This includes changes in material, location, layout, size, and finishing. Time Management – A delay in completion and turnover is another risk an investor must look into. Sometimes, pre-sale contracts contain delay clauses that free the developer from responsibility for turning it up on time.  That’s why it’s important to always check the contract.Financial loss – If a developer goes bankrupt or the project doesn’t push through, you’re usually left with nothing. Sure, you can sue them, but that will take quite some time and funding.  Bonus Tips* Even with these apparent risks, the good can definitely outweigh the bad if you are well-advised of the developer and their past projects. So, here are a few things to keep in mind when scouting for properties and you just happen to run across a pre-selling one. Look for developers with a good reputation. Look for reputable agents Get a good lawyer to run through the contract with you to check for any inconsistencies or unfair clauses.Hire the services of licensed brokers to assist you with the process.Verify the legitimacy of the developer with related government agencies and ministries such as the Ministry of Land Management Urban Planning and Construction. Pre-selling properties are great ways to get the most out of your money. With proper precautions and a bit of research combined with these tips, you can make that money grow even further until the next property comes along.  To find more reliable off-plan propertiesClick Here
22543 views
5 Real Estate Negotiation Tips That Work!
5 Real Estate Negotiation Tips That Work!
June 6, 2022, 5:07 p.m.
Realestate News
Property Buyers & Sellers Advice
The following are real estate negotiation tips to help you think more laterally in your real estate negotiations and achieve better outcomes.After all, why meet in the middle when both parties can achieve their goals? Have you ever negotiated like this?Car salesman: “The price is $5000.”You: “I’m willing to pay $2500.”Car salesman: “I can give you a small discount, how about $4000.”You: “What about $3000.”Car salesman: “Ok, I spoke to my manager $3500 is our final offer.”You: “Done. I’ll take it.”In the above example you and the car salesman start with a $2500 gap and eventually ‘meet in the middle,’ almost. This is the most common form of negotiation and is known as ‘positional bargaining’. Unfortunately positional bargaining generally results in poor outcomes for both parties because everyone gives up the same amount and, therefore, neither party gets what they really want.Thankfully there are other ways to negotiate! Follow these simple real estate negotiation tips and watch your odds change:1. Consider the objectives of all of the parties:As a property buyer, the most important person in the transaction is the seller and you should focus on their desires first. Do some research with the agent and find out what is really motivating them to sell. Especially focus on non-monetary considerations. You would be surprised how often the sale of a home or other property is caused by something other than money. For example:The seller needs to move from Phnom Penh to another country urgently: Perhaps offer shortened settlement terms during your real estate negotiation, for example 30 days. Or offer to pay a 50 percent deposit immediately - and the balance over a longer period.The seller is building a new home to move into: Offer to rent the seller the property after the purchase on a month-to-month basis until their new home is complete.The wife of the seller is reluctant to sell the family home: In the real estate negotiation, offer to have a professional photographer to come in and take portraits of the family in the home before they move out. This will give the wife some comfort as she then has a permanent memento of the home.2. Don’t forget the real estate agent:Remember, a big part of any real estate negotiation and the ultimate purchase is the real estate agent. The agent represents the interest of the seller, but they are also self-motivated. Therefore, it’s critical to have the agent on your side in any real estate negotiation so that they put your offer in the best possible light to the seller. For example, if two offers are equal on a financial basis, the agent will likely influence the seller to accept the offer from the buyer they prefer. There are a range of things you can do to improve your real estate negotiation tactics with the real estate agent:Promise the re-sale of the property to the agent.Offer to appoint the agent as the rental manager of the property.Offer the agent a written, or even video, testimonial regarding their great service, if the sale is a success.Promise to give the real estate agent a referral to all of your friends should you be the successful buyer.3. Trust your judgment and make genuine offers:There is a saying in real estate that ‘time kills deals’ and in a fast paced property market such as Phnom Penh, Siem Reap and Sihanoukville this is definitely the case. As such, we suggest researching the real estate market thoroughly and making an offer that is at, or very close to, your maximum.  