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Understanding property titles in Cambodia

February 24, 2020, 3:42 a.m.

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(The Ministry of Land Management, Urban Planning and Construction / Phan Soumy)What is a property title?A title or ‘deed’ is an official document confirming who owns the property, its location, and what rights the property owner enjoys. It should be noted that a significant percentage of land in Cambodia is not registered with the National Land Office and has no official land title certificate to secure the land on behalf of the owner.During the civil war period between 1975 and 1979, all Cambodian land title records were destroyed. This made any definitive proof of property ownership impossible after the war. A land law was passed in 1992 to establish the groundwork for land ownership, but it wasn't until its 2001 revision that allowed private ownership of land in Cambodia. The 2001 Land Law allowed for the creation of a land registry system enabling the issuance of Cambodia land titles. To date, over two million Cambodian land titles have been issued to citizens.Property ownership can now be secured by one of three forms of Cambodia land title: Hard title, Soft title, and Private Ownership in Co-owned Buildings – also known as Strata Title. In addition, an LMAP title is also now available.One of the most frequently asked questions is "Can foreigners own land or landed property in Cambodia?" The quick answer is No. The Cambodian Constitution prohibits foreign nationals from owning land and landed properties in the country.There are, however, indirect mechanisms of "ownership" such as the Nominee structure and Land concessions for development. Visit our guide to Property Ownership Mechanisms for Foreigners in Cambodia for more information.Hard Title in CambodiaHard titles are the most secure proof of property ownership and are considered the best Cambodian land title.Hard titles are certification of ownership provided by the Cambodian Land Management and Planning office. Hard Titles also include detailed information recognised and certified at a national level by the Ministry of Land and the Cadastral Office. It should be noted that a transfer tax applies when hard title transactions occur.A quick summary of what is a Hard Title in Cambodia:The Hard title is the strongest form of property ownership in Cambodia.In the rare occurrence that a disputed land has both a Hard Title and a Soft Title, the owner of the Hard Title will win the dispute.A Hard title is a land ownership certificate provided by the Land Management and Planning office.Hard titles contain detailed information that has been duly recognised and certified at a national level with the Ministry of Land and the concerned cadastral office.A Transfer tax of 4% per cent will be paid based on the total property value upon the facilitation of the Hard Title transfer.The facilitation of a Hard Title transfer usually takes up to 12 weeks.Foreign nationals are constitutionally prohibited from obtaining Hard Titles. By extension, this prohibits foreign nationals from owning land and landed properties in Cambodia.Soft Title in CambodiaA Soft Title is the most commonly issued Cambodian land title. The Soft Title, however, is only recognised at the local government level. Soft titles are provided at the local Sangkat or district office and are not registered at a national level.The Sangkat (commune) or Phum (village) chief will issue a letter of possessory rights, which refers to the right of “possession” of property. A person is in “possession” of the property when she/he physically occupies the property but is not the owner of the land as recognised by the authority.Although not as secure as a Hard title, they are still considered evidence of possession. Historically, many land transactions have occurred as soft titles to avoid transfer taxes and fees. However, most new major developments are being transacted with hard titlesA quick summary of what is a Soft Title in Cambodia:A Soft Title is the most common form of ownership and the most commonly issued Cambodian land title as the transfer taxes and fees are cheaper than a Hard Title.It is estimated that 85% of Cambodian property owners only have Soft Titles to back up their property claims.It is a Cambodian land title that is recognised at the local government level (Sangkats & Khans).Soft Titles are provided by the local Sangkat or District office and are not registered at a national level - but are still considered a valid legal document of ownership. Soft Titles are relatively cheaper and quicker to acquire for Cambodians.Estimated to take anywhere between 10 to 12 working days to process.Foreign nationals are prohibited from owning a Soft Title. By extension, this prohibits foreign nationals from owning land and landed properties in CambodiaCambodian Strata TitlePrivate ownership in co-owned (strata) buildings is a recently introduced form of property title that also allows foreigners to legally own property in Cambodia.Co-owned buildings or Strata-titled buildings are defined as buildings in which several owners reside, consisting of some parts that are the exclusive ownership of each co-owner (private units), and some other parts that are common spaces for the common use of co-owners (common areas).A quick summary of what a Strata Title in Cambodia is:A Strata Title is a special title commonly used for condo unit purchases that is available to both Cambodian nationals and foreign nationals.There are other mechanisms not necessarily involving a Strata Title available for property ownership for Foreign nationals which you can see in our investment guide.Strata Titles can only be granted if the property in question satisfies these criteria: Only applicable to buildings constructed in 2010 and beyond.Foreigners can only own 70% of the total surface area of the building or property.Strata Titles cannot be issued for properties on the ground floor and/or underground.Strata Titles cannot be issued for any property within 30km of the nearest land border.Private Ownership in co-owned buildings (also known as Strata Title) is the most recent form of ownership and allows foreigners to legally own property in Cambodia.Strata Title is a less common Cambodia land title, but the numbers issued are growing fast.Most new condo development projects offer this type of title to accommodate foreign demand to own property in Cambodia.The Law on Foreign Ownership’ was promulgated on 24 May 2010. This law limits foreign ownership to co-owned buildings. Foreigners still cannot own land, as it is unconstitutional.Strata Titles are issued by the Ministry of Land Management, Urban Planning, and Construction. This means Strata Titles are recognized on a national level.A Transfer tax of 4% percent will be paid based on the total property value upon the facilitation of the Strata Title transfer.LMAP Title in CambodiaTo improve land tenure security, a titling system called LMAP (Land Management and Administration Project) has been introduced in Cambodia.Based on official GPS coordinates, land plots are being registered throughout the country. Should an LMAP title exist for your property already, the borders have been agreed upon between neighbouring parties and are less prone to dispute.A quick summary of what is an LMAP Title in Cambodia:The LMAP Title is another property ownership title issued and recognised on a national level by the Ministry of Land Management, Urban Planning and Construction (MLMUPC) - along with the relevant cadastral offices.The main difference between the LMAP Title from a Hard Title is its inclusion of the exact GPS coordinates that determine the boundaries of the property in question.LMAP Titles can only be obtained on land that has been indexed on a cadastral map. So, if a plot of land has not yet been indexed, the LMAP Title cannot be issued for that property.If the MLMUPC is presently undergoing the necessary LMAP titling process in your village or area where you live, this means you only need to follow what your local authority informs you to do once the project is completed. It is their obligation to communicate with you.It is possible to own a Hard Title without an LMAP Title due to the above-mentioned limitation.A Transfer tax of 4% per cent will be paid based on the total property value upon the facilitation of the LMAP Title transfer.Foreign nationals are not permitted to own an LMAP title. By extension, this prohibits foreign nationals from owning land and landed properties in Cambodia.How to Transfer A Property Title in CambodiaWhen you purchase property or land in Cambodia, it is critical to obtain outright ownership in order to feel secure about your new asset. To complete the process for transferring land titles of ownership, there are particular steps that need to be followed, documents that need to be obtained, as well as the necessary consultations with relevant agencies.Step 1: Verify the title certificate with the relevant Land OfficeThe buyer will first need to verify the land title certificate with the Land Office at the Ministry of Land Management, Urban Planning and Construction (MLMUPC), to check for any debts or other claims to the property.This process requires:The buyer must obtain the original title certificate from the seller to verify their genuine ownership.The buyer will then verify the title certificate with the Land Office at the MLMUPC.The Land Office will inform the buyer if there are any liens (debts), mortgages, or other claims registered to that property.Relevant Government Agency: Land Office at MLMUPCEstimated time to completion: This takes approximately 10 days (should occur simultaneously to steps 2 and 3)Step 2: Obtain information on the propertyThe buyer must then obtain information on the property from the relevant Commune Council Official. This involves the buyer contacting the village chief or the Commune Council Official in which the property is located to obtain information about the land/property. In addition to this, an official search of the title should take place at the Khan/District Land Office.Relevant Government Agency: Commune Council (Relevant District/Khan office in your property’s area)Estimated time to completion: This should take approximately 10 days (we advise that this be done in parallel to Steps 1 and 3)Step 3: Obtain the certificate of incorporation and official documents from the sellerIf the landowner is a legal entity, the buyer must obtain;A copy of the ID of the shareholder, or person acting on behalf of the company.A certified/notarised copy of the Certificate of Incorporation of the seller’s company as issued by the Ministry of Commerce.Any other official documents from the seller relating to the company and the transaction.All of these documents are needed to verify the accuracy and identity of the company name appearing on the title certificate. Further documents needed to verify the seller’s authorisation to transfer the property to the buyer are;A special power of attorney.A Resolution signed by the Board of Directors from that company authorising the named individual (seller) to represent the company at the Land Office (MLMUPC).A power of attorney specifically stating that the seller can bring into effect that Resolution to transfer land titles of ownership to the buyer.Relevant Government Agency: Ministry of CommerceEstimated time to completion: This process should take around 10 days (should occur simultaneously with steps 1 and 2)Step 4: Apply for registration at the District Land Office (MLMUPC)When the buyer and seller, whether they are as an individual or a company wish to complete the property transaction, they must go together to the District Land Office at the MLMUPC to arrange, prepare, and sign the relevant documents.The documentation needed for this step is:The Company’s statute.The Company’s Certificate of Incorporation (obtained in Step 3).Both of the Power of Attorney documents (obtained in Step 3).The original Title Certificate held by the seller must be presented to the District Land Office at the time of signing the deed, in order to have the name of the new owner officially inserted on the document.Relevant Government Agency: District Land Office, MLMUPC (District Land Office of the Ministry of Land Management, Urban Planning & Construction)Estimated time to complete the step: This step takes between 20 and 30 days.Step 5: Pay transfer taxA transfer tax of approximately 4 per cent of the total value of the property is paid to the Ministry of Economy and Finance at the General Department of Taxation, in the district that the transferred property resides. A tax receipt is then issued to prove that the property transfer tax has been paid.In Phnom Penh, however, this tax is not assessed based on the true transacted value of the property; but, rather, based on a schedule of the price of property determined by the Phnom Penh Municipality. The assessed valuation by the Phnom Penh Municipality is based upon factors such as; the total number of square meters, the land’s location, use, potential use, and other variables.To put this quite simply the transfer tax is not based on the actual price of the land which is sold, which is usually the case, rather it is based on the assessed value made by the Phnom Penh Municipal office, which may be higher than the tax rates in other provinces.If the land is more than 1200 sqm, the surplus of the land will also be subject to “unused land tax.” For land less than 1200 sqm, the unused land tax is not applicable. The time for the General Department of Taxation to complete the calculation of transfer tax will depend on the location of the land and its size.Relevant Government Agency: General Department of TaxationEstimated time to complete the step: This process should take around 1 dayStep 6: Return to the cadastral office to complete the registration processAfter all relevant taxes are paid, the parties may return to the cadastral office at the District Land Office of the Ministry of Land Management, Urban Planning & Construction (MLMUPC) and sign/thumbprint an MLMUPC form for buying/selling real property, as filled in by MLMUPC official.The signing/thumbprinting must be witnessed by a local authority such as the commune chief, who will also give their thumbprint. These procedures are based on Land Law Articles; 65, 244 and 245. Land Law Article 69 bars the transfer of property unless all necessary taxes are paid. The documentation provided should include payment receipts of the transfer tax (obtained in Step 5).Step 7: Obtain the certificate of title from the Municipal Land OfficeObtain the certificate of title from the Municipal Land Office: The Khan/District land office forwards all the “transfer documents” to the Municipal Land Office where it issues the final Certificate of Title in the new owner’s name. It is now registered.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:

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Putting the Kep Real Estate Market on the Map

Putting the Kep Real Estate Market on the Map

June 6, 2022, 5:06 p.m.

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When Dan Kreis, founder, owner and operator of Kep Lodge Eco-Resort, arrived in Kep for the first time in 2005, he found only a handful of locally-owned guesthouses, less than 10 foreign residents, no supermarket, no electricity, no local bar, a coastline littered with little more than deserted villas and an extremely small turnover of tourist traffic.Ten years on, and now selling his business at a margin that would have seemed like a fantastic joke in 2005, Kreis has witnessed, and in many ways assisted, Kep in growing to be one of Cambodia’s most highly regarded tourism destinations and an attractive real estate market. Want to buy Kep Lodge? Check out the property listing on realestate.com.kh and inquire today!What Kreis also discovered back in 2005 was an unspoilt national park with mountains and lush forests reminiscent of his homeland Switzerland. So, having since given up on launching a resort in the already-saturated Thai market, and unsold on the tourism hot pot that is Sihanoukville, Kreis found his paradise in the empty hillsides of Kep.After 6 months of searching for the ideal property, Kreis settled on a block of hillside land backing onto the Kep National Park. Here, tranquility and a view of the ocean was assured at $5 per square meter, for a long term lease of 70 years.Locals, who prefered to live along the main artery road in 2005 where prices were around $60 per square meter, warned Kreis that his tourism venture was absurd - “no tourists will want to climb up the hill to find your property,” they said, and fears still remained among some that Khmer Rouge cadre may be hiding in the mountains ranges of Kep, the region known as one of the last remaining strongholds of the regime. Kreis ignored the local critics though, believing that, “the land was ideal, surely at some point the tourists would have to arrive.”Opening with a 6 bungalow operation in 2007, having built the lodge from scratch with a local team of builders, Kep Lodge became the first western owned and operated business in Kep, and the first eco-tourism venture. Water was well sourced and filtered for guests; as electricity was very limited, water was heated solely with gas; inputs, including the Swiss-inspired menu, were almost all locally sourced; and all outputs of the business were put to use in innovative and ecologically friendly ways. One of the most exhausting tasks at this stage, recalls 46 year old Kreis, was staff training. As Kep’s local education system was near non-existent, and the tourism and construction labour pool enjoyed by Phnom Penh entrepreneurs was impossible to tap from the coast, Kreis had to train his staff extensively, always starting at absolute basics. Tellingly, the first Khmer language Kreis learnt was, “If you don’t do it right first time, you do it again!” Want to buy Kep Lodge? Check out the property listing on realestate.com.kh and inquire today!But Kreis’s job was far from done when the bungalows were built. He still had to find a way to communicate to travellers that Kep was a worthy tourism destination. Unlike today, very few tourists were aware of Kep whatsoever: it wasn't in guidebooks and it wasn’t online, and even less were aware of Kreis’s eco-lodge hidden in overgrowth halfway up the hillside. For this challenge, Kreis swiss background in web development and tourism marketing came in handy. By 2007, Kreis had finally managed to get the internet on site via a satellite connection to a Thai internet provider. At this stage, hotel booking sites were not well developed or used in Cambodia, so Kreis had to make his own. Kreis begun to create a series of websites in a variety of languages (French, English, German) to highlight the perks of Kep as an ecotourism destination, the most famous of which being visitkep.com and keplodge.com. He also engaged facebook and other social media to advertise his village paradise, and ultimately, draw customers to Kep Lodge. His plan worked, and Kep soon begun to emerge as another stopover in the Cambodian tour. Even in 2007, the lodge enjoyed 80 percent occupancy on average across the year. “Kep’s proximity to Phnom Penh has also made it attractive to expats living in the capital,” says Kreis. These holidayers, predominantly western, come for the boutique style and comfort of Kep Lodge’s bungalows, meanwhile, respecting Kreis’s desire to let guests live close to nature.In 2015, Kep Lodge has expanded to 13 boutique bungalows, occupied almost year round, with a tropical fruit orchard, elegant restaurant and clubhouse, an infinity salt-water hillside swimming pool, and a collection of the most hospitable hotel staff you are likely to find. Now, the land that Kreis’ dream resort sits upon is valued at up to $90 per square meter, with land by the main road in Kep as high as $150-$200 per square meter.Looking across Kep Village today, the real estate market has expanded beyond comparison too. Around 90 guesthouses are now scattered across the sleepy beach town, with over 50 restaurants and around 200 permanent expat residents - a welcome change for Kreis, who found his early years in Kep isolated from the outside world. “In fact,” notes Kreis, “Over Pchum Ben holiday this year we saw traffic jams in Kep Village, as holiday makers from across the country took to the coast in numbers like we have never seen before.” Want to buy Kep Lodge? Check out the property listing on realestate.com.kh and inquire today!

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Cambodian Market Prospects as the AEC Approaches

Cambodian Market Prospects as the AEC Approaches

June 6, 2022, 5:06 p.m.