By making an offer for what you know the property is worth, you have a strong chance of buying the home, land or commercial property, before other buyers swoop in and offer more. Remember this negotiation tip and don’t get caught out offering less than you know the property is worth - if this occurs you are likely to miss out as more aggressive buyers pay more and close the deal.4. Loose lips sink ships:Never let the other party know how much you have available to spend or what is motivating you to buy during any real estate negotiation; this risks the seller using these great negotiating tactics on you! This is a key negotiation tip in any situation, not just real estate.Similarly, given so many properties in Cambodia are marketed as “Price On Application”, it is very important to always make the seller name a price first before beginning any real estate negotiation. With that information you are well placed to make a counter-offer in proper context of the seller’s price. If a buyer makes the first offer, they are in danger of over-pricing the property from the start and that can only ever result in a bad deal.5. Cash is king:Sellers hate any uncertainty in a deal and offers made ‘subject to finance’ can be a deal breaker when a competing offer is for cash – even if the offer is for less. This is why it’s critical to have your finance arranged and be ready to settle on a deal very quickly once the price is agreed. See the bank BEFORE you see the seller! Cash is always king in real estate negotiations, in any country, but especially in Cambodia. Being able to offer cash gives the seller absolute confidence in your offer and this is often worth more to a seller than a higher offer that may never settle.Keep these real estate negotiation tips up your sleeve, and you will secure you dream property in no time; on YOUR terms, not the sellers!Want to learn more about how you can make money by investing in real estate wisely? Get on Realestate.com.kh today, the best source of information for property buyers & Sellers in Cambodia.Search properties for sale in Cambodia and current properties for rent in Cambodia!
20713 views
Choosing a Real Estate Agent: One Versus One Hundred
Choosing a Real Estate Agent: One Versus One Hundred
June 7, 2022, 12:45 a.m.
Realestate News
Property Buyers & Sellers Advice
When selling your home, should you stick with one real estate agent or list your property through multiple agents? Both options have clear advantages and disadvantages that sellers may want to consider before deciding. Listing with Multiple Agents:- If you want to make a quick sale, listing your property with multiple agents would seem like a logical choice. And there’s a good reason for that. You get more exposure. These professionals can utilize different avenues such as the newspapers, buyer networks and internet property listings to spread awareness for your property. More exposure means a gathered interest from a larger audience.- The downside to using multiple agents though is that you’re working with a range of people and various sales strategies that are often times totally different from each other. This also entails that there are different degrees of understanding as to what type of buyers are qualified for the sale. This may mean the information about your property becomes different than you first intended as it travels between agents and their networks - which will mean the buyers they present are not necessarily sold on the correct info.  - Hiring multiple agents also means that negotiations will be done in isolation. The ones competing won’t be the buyers but the actual agents. This hurts your cause because you might find out too late that someone else may have made a higher offer.- There is also the risk of running into “commission cowboys”. These are self-professed private agents who will do anything to make a sale. This doesn’t always get you the best buyers.Listing with an Exclusive Agent:- The thing about listing with an exclusive real estate agent is that their sales strategy – if it’s the right strategy – it can save you a whole lot of time and effort. It focuses in on making sure that you get a good deal, with the right buyer without demanding too much. This also offers the agent more flexibility to adjust their strategy based on your needs and on the current market’s feedback.- You can hire a professional that specializes in your kind of property too. It is important to note that one effective person can outdo a hundred ineffective ones. Make sure you choose your agent wisely.- Having an exclusive real estate agent also makes it easier for the buyer. Buyers would rather think about their personal needs more than they think about which agent they should contact. Keeping everything singular eliminates any possibility of confusion and makes it more convenient for buyers to make an offer.- Exclusive agents also sometimes package property management services into the mix as a form of incentive. This is something you won’t get from multiple agents.- The downside to this is that information about your property is limited to the stream of influence your agent has. Your reach is much more contained.Want to learn more about how you can make money by investing in real estate wisely? Get on Realestate.com.kh today!Ready to make a listing? Sign up for an account with us now!