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At the end of 2015, the 10 ASEAN nation states are on track to create the ASEAN Economic Community (AEC) as a means to support the free flow of labour across Asia, and benefit all economies falling within the AEC by sharing human resources. Cambodia is expected to gain benefits through increases in foreign direct investment into the Cambodian market -but how the AEC will change the face of the domestic Cambodian labor market remains uncertain. With the ASEAN Economic Integration at the end of this year, Cambodia seemingly must strengthen its capacity in terms of human resources and professional expertise if it is to meet the regional market’s demand when the AEC integration fully comes into play. After the integration, labor flow will increase considerably for professionals with internationally transferable skill sets, such as accountants, health professionals, engineers, researchers and tourism workers. These Cambodian professionals will now be able to apply for positions throughout the region without restriction, and potentially gain higher wages. Chan Sophal, Director of the Centre for Policy Studies in Cambodia, said the AEC will bring new labor flows to professions that require high skill labor inside and outside of Cambodia. This means, ' ... Enterprises in need of skilled workers within Cambodia will be able to hire them more easily than at present because the potential market will be larger,” he said. As inter-ASEAN competition increases between its members in terms of labor flows, Cambodia must strengthen the aggregate capacity of its own human resources in order to meet the competitive labor market of ASEAN in the coming years, and to ensure employment opportunities inside and outside of Cambodia. In order to strengthen the labor market for the AEC, Sophal said, “the number one priority must be to better train and educate our students. This is the only way we can compete.” In regards to whether Cambodia is ready for the ASEAN economic integration, Sophal explained that, “While I think we have strengths and weaknesses within the Cambodian market, ASEAN, fully integrated, will provide opportunities to attract domestic investment that will in return create jobs for skilled and unskilled workers within Cambodia. In addition, new competition in the labor market within Cambodia is seemingly going to be limited due to the variability of criteria that may or may not attract workers to Cambodia.” Chrek Sok Ny, CEO of Century 21 Mekong, said the present Cambodian market is getting ready for the integration in many ways: 'I think it's beneficial to bring in new technologies and methods for construction into Cambodia in regards to construction standards and levels of development. But meanwhile, the AEC will boost Cambodian economy and strengthen cultural connectivity of all member countries. There will be free flow of goods and labor, and Cambodian workers will migrate for jobs abroad; whereas skilled workers from member countries will enter Cambodia filling the increasing demand for higher skilled positions that this development demands.” A joint publication released by the ADB and ILO at the end of last year, showed that Cambodia could be one of the leading beneficiaries of the AEC through the creation of an estimated additional 1.1 million jobs by 2025. Low-skilled jobs will account for 71.2 percent of this increase, predicts the publication, meanwhile, medium-skilled professional roles may increase by around 722,000 jobs. Despite that, the same publication goes on to say that Cambodians may well lose their domestic employment opportunities if there is no improvement in the market in regards to workers’ training and education. Furthermore, domestic higher-skilled workers may still look to migrate outside of Cambodia, as opportunities for higher salaries will now be available. Realestate.com.kh is proud to support the CVEA's Property View publication. Click here to get your copy, or if you are interested to join the CVEA today.

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Northern Phnom Penh Comes on the Radar

June 7, 2022, 7:14 a.m.

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The northern part of Phnom Penh has been attracting many residential and commercial developers – the reason being that the area is still relatively quiet and has no traffic congestion problems compared to its big city neighbor. The northern areas along National Road 6 are seeing fast development now that Chroy Chongvar II Bridge is available for public use. Many new projects are appearing, such as Chroy Chongvar City, Borey Peng Hout, Borey River Town, and Borey Mekong River. In addition, the government has been building Morodok Decho Stadium to host the ASIAN Games in 2023. Meanwhile, Ly Yong Phat, Director of the Ly Yong Phat Group, is planning to move a Safari Zone from Koh Kong to the area along National Road 6. A group of real estate experts said the property situation at the northern part of National Road 6 shows huge potential, and growth in residential projects appears to continue unabated. Kek Narin, an independent real estate analyst, said the area along National Road 6 has great potential for residential and commercial development, mainly because the area is sandwiched by rivers. Consequently, if there is a company investing in building and infrastructure along the river bank, it will become a great satellite city in the future. “Personally, I also want to move to this area because the area has fresh air and a good environment. If we travel along that road, we feel fresher and better than we do along National Road 4 - which is very noisy,” he said. “The area will be developed very fast because land is very attainable here.” The area has Prek Leab, Prek Ta Sek, and Backeng communes, and is altogether known as Chroy Chongvar district, Phnom Penh. Po Eavkong, General Manager of Asia Real Estate, said that after the National Road 6 expansion, provided by a loan from the Chinese government, the area from the Chroy Chongvar Bridge to Prek Ta Meak Bridge saw big changes, very quickly - such as Boreys, and small, medium, and even big businesses popping up along the road. Due to the favorable qualities and potential of the area, land prices are set to increase between 10 and 15 percent per annum, says Eavkong. Land prices along the National Road 6 from Chroy Chongvar Bridge to Borey Mekong Royal start from $400 to $800 per square meter, and sub road prices range from $100 to $150. Land that stretches from The Mekong Royal to Ly Yong Phat’s land ranges from $200 to $400 per square meter, and land from Ly Yong Phat’s land to Prek Ta Meak Bridge is priced from $100 to $200 per square meter, he said. “The area has become a residential-developed zone which is seeing huge interest from investors. It not only has residences, but also high-rise buildings,” Eavkong said. “If we talk about environment and fresh air, and infrastructure, they are all good enough, but I observe that one negative point is that the Phnom Penh municipality has not yet built the sewage system along the Road 6.” Mr. Ly Yong Phat said he planned to inject about $1 million into the area to build his safari zone, which he plans to move from Koh Kong to Phnom Penh. The Phnom Penh based safari is slated to open in early 2016. The size of the safari in Phnom Penh is about the same as Koh Kong’s, but it will be of an improved quality, says Phat. In regards to the Decho Satellite City, Mr. Phat said, “We need a partner to build this satellite city because we cannot do it alone as its size is about 1700 hectares - so big.” The satellite city project is aimed at all strata of people, but he did not confirm when the project will start or finish. Hor Vandy, co-President of the Tourism Group, said the safari zone in Phnom Penh would be a tourism product which international tourists will demand. This will mean some will stay longer in Cambodia than previously - and in Phnom Penh in particular. If the safari zone is connected with Ta Mao Zoo, tourism companies can prepare a good tour package for tourists, and the tourists will not hesitate to travel more around Cambodia, he said. “Moving the safari from Koh Kong to Phnom Penh is a good decision, for there are not many people in Koh Kong and tourism penetration is low. Phnom Penh has about 2 million people and about 2 million tourists, and tourists are increasing from 7 to 8 million per annum,” Vandy said. Realestate.com.kh is proud to support the CVEA's Property View publication. Click here to get your copy, or if you are interested to join the CVEA today.

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Real Estate Sector Faces both Positive and Negative Risk

Real Estate Sector Faces both Positive and Negative Risk

June 6, 2022, 5:04 p.m.

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Cambodian real estate has seen increases in land prices and investment that has quickly changed the face of the country, and its profile within the region. Yet, the question is whether the sector will continue to grow in the long-term. There are optimistic responses – but also some warnings from economists and real estate industry commentators.Po Eav Kong, General Manager of Asia Real Estate, said that there are two driving forces behind the progress in this sector. The first force is ongoing political stability. This has equaled economic growth for Cambodia, a stable macro-economy and support for other sectors that contribute to overall economic growth. The construction sector investment, for example, increased from $900 million in 2010 to about $2 billion last year. The second force to look at is capital inflow, the economic and financial flows that have occurred, and regional changes in these flows. An example is the new Vietnamese real estate law that took effect a few months ago. It allows foreigners to own land and residential property. This means competition for foreign investment between Vietnam and Cambodia will increase. Yet, despite these changes, legal systems and practice, and demographics, all factor into foreign investment decisions. “I think overall the countries’ investment potential in real estate is still prominent because of our continued economic growth and stability,” said Po, “the sector will continue to grow for the next few years, but in the long-term I cannot predict because politics and the economy are not yet independent from one another.” Po said the flow of new investors from Japan, Korea, Malaysia, Singapore and China, and the increased size of the countries’ middle-class, as well as a continuing supply of cheap labor, are all parts of the attraction for foreign investors coming into Cambodia. Vorn Chanthorn, CEO of Town City Real Estate, seems positive about the growth in real estate. Chanthorn believes the sector will continue to expand thanks to the stable environment and continued economic growth. He also suggests that average people and the Government are more aware of the importance of supporting the sector. “The government has a good policy to attract foreign investors - they are allowed to buy houses in Cambodia from the first floor up regardless of their nationality.” He added, “I think there will be new policy in the future to encourage more investment.”Chanthorn’s forecast is seemingly sound, since recently the government has adopted policies to boost the economy through promotion of the industrial sector. Its new economic development policy aims to draw in investors by replacing the primarily labor-driven economy with a technology-driven one. However, Soeng Bonna, CEO of Bonna Realty Group, is cautious when it comes to risks and growth of this sector. He said it is difficult at this stage to conclude if growth still exists in the long run for these sectors - especially after the ASEAN Economic integration. If things remain as the status quo, the property sector will move forward, but we do not know how attractive big development projects will be to investors or how well they will do. 'So far, I have no knowledge if those already proposed major projects will continue, but smaller domestic projects will go forward.” He added, “It will be less profitable for bigger projects if there are many smaller ones priced from $2,500 to $3,000 per square meter. Those big projects will fall flat if foreigners’ demand for condos does not exist. Domestic demand will, however, continue.” For Bonna, economic growth and political stability in Cambodia have yet to show signs of discouragement. Yet, the government reforms do not look particularly attractive to investors either. So, it is clear that today’s condo demand (before ASEAN integration) is lower than the supply. Mey Kalyan, economist and senior adviser of the Supreme Economic Council, has warned that people should be very careful saying, ‘houses are like body fat.’ Rather, consuming too much fat at once is not advisable; building too many houses while the demand for them remains low will not do the economy any good. Modern condos are not very productive; it is similar to when someone buys a luxurious car for themselves, as opposed to a bus which he or she could easily rent for profit. He added, “We can hustle the market, but when it comes to real estate it is always a two-edge sword. If you buy as an investment or as a speculator, problems will arise. If you are buying with the expectation to keep the property and sell it for profit, foreigners can do so now as the price is reasonable for them for this dual-benefit purpose.”The Ministry of Finance predicted in early July that Cambodia's economy will continue to maintain a growth rate of seven percent for the rest of the year, as it did last year, and the main sectors contributing to this growth are those of textile, construction and real estate. Mr. Faisal Ahmed, IMF Resident Representative to Cambodia, said the real estate and construction sectors in Cambodia have helped spur economic growth and political stability because the sectors have provided lots of jobs to people and have significantly boosted income into the financial sector. However, the growth of supply that exceeds demand should remain under precise scrutiny.However, Arn Channy, Sales and Marketing Executive of World City, which has been developing the satellite city CAMKO CITY, said from now into the next five years real estate in Cambodia will still be growing due to the increased demand and high number of investors. When the full ASEAN integration is realized at the end of the year, Cambodia will benefit a lot because the inflow of people to find work and investment will consequently raise the demand for housing. He said, “Cambodia has huge potential for the future to come.” Realestate.com.kh is proud to support the CVEA's Property View publication. Click here to get your copy, or if you are interested to join the CVEA today.