25638 views
Purchasing land in Sihanoukville: Buyer's Guide
Purchasing land in Sihanoukville: Buyer's Guide
June 6, 2022, 5:04 p.m.
Property Buyers & Sellers Advice
Preah Sihanouk province or generally known as Sihanoukville, is located at the south-west corner of Cambodia. It is 230 km from the capital city of Phnom Penh. It covers a total of 2,536.68 square kilometers where two-third of the total area are hill and plateau.Now, Sihanoukville has become significant part of the country’s economic growth. With the stability of its economy, it is also attracting foreign investments into the province, which is also affecting the land market. For this reason, before buying land in Sihanoukville, it’s important to understand the local market to make sure you get your investment worth.How much is land in Sihanoukville selling for?According to Mr. Den Sakal, CEO of Universal Real Estate in Sihanoukville, land in Sihanoukville is divided into three major areas -- agricultural land, downtown land, and coastal land.Agricultural land refers to the area where residents are living and doing their farming. This type of land is located farther from the town and beach. The price of this type of land also remains lower compared to other two areas. Meanwhile, downtown land is crowded and is not far from the beach, and is generally good for businesses since this is where all the commercial activities happen. This allows the land price to go higher than in the agricultural area. However, buying land here is still lower than the coastal land area where the beach is the key factor for tourism, residence, hotels, restaurants, and other leisure activities.Sakal mentioned that in terms of land price, agricultural land starts at $5 and can go up to $25 per square meter. Downtown land has an average of $400 to $700 per square meter, whereas the coastal land where there is high potential, prices range from $700 to around $1,200 per square meter.What types of land titles are available for land in Sihanoukville?Sakal said that there are both hard titles and soft titles being used in the entire province. But soft titles do not hold the same security that hard titles do. Some areas have been issued hard titles by the land office. But some still don’t have hard titles. However, every land that carries a soft title can be also applied to get a hard title.Soft titles are still generally accepted without any problems. However, before buying any land asset, is better to ask for a hard title. If it does not exist, then check with other villagers in the area to make sure you are buying a secure land.Where should you buy land in Sihanoukville?Sakal says there are a total of 4 districts in the province. These are Sangkat 1,2,3 and 4. Sangkat 1 is far away from the other three. If you plan on investing in this sangkat, meaning that it might take longer to see the return on your investment, compared to the rest of Sangkats. The other 3 sangkats are quite  busy in terms of business, commercial activities, and tourism. It’s more convenient for both living and selling back in this area -- especially in Sangkat 4. It is the top area for tourism. It houses the Ochheuteal Beach, Otres Beach, Sokha Beach, and the upper market (Phsar Leur).Why should you buy land in Sihanoukville?The potential for investment in the area is huge, in terms of residential development, industry, business, and tourism. So, regardless of whether you buy properties here for living or for future resale, this area appears quite promising.Additionally, Sihanoukville is seeing the rise of many new housing developments such as D’seaview, Blue Bay Sunshine Bay, Royal Bayview and Blue Sky Tower. Other than the residential sector, there are also many already existing developments here such as ports, the Sihanoukville Special Economic Zone (SSEZ), the airport and tourism sites. And it is expected to welcome  even more new developments in the upcoming years.Moreover, today accessing Sihanoukville is much more convenient with options like using the National Road No. 4 and the railway which have direct access to Phnom Penh. All these factors provide constantly good opportunities for land investment in Sihanoukville.Can expats buy land in Sihanoukville?According to the land law of Cambodia, foreigners are not allowed to own land and landed property in the country except through a strata title. However, strata titles for residential units are only applied for co-owned buildings and foreigners can only own units above the ground floor.However, there are exceptions that foreigners can utilize to own land in the country such as marrying a Khmer, becoming a Khmer national, leasing long-term, using a nominee structure, forming a landholding company, or applying for a concession.What are the legal aspects I need to know before I buy land in Sihanoukville?No matter what methodology you use to find land Sihanoukville, just make sure you find land with no hidden conflicts, and no hidden leasing or buying. But it may be stressful to check these details if you are a newcomer to Cambodian real estate. As a recommendation, seek the assistance of local agents to help you find the perfect property. In term of the law, real estate agents are very knowledgeable about the area and can handle those things for you. Your stress will be relieved.Looking for land for sale in Cambodia? Find it on Realestate.com.kh
19551 views
Things to consider when buying in a Borey in Cambodia
Things to consider when buying in a Borey in Cambodia
June 7, 2022, 6:11 a.m.