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Featured Agent Profile: Century 21 Advanced Property

June 7, 2022, 12:42 a.m.

Realestate News

Realestate.com.kh would like to present another of our featured agencies - Century 21 Advanced Property. Century 21 Advanced Property is the exclusive holder of the Century 21 Trademark & Systems in Cambodia. With our giant networking within 75 countries, 7,250 Offices, and 103,000 agents, we are sure to make the Buying or selling your properties should be a memorable and pleasant experience. [caption id="attachment_78878" align="aligncenter" width="323"] Mr. Long KimSuor (Right), Chairman of Century 21 Advanced Property[/caption] Check out Century 21 Advanced Property listings for rent and for sale on realestate.com.kh today Century 21 Advanced Property's vision is to become a diversified regional real estate holding company, specialized in real estate and related activities in locations where the company identifies an advantage, in order to achieve consistently increasing returns and growth to our value clients & Owner. Century 21 Advanced Property Mission: The mission of Century 21 Advanced Property is to be the most successful real estate firm in Cambodia. Century 21 Advanced Property incorporates proven, professional state of-the-art techniques specializing in the marketing, listing and selling of new and resale luxury homes, residential communities, condominiums, home sites, undeveloped land and commercial and investment opportunities. Century 21 Advanced Property Core Values: To fulfill our company vision we will incorporate professionalism, high ethical standards and innovative business practices and systems. Our values are honesty, integrity, and fairness in dealing with our clients, service providers, and colleagues. We will provide quality training and excellent education to our staff. The Century 21 Advanced Property Team: Working together is essential. Harmony and a positive attitude are critical to success. Without synergy and devoted teamwork our goals will remain unattainable. We at Century 21 Advanced Property highly appreciate talent and we continuously work to explore personal potential and to reward outstanding achievement. Century 21 Advanced Property Services include Property Sale, Buy and Rent; Property Consultation; Property Management; and Project Sales, Consultation and Management.Check out Century 21 Advanced Property listings for rent and for sale on realestate.com.kh today

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Finding Expat Rentals in Phnom Penh

June 6, 2022, 5:06 p.m.

Realestate News

Searching for expat rentals in Phnom Penh can often be a stressful and daunting task, especially if you are an expat who is new to town. Here at Realestate.com.kh, we've compiled a top 5 list of advice and tips, to ensure your next rental home search will be a great experience.There are no shortage of agents who are ready to assist you finding expat rentals in Phnom Penh - from fully registered agencies, right through to "work from home agents." In fact, you can bet even the good old tuk tuk driver will know a few places for rent if you ask them.But how do you weed out the good from the bad when searching for quality agents with expat rentals in Phnom Penh? How do you save the time & stress when searching for an expat rentals property?Ask your friends or colleagues if they know a great agent: Chances are, if they’ve been in Phnom Penh for a number of years, your friends, family and acquaintances would of dealt with several agents before, and can share their experiences with you. Find out who helped them to secure their expat rentals in Phnom Penh, and learn as much as you can from that experience.Use an a professional agency: Professional run agencies such as the “featured agents” listed at the top of Realestate.com.kh’s “Find an Agent” section, are well established, and, in some cases, this list includes some particularly expat orientated agencies. Professional agencies with an expat focus should have a full range of listings on Realestate.com.kh and on their own website, fluent English agents, great market insight and experienced with Cambodian rental agreements. As they offer a free service to potential tenants, professional agencies should be your first call. Some current “Featured Agents” who specialize in expat rentals in Phnom Penh include Yong Yap Property, IPS Cambodia, Knightrank Cambodia.Does the agent understand your requirements? It takes time to visit properties and you don't want to waste half a day viewing properties that are not relevant. There are agents out there who only hear your budget of $500 and do not care that you want to live in a specific area or that a large balcony is the most important feature you require. Ask the agent to show you photos of the property first to save time.Check their referrals: Quality agents have a track record of happy clients and would be proud to show you some positive feedback from their previous clients. If they have a testimonial section on their website or feedback on facebook, see what previous clients have said about the agent's service. Don’t forget to consider their after-sales support track record - this is often the difference between an average agent and a very good one.Attention to detail: Does the agent respond emails/phone calls in a reasonable amount of time? Does the agent show up to appointments on time? Do they dress smartly? All these signs give you an indication of the type of agent they are, and the standard of service that they are likely to bring to you. If the agent makes the effort to present in a professional manner to you, it's a safe bet that they'll provide quality overall service.Found an agent? Now it's time to inspect the properties they recommend! Checkout our property inspection checklist now!

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Bodaiju Residences Architech Reflects on Unique Design

Bodaiju Residences Architech Reflects on Unique Design

June 6, 2022, 5:04 p.m.

Realestate News

Bodaiju Residences is delicately infused with Japanese and French architectural elements, believes the project's Architect, while bringing the everyday conveniences expected in a modern apartment building to the capital of Cambodia. Bodaiju Residences is an ensemble of six 14-storey buildings woven into the tropical landscape. The project Bodaiju Residence was designed by Ivan Tizaniel, a French architect who has worked on projects that include The Plantation Hotel, in Phnom Penh, and the VIP terminals for both Phnom Penh and Siem Reap International airports. See the listing here. Phase 1 is selling out fast, with huge local interest from Khmer buyers!Each Bodaiju Residences unit will enjoy large covered terraces that are able to act as a second out-door living rooms. Indoor-Outdoor flow is the name of the game, as Tizaniel wished to embrace Cambodia's tropical climate. It may also be a tribute to the Cambodian lifestyle, as local families prefer the option of eating and relaxing outside or inside, depending on the weather. The residences will also host rooftop sky pools, sky parks, a gym, clubhouse, BBQ pit, mini marts, cafes and kids play space, among a host of other features. Inquire today for full information! “Bodaiju is architecturally inspired by the local climate,” Tizianel, the proud architect said, adding that, “in tropical countries such as Cambodia, we have to provide shade within the design to protect from the sun and get natural ventilation.” One, two and three bedroom condos are all available, and on accommodating financing schemes. Inquire today for full information! Another unique feature of Bodaiju Residences, is that the car and moto parking lots open up to the ground floor gardens, covered by additional suspended gardens and lush walkways that link all buildings on the second floor. The suspended gardens serve a dual purpose, Tizianel explains: Able to hide the parking lots and, meanwhile, create a nice landscape for the lower level apartments. “The Japanese touch is in the simplicity of details and the relationship with nature,” reflects Tizianel. Bodaiju Residences brings nature together with the conveniences of metropolis living, in close vicinity to Cambodia’s industrial centers. Located on the outskirts of Phnom Penh, alongside Lion Mall and a quick drive to the Phnom Penh international airport, Bodaiju Residences is equally close to the Phnom Penh Special Economic Zone and other emerging hubs of industry; a great choice of new home for factory management who wish for a convenient location close to the workplace. With construction commencing now, set to be completed by 2018, the project will be built in three phases on a 23,531 square meter area of land. The first phase, which is currently being sold, will include 372 units, while the second and third phase will produce 372 and 184 units respectively. Click Here to Contact Bodaiju Agents! Low-entry investment in Bodaiju Residences starts at $100,000. The average net selling price of Bodaiju Residence units is $1,600 to $1,700 per square metre. The Bodaiju Residences project is the first and biggest project to be invested in outside of the city center and instead in front of Pochentong International Airport. This shall be the future focal point of Phnom Penh, and is an attractive position for investment based on rising land prices. It's proximity to both the CBD and the International Airport is an assurance for buyers that their investment will increase in value as the Cambodian economy continues to develop. Inquire About Bodaiju Residences Today on Realestate.com.kh and find out more!