Home & Living
Property Buyers & Sellers Advice
Cambodia’s rapidly growing property sector has opened up a new market for housing projects throughout the Kingdom. While condominiums continue to take the headlines in Cambodia’s construction news, little do outsiders know that Borey developments - gated communities featuring a range of popular residential housing - are beating condominiums in terms of popularity among Cambodia’s expanding middle-class.At the end of 2018, Knight Frank recorded a total of 46,197 units across 126 Borey developments. That number increased to 51,278 units across a total of 131 Boreys by the first half of 2019!The supply of landed property projects continues to grow in the first half of 2021 despite of the impacts of the global pandemic. 21 new projects were still launched in 9 districts in the capital which added l15,500 units to the future supply.This number is expected to grow in the coming years but you can get up-to-date Realestate.com.kh’s Real Estate Survey and Reports here.What is a Borey and what makes it so popular?A Borey development is a gated community featuring a range of housing types popular among Cambodians. It can feature single villas, twin villas, hybrid villas, linked houses, shophouses, and flat houses. These different housing types further offer a wide range of preferences in terms of floor area, number of rooms, and prices to accommodate the needs of individuals, families, and/or businesses.Since Boreys occupy a considerable amount of space, some areas of the development may be allocated for parks, children's’ playgrounds, markets, and retail stores. These gated communities also feature 24/7 security through private security personnel and infrastructure.Where to buy a Borey in Cambodia?According to the General Population Census 2019, over 2,200,000 Cambodians live in Phnom Penh. This makes Phnom Penh the most populated city in the Kingdom and it only follows that most of the Kingdom’s Borey developments are concentrated here.A high percentage of borey developments are located in the outlying districts of the capital city, because of two primary (and related) reasons.First, Phnom Penh’s almost-breakneck pace of development leaves little-to-no room for Boreys to be developed within the city center.Second, because of the speed of development, land prices close to the city center make it virtually impossible to make any Borey development appealing for a majority of Cambodians.Given the variety of Borey developments, we recommend buyers to check the latest Borey projects close to Phnom Penh.(Borey VIP in Dangkao commune, Dangkao district) (Borey Lorn City Lotussana in Chaom Chau commune, Por Sen Chey)   (Borey Galaxy 11 in Spean Thma commune, Dangkao district)As the Borey market in Phnom Penh gets more competitive, developers have started looking elsewhere in the Kingdom for future projects.Siem Reap, the second most populated city in the country with over 1,000,000 residents (General Population Census 2019) has started seeing its own Borey launches in the last couple of years.Most Borey developments have reported strong off-plan sales figures, with some citing sold-out figures in their first and second phases. The interest shown by the local market suggests that the city’s market is open to new property developments despite the popularity of shophouses and traditional Khmer houses in Siem Reap.The Borey market in this culturally rich city is growing every year. We recommend interested buyers to check the latest Borey projects in Siem Reap and some of the featured boreys below:Bakong Village - Bakong, Prasat BakongVnom Empire - Ampil, Prasat BakongBorey Royal Angkor Village - Svay Leu, Svay LeuSihanoukville has seen rapid commercial and residential developments since 2015, mostly focused on mixed-use developments. Borey developers, however, have taken an interest in the city as the on-going development of a USD $2 billion expressway from Phnom Penh to Sihanoukville, and a USD $294 million road rehabilitation within the city, makes it a strong candidate for Cambodia’s next major urban centre.For property hunters looking for the comforts of the city while having easy access to Cambodia’s beaches, we recommend interested Borey buyers to check  Borey VIP in Sihanoukville and all the latest borey developments in Sihanoukville.How are Borey properties priced?Borey properties vary greatly in terms of prices. This is mainly because of the aforementioned variety of properties offered within any given Borey development. For ballpark estimates, Knight Frank’s report cites that these could range from USD $750 to USD $1,700 per square metre in 2019.Then again, land prices in Cambodia are constantly on the rise so these