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Phnom Penh Rental Market, an Expat's Guide

Phnom Penh Rental Market, an Expat's Guide

June 6, 2022, 5:06 p.m.

Realestate News

Realestate.com.kh understands that the Phnom Penh rental market can be a little daunting for expats fresh to the Kingdom looking for a new home. In light of this, Realestate.com.kh has taken a survey of the average prices of rental properties in Phnom Penh, and let you know what differently classified Phnom Penh rental properties are likely to provide.Not surprising, Phnom Penh offers a host of real estate options for expat renters - whether it be a traditional wooden Khmer-style townhouse, a classic French-inspired Villa home, or a state of the art condominium unit, built by an international investment company. Clever expat or local renters can win in the Phnom Penh market place if they know what is available, and what reflects a reasonable price for those properties. The following should be a good start, thanks to Realestate.com.kh! We can break the Phnom Penh rentals market into four broad categories: Full-Serviced Apartments, Western Apartments, Khmer-Style Shophouses, and Renovated Shophouses.Let’s explore the attributes of each type of Phnom Penh rental property, and the average cost of leasing in different areas of town.1) Serviced Apartments in Phnom Penh: Luxury is increasingly in demand in Phnom Penh - but as the supply of luxury serviced apartments begins to exceed demand, luxury can also be very affordable. Full-service apartments provide almost everything you could want in a Phnom Penh apartment.Expect, at minimum, western style architecture and interior layouts, natural light, views, modern equipped kitchen including an oven, modern bathrooms, and expansive closets. Services such as laundry, Internet, cable, water, and even concierge services are included in the new breed of serviced apartments around Phnom Penh. Most of these accommodations also include one or more elevators, security, car, bike, and moto parking, gyms and/or swimming pools. Expect organized rent collection and hasty replies to your maintenance requests. You will almost certainly have air con.Serviced apartments are generally easy to find in the city, but expect prices to be higher than other types of accommodation, and don’t be surprised if vacancy rates low. Service apartments are somewhat impersonal, compared to other types of Phnom Penh rentals. Due to their size and relative vacancies, it may be more difficult to get to know your neighbors or your landlord. For a young professional or family, however, this extra space and privacy may be appreciated. They are also generally high rise apartments, so chances are you can land a great view of the city! Rough Price Range for 1 Bedroom Service Apartments:CBD - Chamkarmon, Daun Penh = $1000 – $1700 per month;Outskirts - Toul Kork, Sen Sok, Olympic, Toul Tom Poung = $800 – $1200 per month.2) Western Style Apartments in Phnom Penh:A “Western Style” apartment is a term that is thrown around a lot on the Phnom Penh rental market – and those properties fitting this description can vary widely. A “western” apartment can in fact represent anything from a few apartment units on the third floor, to a unit within a high-rise multi-unit tower. However, generally, those properties termed as western-style apartments in Phnom Penh have more amenities than those sold as Khmer-style units.So called “Western apartments” are generally newly constructed, have windows in every room and plenty of natural light, western style toilets and a kitchen with full cooking amenities; this should include all standard appliances and plenty of cabinet space, counter space, and an integrated cooktop. Often these apartment’s bathrooms will include a hot shower, a bathtub and floor tiles. A western style apartment should have a larger living space with somewhat modern lighting fixtures.Western apartments will also generally be furnished, and with furnishing such as plush sofa’s – as opposed to purely wooden furniture preferred in traditional khmer houses. Internet, cable, water and sometimes cleaning are generally included in the rental rate. Some of these properties will have elevators and might even have shared rooftop terrace areas. Expect parking for bicycles and motos. You should always get an air conditioner – in fact, this can be the sole reason the seller has called it “western.” Essentially, the “Western” label should lead you to believe that the construction is of a higher standard, as is the overall security of the building.For a foreigner there is also the benefit of having many foreign tenants, making it easy to make friends when your first settle in. Owners of western apartments are generally more experienced with this market and will follow through with your rental maintenance requests. Price Range For 1 Bedroom Western Apartments (non serviced):CBD - Chamkarmon, Daun Penh = $600 – $1000 per month;Outskirts - Toul Kork, Sen Sok, Olympic, Toul Tom Poung = $500 – $700 per month. 3) Khmer-style Shop House: A Khmer-style shophouse is still one of the most common property types in Phnom Penh, found in nearly every Phnom Penh neighborhood. They can also be built into three or four-story low-rise row homes. A shophouse, khmer style, is generally about four meters in width and roughly 16 meters long. The doors to enter will be in the front or back of the shop house, and the walls on either side will almost always have no windows. In a khmer-style shophouse, bedrooms won’t generally have windows, and if they do, they will face toward the interior of the home as opposed to the outside – thus, generally providing no natural light.Bedrooms will normally have movable dressers or rattan shelving, as opposed to inbuilt storage space provided in the more modern designs of apartments. Kitchen layouts in Khmer-style shop houses are generally fairly basic too. Expect to see a sink or two and a one burner gas cooktop. Don’t expect an oven and you will be lucky if you get much cabinet space.Don’t expect hot water, anywhere in the house. Bathrooms generally won’t have a separate shower or windows - but will be well equipped with floor to ceiling tiles, and the infamous bum gun. Bathrooms are just “wet rooms” without a separate shower in many cases. Home furnishings are seldom included, and if they are, expect them to be either rattan or wood. Expect, in terms of furnishings, no more than chairs, coffee table, and a table for eating.Although basic shop houses are still surprisingly popular with foreign renters, ultimately, their simplicity creates a kind of charm – and the price gap between these common shop houses, and new serviced units entering the market, are incomparable. Those that accept these shophouses for long term rents are generally expecting the landlord to make improvements or are being permitted by the landlord to make changes and modifications to the home themselves. With the right design and decoration, this style of house can be tailored to your preferences, and made to look much more valuable than their rental price. Expect to live close to your neighbors and get to know your neighborhood – which is a valuable experience for many expat renters. Rough Price Range For 1 Bedroom Khmer-style Shop Houses:CBD - Chamkarmon, Daun Penh = $300 - $400 per month;Outskirts - Toul Kork, Sen Sok, Olympic, Toul Tom Poung = $300 and under per month.4) Renovated Shop House:A renovated shop house, basically a khmer shop house that has undergone a makeover, can be harder to find in Phnom Penh. But when you find the right renovated shop house, you can get the authentic khmer style of living, with all the western amenities at hand. Adding to your search, the renovated shop house can often appear camouflaged from the outside as they generally have the same construction and outward appearances as the standard Khmer-style shop house.However, look inside to discover a gem – as the owner has in fact renovated the apartment interior with Western finishes, fixtures and amenities, yet still encapsulated in the same 4 x 16 meter layout. Keep your eyes peeled for new floors, added windows, and updated lighting fixtures. Other home furnishings will be newer – such as plush couches/sofas, and maybe a glass coffee table. A clear sign that a shop house has been renovated are the addition of external windows in the bedroom, facing the outside.Bedrooms may also have added features since the renovation, such as built-in closets, built-in shelving and air-conditioning. Renovated shop house kitchens will usually have cabinets for storage, and newer, western style appliances. Still, be aware that furnishings and construction may be cheap and require maintenance.Renovated shop house are great for foreigners who want to live comfortably on a budget while meanwhile maintaining the charm and community of living in a Khmer-style shop house. Owners are quite often friendly to expats and eager to please throughout the contract. More importantly - the prices are affordable. Rough Price Range For 1 Bedroom Renovated Shop Houses:CBD - Chamkarmon, Daun Penh = $600 - $700 per month;Outskirts - Toul Kork, Sen Sok, Olympic, Toul Tom Poung = $400 - $600 per month.Learn more about the Phnom Penh Market here. Check out our pre-signing checklist for rental properties now!