prices are expected to further increase in the immediate (2-3 years) future.Factors that directly/indirectly affect Borey prices also vary. Here are some key considerations in Borey price assessment:How far away is the Borey community from the nearest commercial centre? (Shopping centres, theatres, banks, government institutions, airports, etc.)What are the included amenities in the Borey? (community park & events centre, children's playground, public swimming pool, etc.)Did the developer build the necessary residential infrastructure themselves? (electrical grids, water and sewage pipelines, access roads, etc.)Is the Borey overall an affordable/mid-tier/premium Borey?We suggest you consider these factors, in addition to your specific and personal needs, when buying a Borey, or any property, in the Kingdom of Cambodia.Find out more about property valuation fees in Cambodia.Tax law for Borey in CambodiaFor any property of any type with a freehold/hard title in Cambodia, whether you’re a local or a foreigner, there is a transfer tax that you have to pay whenever you purchase a property. The transfer tax is 4 per cent of the property’s value.An annual property tax is also levied on landed property exceeding 100,000,000 riels ($25,000) in value. This tax is collected annually at a rate of 0.1% of the property’s value. The tax is based on the value of lands, houses, buildings and other constructions built on the land by deducting 100,000,000 riels (USD$ 25,000) from the property in question.The (property) value of lands, houses, buildings and other constructions that are built on the land shall be determined based on the market price by the Property Evaluation Committee established by the Prakas of the Minister of Economy and Finance, according to the General Department of Taxation.Read more in our guide on property tax in Cambodia.Can foreigners own a Borey in Cambodia?Foreigners are prohibited to own landed property by the foreign ownership law in Cambodia that was promulgated on May 24, 2010. Since Boreys are considered landed property, this type of housing is essentially prohibited from being owned by a non-Cambodian citizen.A foreign national can either get married to a Cambodian and name it after their spouse, or gain Cambodian citizenship for themselves after satisfying state requisites.What type of ownership titles are available for a Borey in Cambodia?Cambodia uses three types of ownership titles. These are the soft title, hard title, and the LMAP title — the safest type of title. So, if you buy any Borey homes, it’s best to ask the project owner for LMAP title to be the most secure for your future immovable assets.What do you need to check when buying a Borey in Cambodia?The Cambodian government, through its respective agencies, has cracked down on erring developers who do not have the proper documentation for their projects. But it’s always good to exercise some due diligence on your part. That’s just being a smart consumer!Here are the 5 key legal documents you need to look for when checking a Borey’s legal adherence:Hard Title: You have to look at two classifications of hard titles when dealing with Boreys. The first is the hard title for the whole Borey development. This is called a master title - and will cover the entire piece of land on which the project sits. The second one should be hard titles that are subdivided for each residential unit included in the Borey. These are called individual titles.A legitimate Borey development should be able to produce both of these hard titles to potential buyers. If they can’t show this, don’t put any money down until they do.NOTE: It is also possible for developers to issue a Soft Title for their properties, but it would be in your best interest as a resident to get a Hard Title.Development Company Registration: Development companies will need to register themselves to gain approval from the necessary ministries to proceed with construction. However, construction is not always a sign that they’ve been approved. You can ask to see their company registration just to make sure both the project and the developers can proceed legally.Master Plan Approval: The Ministry of Land Management will need to approve the developer’s Master Plan first before the construction begins. A credible developer will be able to provide you with it or at least show you a copy.Construction License: The construction company then goes through a thorough background check with the Ministry of Land Management. Boreys must have a single registered construction company building the units and infrastructure to ensure consistency and quality throughout the development. Once this has been cleared, the construction company is then given a