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Bodaiju Residences Prove Popular with Khmer Investors

Bodaiju Residences Prove Popular with Khmer Investors

June 6, 2022, 5:06 p.m.

Realestate News

Although a relative newcomer the market, Bodaiju Residences has already sold over 60 per cent of Phase 1, according to Tomohiro Yakushi, vice president of the Japanese developer Creed Group. See the listing here.Yakushi believes that the reason for this is that most new developments across Phnom Penh aim solely to capture foreign investors but, Bodaiju Residences, the largest development in Cambodia by a Japanese Company, has gained huge interest by local investors and home owners who understand market potential and the need for well-financed projects in Cambodia, especially those located in strategic areas.In fact, Her Excellency Louk Sovanna from the newly formed KH Niron Investment company, a local property investor, has already announced that they have purchased 37 units at a total cost of around $5 million, according to a recent report in the Phnom Penh Post.“Unlike other condominium projects that mainly target foreigners, we aim to target locals pursuing home ownership and high standards of living,” said Yakushi. Bodaiju Residences have already gained local confidence: the key to success in the Cambodian new developments market.“We mainly want local people to live here - not only foreign investors buying and selling condo units. We want to add real value,” Yakushi said. Hence, the majority of sales thus far are local Cambodians, at around 65 percent of Phase 1 sales; in addition, Korean buyers represent 15% of phase 1 sales, Japanese equate to 10%, Singaporean, 5%, and the remaining 5% of the units have been sold to other nationalities. This demographic will provide a multicultural and vibrant community in Bodaiju Residences.Inquire about Bodaiju Residences today on Realestate.com.kh and find out more!Based on current sales success, the Creed group predicts that at least 75 per cent of sales in Phase 1 will be complete in October 2015, according to a recent interview with the Phnom Penh Post.Creed is also making financing available, for local and international buyers. In fact, financing is available for up to 90 per cent of the property value by ORO Financecorp—a subsidiary of Creed Group— meaning that property investors can acquire loans starting from as low as 5 per cent interest.“This means that the low-entry investment starts at $100,000,” Yakushi adds. The average net selling price of Bodaiju units is $1,600 to $1,700 per square metre.The Bodaiju Residences project is the first and biggest project to be invested in outside of the city center and instead in front of Pochentong International Airport. This shall be the future focal point of Phnom Penh, and is an attractive position for investment based on rising land prices. It is a widely known developer's rule that very few property markets around the world fail to grow in areas near international airports.Inquire about Bodaiju Residences today on Realestate.com.kh and find out more!

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Featured Agent Profile: Century 21 Cambodia

June 6, 2022, 5:06 p.m.

Realestate News

Realestate.com.kh would like to present another of our featured agencies - Century 21 Cambodia. [caption id="attachment_78813" align="aligncenter" width="580"] The Century 21 Cambodian team.[/caption] Check out Century 21 listings for rent and for sale on realestate.com.kh todayCentury 21 Real Estate was founded in 1971 and is today the largest and most recognized real estate company in the world, with 7,100 offices worldwide, in 74 countries, and more than 100,000 real estate professionals. Cambodia will be the 75th official country for Century 21 Real Estate. Century 21 Real Estate is the largest company providing comprehensive training and marketing support for its affiliated offices worldwide. As a result Century 21 Agents are recognized as the most skilled real estate professionals in the world. The Century 21 Asia Pacific countries comprise over 10,000 Century 21 agents and is regionally the strongest brand in real estate services. In addition to a strong regional presence supporting Century21 Cambodia, China has more than 15,000 Century 21 Agents and Japan has over 13,000 Century 21 Agents, making the Century 21 Brand the strongest in Asia. Kevin Goos, CEO of Century 21 Cambodia, says that, "What we are doing in Cambodia is entering the market and increasing the level of professionalism with the Cambodian agents, so they can compete on a international level and work in the global market place." The current real estate brokerage market has remained much the same as it was before the World Economic Crisis in 2008. In 2014, with the implementation of Century 21 Real Estate in Cambodia, Century 21 Cambodia will raise the standard practice of real estate service across the entire market in Cambodia. Through Century 21 Cambodia award winning training programs and brand support, C21 will provide all the tools to make Century 21 Agents succeed in Cambodia. "We have done this in every country and it worked every time," says CEO, Kevin Goos. Century 21 Cambodia Real Estate is a business that helps local companies to take their real estate offices to the next level, to network with international buyers, and for them to use the brand that everyone knows and trusts worldwide Check out Century 21 listings for rent and for sale on realestate.com.kh today

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Featured Agent Profile: CDN Property Cambodia

June 6, 2022, 5:05 p.m.

Realestate News

Realestate.com.kh would like to present another of our featured agencies - Rooftop Real Estate Cambodia.Check out CDN Property listings for rent and for sale on realestate.com.kh todayEstablished in 2010, CDN Property 's philosophy of exemplary customer service is based upon the mutual trust and respect of our clients. CDN Property guide each client with our extensive knowledge of Cambodia's real estate market, and CDN Property provides all services to help, educate and inform buyers and sellers for free. CDN Property consultant real estate services include; assisting clients to sell, purchase, lease, and manager their real estate assets. Through CDN Property 's extensive alliance real estate network, they can also provide strategic planning and research, portfolio analysis, and site selection and space location assistance. If you are looking for an experienced Realtor and current listings, CDN Property and its team of real estate professionals are focused on helping clients, old and new, buy and sell real estate that best suits their needs. [caption id="attachment_78805" align="alignleft" width="430"] Socheath Yim, Director of CDN Property[/caption] Focusing greatly on recovery, Cambodia’s economy has been increasing rapidly over the last five years. Tourism has been a great help as it contributed millions of dollars for the country’s national budget. While the international image of the country has not been fully reverted yet, investors who are aware of the nation’s efforts to recover are now pouring in money into it. Cambodia real estate is one area where the country is counting on to jump start their growth. The government is offering incentives and safety measures for future investors who are interested to invest on Cambodia real estate. One very radical move being considered by the government is to lift its rule of not allowing foreigners to own real estate property in the country. Although opening up to the foreign real estate investors is a risky attempt to salvage the country’s economy, the nobility of the purpose is something that is noteworthy. CDN Property advise clients on the acquisition and disposal of a wide range of investment land and property opportunities, throughout the key locations in Cambodia. CDN Property Management team provides a wide range of services to owners, occupiers and investors for all types of property in Phnom Penh. The CDN Property team provides property management services for offices, condominiums, apartments, housing estates and villa. The main aim of our property management is to organize and to realize successfully all the necessary operations concerning real estate. Check out CDN Property listings for rent and for sale on realestate.com.kh today

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Featured Agent Profile: Towncity Real Estate Cambodia

June 6, 2022, 5:06 p.m.

Realestate News

Realestate.com.kh would like to present another of our featured agencies - Towncity Real Estate Cambodia.Check out Towncity Real Estate Cambodia's listings for rent and for sale on realestate.com.kh today Towncity Real Estate's Managing Director, Mr Van Chanthorn (John), began his career in real estate in 2004. Slowly but surely he developed his list of clientele and property, and his understanding of the Cambodian real estate climate, and his operation grew dramatically. In 2013, John re-branded the business with the adoption of the name Towncity Real Estate and the incorporation of Towncity Real Estate Co, Ltd. Today, Towncity is a fully licensed real estate company by the Ministry of Economy and Finance and a member of Cambodia's Valuers and Estate Agents Association ("CVEA") in the Kingdom of Cambodia. John now leads a team of dedicated real estate professionals who are committed to excellence in real estate. The team has built an extensive database of property sales to help guide buyers and sellers achieve the best market price. While, buying property in Cambodia may be unfamiliar to Cambodians and Westerners alike, the team at Towncity can help guide you through the process, with relationships in local government, banks, the Ministry of Finance, the Ministry of Land and Management, the Bureau of Urban Planning and Construction and the Cadastral Office. The Towncity vision is simple: quite simply, to be the best real estate company in Cambodia. Van Chanthorn (John), Founder and Managing Director of Towncity Real Estate Co. Ltd. Towncity Real Estate is fully licensed by the Cambodian Ministry of Economy and Finance. Towncity Real Estate is committed to delivering outstanding service to its clients, both Cambodian and Western. Equally, they are committed to getting their clients the best possible outcome in every transaction that Towncity oversees. Check out Towncity Real Estate Cambodia's listings for rent and for sale on realestate.com.kh today

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Long v Short Term Rental Lease

June 6, 2022, 5:04 p.m.