license.Borey License: The Ministry of Economics and Finance releases the license for the Borey once everything is in order. This means that the developer has satisfied the requirements of the Government in terms of quality, design, sales plans, and documentation.Is buying Borey in Cambodia a good investment?Good investments are always based on a given market’s projected needs - and Cambodians are increasingly demanding more and better homes every year. Land prices for Borey developments have already seen a considerable increase in recent years.According to data from Knight Frank, the average launch price of Borey projects in 2018 amounted to USD$ 715 per square metre. This jumped to USD$ 940 per square metre in 2019. The high-end of Borey developments have seen the biggest jump with 2018 launch prices ranging around USD$ 1,200 to USD$ 1,350 per square metre - this increased to an average of USD$ 1,700 per square metre in 2019.The global pandemic caused some fluctuations in the prices from 2020-2021 according to CBRE Cambodia’s recent Market Overview report.Another factor to consider is that Boreys currently in the pipeline, and consequently, other future Boreys, will be built further away from the city centres (especially Phnom Penh).Considering this rapid outward expansion, established Boreys will definitely see a massive increase in value in the coming years.How do you pay for Borey in Cambodia?The adage “Cash is King” is prevalent in Cambodian transactions. Having your own money in cash gives you good leverage in getting a discount for property purchases in the Kingdom.But if your current situation calls for more immediate purchase, with not enough cash to purchase the whole property, instalment options are also available through bank loans and other licensed microfinance institutions.If you’re getting a home loan, you can get one from ABA Bank, Chip Mong Bank, Vattanac Bank, and many more. To get a bank loan, you need to have regular monthly income, collateral, the hard title of the property, and guarantees.There will also be a background check for the prequalification on a loan payment to the bank.Should you buy an off-plan Borey in Cambodia?Many project developments in Cambodia are sprouting up with a new sales strategy by selling off-plan units. Off-plan means the project owners are selling their projects before and during the start of the project’s construction.Buying a unit on an off-sale plan can be advantageous: You can get a good discount, you can choose your unit in the project before anyone else does, and even influence the design of your house.There is, however, the risk that the development might run into trouble in the future that may lead to the construction being stalled or even cancelled. To help you better sleep at night, we strongly recommend you follow our guide to checking the developer’s legal papers in the earlier part of this guide.Stay up for up-to-date news on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:
23950 views
Start Your Career in Real Estate, Without The Startup Capital!
Start Your Career in Real Estate, Without The Startup Capital!
June 6, 2022, 5:04 p.m.
Realestate News
Property Buyers & Sellers Advice
The Sales Club of Cambodia (SCC) welcomes to the upcoming forum all the talented people with an interest to learn and improve their sales knowledge and skills.SCC will facilitate successful and experienced salespeople to share their knowledge with the community and the young-generation, allowing ongoing professional sales skills development and the improvement of livelihoods across the overall society.On 12th March 2017, SCC will hold a dedicated forum which will focus on Real Estate Industry opportunities. This will be held in partnership with Mekong Property Management and a selection of Developers and Investors willing to share their investment and development plans with potential salespeople.For this special opportunity, we have invited 5S Realty Group, namely Mr. Chan Sy, Chief Executive Officer; & LHC (Cambodia) Investment Co. Ltd, namely Mr. Charles C. Villar, General Manager. We have also invited Mr. James Whitehead, Director of Content at Realestate.com.kh, Cambodia’s leading real estate website, to present on the potential of the Real Estate market in Cambodia today.At the end of the forum, we encourage attendees to continue their study and apply to become an independent salesperson for all projects, with significant commission opportunities without the commitments of a full time job.Find the latest real estate news now on Realestate.com.kh
22287 views
Huge sales recorded at the inaugural Cambodia Real Estate Show
Huge sales recorded at the inaugural Cambodia Real Estate Show
June 6, 2022, 5:04 p.m.
Special Reports
Events & Announcements
Realestate News
Property Buyers & Sellers Advice
The Cambodia Real Estate Show, powered by realestate.com.kh, saw over 3000 local and international investors flock through the Grand Ballroom doors of NagaWorld Hotel last weekend, Friday & Saturday.The country's leading developers benefited from thousands of sales leads generated over the two days; and a staggering 30 deals were converted onsite at the show - equating to over 3 million US$ in total property value.Developers also booked a high number of site visits, showroom tours, and gained hundreds of serious leads to follow up in the coming weeks after the show. Three lucky buyers also won international flights packages, thanks to the airlines sponsor Cambodia Angkor Air.40% of those who attended the event were Chinese, or Chinese speaking; 20% were mixed internationals; and 40% were Khmer nationals. As Cambodia’s leading property classifieds website, the turnout of the show represents the targeted audience of the Realestate.com.kh website and related media channels.“The Creed Group, presenting 3 projects at the show - Bodaiju Residences, Borey Maha SenSok and Arata Garden Residences - achieved a great result: 21 unit bookings and reservations for current selling projects and the upcoming project, Arata Garden Residences,” confirmed Ms. Kelly, Deputy Sales & Marketing Director at Creed Group.Ms Intan Kosem, developer of Habitat Condos, said that, "We were very delighted to present Habitat Condos at the show. In fact, we sold one unit to an overseas buyer which we met at the show - and we also generated various other sales leads and property visits from the event. We look forward to the next show!”“We were very satisfied to be a part of the inaugural Realestate.com.kh Cambodia Real Estate show at NagaWorld. The event enabled our team to generate a significant number of direct sales and many good quality leads for prospective buyers. We are looking forward to the next event organized by the Realestate.com.kh team,” said Mr Laurence Hamilton, Vice President of NC Max World Real Estate Development/Brokerage who presented new projects such as The View and East One Apartments at the show.Mr. Piseth Seng, CEO of LK Development Group - developer of The Elements project, stated that, “The Cambodia Real Estate Show at NagaWorld was beyond our expectations! Realestate.com.kh delivered what was promised to the exhibitors. We met so many potential buyers and the high-value investors that we were looking for. We are sure that this Real Estate show is here to stay in the market and we are proud to continue to work with Realestate.com.kh into the future.”In addition, the show provided a very insightful series of seminars from some of the most respected figures of the local and international industry. All of these presentations and video seminars are available for viewing on www.realestate.com.kh/news in the coming days.Porsche and Mercedes Benz were also at the show - allowing visitors to test drive some of the hottest cars on Phnom Penh’s streets from the valet parking area of NagaWorld.The Show would not have been possible without its dynamic sponsors: Last Mile Works VR, Seara Sports Systems, Ezecom & Cellcard. A big thanks goes also to our trusted Official Media Partners: Business Cambodia, Bizkhmer, Khmernavi/Enjoy Cambodia, Sin Chew Daily, B2B Cambodia, Amcham, Britcham, Cambodia Constructors Association (CCA), Cambodian Valuers and Estate Agents Association (CVEA), PropertyGuru, Property Report, Asian Property Review, PropertyGuru International, Juwai.com, the Khmer Times and La Reine. “Our real estate show simply closed the gap between the investor and the opportunity,” comments the ceo of Realestate.com.kh, Mr Thomas O’Sullivan. “When investors from throughout the region arrived in Phnom Penh for our real estate show, they were able to feel, smell and touch Cambodia; they saw the drastic changes happening here in terms of construction and real estate development. They also came to understand the infrastructural improvements that are transforming the country into an economic hub. This exposure to Cambodia gave many the confidence to invest in property at the show,” concluded O’Sullivan.After the success of the first ever Cambodia Real Estate Show, Realestate.com.kh is already planning for an even bigger and more comprehensive Real Estate Show within 2017.Find the best real estate news on Realestate.com.kh
21342 views

123
123
backnext