Realestate News

Are you an Expat expecting just a temporary stay in the Kingdom? Are you nervous about signing long-term leases when you are not sure if you can satisfy the contract length? Are you finding that most Cambodian landlords are unwilling to have tenants stay for less than six months? Here is a guide to Long v Short Term Rental Lease in Cambodia, from Realestate.com.kh.Learn more about Phnom Penh rental market and other Cambodian rental advice here.Here's a check list for securing your dream Phnom Penh rental!Benefits of a Long Term Lease:Signing a six-month or year lease locks in a rental price in a market that is growing in leaps and bounds every year.Rental rates climb 10-15% annually in Cambodia, especially in the urban and tourism centers, and as new buildings offering all types of modern amenities continue to enter the rental market, these prices will continue to rise.A long term lease will save you from a price hike when the lease term ends and you are no longer able to find an apartment of the same value for the same price.Signing a long-term lease will also grant higher negotiating power: the landlord should be more flexible because they know you will stay for a longer period of time. They may add furnishing that you request, and negotiate on set rates.Remember that most owners want to build and maintain a relationship with their tenants. A long term lease allows this trust to develop.If you end up securing a lease for longer than you are able to stay in Cambodia, many expats are seeking shorter length, sub-lease agreements. This will give you the opportunity to finish your lease agreement payments through a sub-lease with a short term tenant. It pays to check with the landlord that will be possible before signing the leasing contract.Alternative, the landlord may allow you to transfer the entire lease to a new tenant that you have found - if you can't satisfy the contract. Enjoying this guide to Long v Short Term Rental Lease in Cambodia so far, learn more about Phnom Penh rental and other Cambodian rental advice here. If I do sign a long term lease, what sort of contractual and non-contractual terms can be negotiated with the landlord?Most importantly, the monthly rental price – as despite what the landlord and agent may say, in the Cambodian market there is always an element of flexibility in it!Consider requesting the installation of window screens, new or more fans, and new or improved furniture.Rates for services, such as water, electricity and rubbish collection may sometimes been thrown into the final rental price, at no extra charge.You should check whether the landlord is open to a sub-lease if you can't stay for the whole length of the lease agreement. If they are, let them know that they will have an opportunity to screen the new sub-leasing tenant before they are accepted. Also, check whether they are open to transferring the bond to the new sub-leasing tenant. If the new landlord accepts these terms, the additional lease length shouldn't be such a risk to you.Remember, negotiation is about compromise. Consider the landlords objectives and unique circumstances - and try to compormise a rental agreement where both parties can feel satisfied. Here is some useful real estate negotiation advice. Enjoy this guide to Long v Short Term Rental Lease in Cambodia, from Realestate.com.kh? Here's a check list for securing your dream rental!

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Guaranteed Rental Returns? What to know

June 7, 2022, 6:54 a.m.

Realestate News

Home & Living

Jay Cohen, Director and Partner of Tilleke & Gibbins Cambodia, joined Ivan Cano, Content Manager of Realestate.com.kh, in sharing an introduction to Guaranteed Rental Returns.Cambodia’s property market has seen massive growth and changes over the past decade. The influx of foreign investors made the landscape quite the competitive field and many new property investment opportunities throughout the Kingdom now come with Guaranteed Rental Returns (GRR).What are Guaranteed Rental Returns?In layman's terms, GRR is a future rental income that is guaranteed by the developer or management company to the property purchaser for a contracted period of time after the purchase agreement is signed.For example:Property Price$100,000Guaranteed Rental Return (GRR)6% per yearGRR Period2 yearsExpected Rental Return$12,000 over 2 yearsSharon Liew, CEO of Huttons CPL, notes that Guaranteed Rental Returns is a reassurance scheme for new investors looking to try out a new, somewhat uncharted international market. Standard net returns being advertised in the condos and new developments market range from 4 percent to 9 percent, normally for a two to five year period.Key considerations for Guaranteed Rental ReturnsFor potential investors faced with promises of Guaranteed Rental Returns, there are several points to consider before signing that dotted line.Make sure the GRR is on a contractual documentFirstly, it is crucial to find out exactly what is underwriting the guarantee. If it is merely a paper promise it is potentially illusory - a marketing exercise that will collapse after the developments launch. However, if there is an actual contract in place, containing the potential for legal recourse should the income not be generated, the GRR presents some value.“If there is a GRR scheme, the investor needs to make sure the GRR is set out in writing,” said Jay Cohen, Partner and Director of Tilleke & Gibbins Cambodia, highlighting the importance of having the Guaranteed Rental Return rate in writing. “There needs to be some sort of contractual document that sets out the rights to the GRR”Guaranteed or Gross Rental Returns?After setting the GRR out in writing, investors need to consider additional costs that may reduce an investor’s expected return; a common mistake that some novice investors make is to take the Guaranteed Rental Returns being offered as a reference point to calculate their returns.Jay Cohen notes that investors need to be careful and understand what other costs may be imposed by the developer that may reduce their GRR. “Often in GRR schemes, there may be other costs that will reduce that amount. For example, management fees, sinking funds, utilities, furniture packages, and property taxes” he said.For example:Property Price$100,000Guaranteed Rental Return (GRR)6% per yearGRR Period2 yearsExpected Return$12,000 over 2 yearsManagement fee per month$125 ($1,500 per year - $3,000 for 2 years)Utility bill per month$80 ($960 per year - $1,920 for 2 years) Expected return: $12,000 after 2 yearsCosts over 2 years: $4,920 (Management fee + Utility bill)Net Return Return: $7,080 over 2 yearsJay emphasizes the importance of having the GRR and the associated costs of owning the property to be on a contractual document and from there, understand what is their net return over the contract’s expressed period of time.Sam Kiers, Director of Sales and Marketing at Elevated Realty, agrees: “This ultimately leads to investors seriously considering the time it takes for the investment to turn profitable.”Desmond Yap, General Manager of Yong Yap Properties, believes that if it is the developer offering GRR, it is fair to assume they have done their calculations and have ensured they will not create a loss of profit for their company. “Thus, in effect,” says Yap, “the buyer is paying for their own Guaranteed Rental Returns.”Know the going rate of similar propertiesJay Cohen notes that developers often look at surrounding properties of a similar tier along with calculating their desired ROI to come up with a GRR offer. Jay additionally impresses on investors that it is not uncommon for developers to inflate the rental guarantee figures to create a good impression on buyers considering the longer-term benefits of their investment. The opposite is true as well that a developer can undercut GRRs if they are confident they can rent/lease the property out for a much higher price.For investors, another consideration about any GRR promise should be whether the rental income figure appears realistic and achievable in the current market, keeping in mind where the property is located. If it is clearly unrealistic, the investor should foresee a dramatic reduction in returns on their unit once the guaranteed rental period ends.Sharon Liew explains that “In general, the projected GRR is usually lower than the market rental rate by about 20 percent, to protect the developer from any losses - this means, that anything higher than 20 percent (per year) is likely too good to be true.”What happens after the GRR period ends?“After a GRR period ends, the investor takes over the property and they have an obligation to lease it out themselves,” said Jay Cohen. Depending on the developer, they may offer their services to lease an investor’s property post-GRR for a nominal fee/arrangement. Jay Cohen emphasizes that this should be spelled out in a contractual document to avoid ambiguity or the requirement of additional services resulting in more fees.Do a background check on the developerIt is advisable that the buyer must consider whether the developer or their property management company in fact has the ability and resources to manage the property properly and sustain rental tenants for the property over the guaranteed period.Liew confirms that “The developer’s credibility and presence in Cambodia are extremely important, as most GRR only kicks off after the development is complete. This makes upfront rebate on Guaranteed Rental Returns a more attractive option.”Look for an experienced property management operation, with past success in the local market.“Be sure to check the validity of the GRR agreement and the quality of the management team," says Desmond Yap, “and, if possible, see how the management company is arranging their finances.”Force Majeure, enforcement, and dispute resolution of GRRsGuaranteed Rental Returns in Cambodia came at a time when the real estate market was booming. Business travelers and tourists were flying in and Cambodians from the countryside were flocking to big cities like Phnom Penh to find work - constituting a large base of property buyers and renters. But COVID-19 has disrupted this growth.So can the developer reduce the GRR under certain situations? Can the developer altogether stop paying the GRR if there’s a force majeure event? “It depends,” says Jay Cohen. He reminds investors that the GRR is a contract between the purchaser and the developer. “Whether the developer is allowed to reduce the GRR because of events like a pandemic, or a force majeure event, that really comes down to the nature of the contract”.Cambodia has legal concepts of force majeure. Jay says that developers may rely on this law but warns this may be a difficult issue as it is not clearly spelled out under Cambodian law.He suggests that a “dispute resolution” be negotiated between the investor and the developer. “Give some thought to dispute resolution,” he said, “the agreement may be regulated by Cambodian law, and may give investors the choice of the Kingdom’s courts or arbitration”.“Arbitration in Cambodia may be a good path as it’s faster. So that may be a way to enforce the agreement” he said.Recap and additional tips when considering Guaranteed Rental Return offersJay Cohen reminds investors there should be a document aside from the Sale-and-Purchase Agreement (SPA) that clearly sets out the GRR, obligations of the developer, and any other additional expenses to be shouldered by the purchaser.Additionally, even if a GRR is reasonable and competitive, they are not the sole indicators of a good investment. Saraboth Ea, Managing Director of Maxem Property warns, “GRR needs to be considered amongst many other factors that determine whether an investment is a good value or not. This will consider the buyer's objectives and investment timeline, which varies from individual to individual.”“As the market matures,” continues Ea, “We hope to see developers put less emphasis on rental returns, and establish a good balance between local buyers who will reside in the property versus those who buy purely as an investment.”Looking at both sides of the Guaranteed Rental Returns debate, the rental guarantee is important for investors who need immediate reassurance on their investment - however, the guarantee is only as good as the strength of the company offering it. Ea says that a healthy skepticism around GRR is only natural in Cambodia, as it is a relatively new concept for local buyers and investors: “Rather than being the sole incentive for a buyer, we view it more as a gauge of the developer's confidence in their project.” Looking for property investment in Cambodia? Let us help!Article by:

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Mortgage Matters: Part 1 - Home Loan Basics

Mortgage Matters: Part 1 - Home Loan Basics

June 6, 2022, 5:06 p.m.

Realestate News

Mortgages (or home loans) are an essential consideration for most people buying, selling, or simply owning a home. While the concept of borrowing from a bank or lender appears simple - home loans can be a lot harder to understand than you might first think. However, realestate.com.kh is here to help with our “mortgage matters” series. And when you are ready to consider a loan more seriously, we can even put you in touch with Cambodia’s leading lenders.Inquire for a home loan here.Drawing on the experience of others who have mortgages (any number of your friends and family who already have a home loan), and with a little extra homework, we believe that any body can make sound financial decisions.What is a Mortgage?A mortgage is a loan, quite simply, with your house and land used as security for that loan. That means, if you don't pay back the loan in the prescribed time frame, the lender (usually a bank) has the right to foreclose your home. Foreclosing means to take possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments. Basically, the bank takes your home and sells it to settle the debt. The loan is secured by a “lien” (in other words, the "mortgage") against the property in question (your house and land). The lender still doesn't own the house, you do. But if you can't pay, they have the lien with your house as their collateral/security. You still have full ownership rights - yet subject to the mortgage.When looking for your first mortgage is it most important to consider two things: What you can actually afford?What you can borrow?Why are these two questions different? Because, the lender/bank is never going to look at how much you spend in a month on partying with friends, or movies and dinner, or how happy you'll be with a big payment.Put in your loan requirements in realestate.com.kh's mortgage calculator now! In reality, they may well be willing to loan you considerably more than you think you can spend on your home mortgage. You must consider this seriously - because only you know how much flexibility your lifestyle and spending habits have, which ultimately determines how much you can afford when searching for a new home. If you miscalculate this - you risk not being able to satisfy payments and ultimately losing your new home.Learn more about how to budget better for you and your family here.A lender/bank will look at your income, and future income potential vs. your proposed debt, as well as your bank savings and credit history. Having considered these factors, the bank will then determine how much of a risk you'd be for the lender/bank to take on and issue a loan. Meanwhile, they look at the value of the house you want to buy, and potential future value, and compare against the interest rate of the loan you'll be getting. After this analysis, the bank/lender arrives at a loan amount that they consider a healthy risk. If all things go to plan, this loan amount will match (or potentially exceed) what you need to satisfy your down payment and the final price of the house you want to purchase.Read part 2 of Realestate.com.kh’s “mortgage matters” series. And when you are ready to consider a loan more seriously, get in touch with Cambodia’s leading lenders.

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Safe 10 year UK Investment Opportunity

June 6, 2022, 5:05 p.m.

Realestate News

Are you a Cambodian based investor that wants to invest in the United Kingdom in a safe and socially responsible 10 year investment opportunity? Look no further...Introducing a very exclusive investment opportunity New Castle, United Kingdom, with Ivanna Capital Ltd, UK. Buy a unit of Learning Disabilities Center in Gateshead, UK, with guaranteed rental returns for 10 years, and sell-back opportunity after 10 years.Investment cost: £64,950 Yield:10%Guarantee phase with 10 years Deposit: £5,000 per room purchase 5% returns will be paid during development phase for people who pay the full £65k at exchangeMore information on the Investment Opportunity: "The amount of quality spaces available for people with Learning Disabilities across England is massive below the required demand levels based on local and national figures. Many Local Authorities have to place residents as in other local areas because the facilities are just not available locally. This places a huge financial burdon on the local authority. The need for this type of accommodation in Gateshead Borough is massive. The Local Authority is working with our Care partners to try and reduce the need but to also design something that is truly unique and groundbreaking." "The 40 bed unit which we are building will be the first of its kind nationally and will provide not only supported accommodation but also access to the highest possible education. St. Camillus Care Group Ltd want to change the way people with learning disabilities are supported and this represents a fantastic investment opportunity. There is a legal duty on Gateshead Council to house people who have an assessed Learning difficulty. Gateshead Council has currently not got enough accommodation to accommodate and is a priority area of development." "Based on current accommodation trends and population growth, the research estimates that there will be 19,860 new registered care bed places and at 14,222 extra supported accommodation places in England and Wales over the next 15 years. "The research found that 172,000 people with a learning disability in England and Wales known to social services. This differs to estimates of over a million when combined with the people that are suspected of having a learning disability but are yet to be statemented." "Over the next 15 years, based on population growth of adults with a learning disability known to social services we will need to following provision in England and Wales: 19,680 new registered care places14,122 extra supported accommodation places10,766 extra general needs tenancies with local authorities and housing associations73% of people with a learning disability want to live in some form of independent living. This currently sits at 16% due to the lack of accommodation to support individual need.The research also found that it is likely an additional 33,000 people with a learning disability will continue to live with their parents even though both service user and parent would like to find somewhere which would promote independent living." "Gateshead is on the opposite to Newcastle across the River Tyne. The site we are building on has fantastic views up the Tyne River providing a tranquil and idyllic environment for service users to live and learn. Excellent central locationPerfect for students as Gateshead College is less than 1 mile awayWalking distance to City Centre, stations and parksSafe neighbourhoodWealth of local amenities including bars and cafesAward winning Sage Gateshead less than 1 mile awayThe need for this accommodation is based on in depth research and over 50 years’ experience in the field of social care and commissioning.The Local Authority are supporting the development and are willing to commission beds over a number of years safeguarding financial returns and the initial investmentThis approach sits firmly in line with the newly produced UK Care Act which places a duty on local authorities to do more to make sure that people do not need to travel away from their local area to receive the right kind of support "Securing your investment: Your investment will sit in a 3rd party client account until stage progress is signed off by a qualified Quantity Surveyor. Once this has been completed funds are then released for the next stage of the build. This protects the investor and makes sure that the investment is secure during the building stage of the process." "Guaranteed Buy Back Option: Guaranteed buy back option (at end of year 10) at original value £64950.Reserve your unit now for just £5,000.Your balance of first payment will be due within 28 days from receipt of reservation contract.Buyers solicitor will then be engaged.Financial return paid in arrears quarterly direct to your nominated bank account.5% interest given on funds received at exchange until refurbishment has been completed 1st September 2016.""NOW:Reserve your unit now for just £5000 deposit.UK solicitors instructed and contracts issued.First installment of £26000 due at exchange of contracts 28 days after reservation.Second installment of £26000 due February/March 2016Completion monies £7950 due July 2016"Please contact Immy at Ivanna Capital Ltd for more information - UK : +44 7448588234 ipanjwani42@gmail.com

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CTBH Eyes on Cambodia

June 6, 2022, 5:05 p.m.

Realestate News

Almost 100 professionals gathered on the rooftop of the Foreign Correspondence Club (FCC) last Thursday the 16th of September for the EuroCham’s second networking event of the year, this time sponsored by the Archetype Group. As the representative in Cambodia, Archetype officially launched during this event the Council of Tall Buildings and Urban Habitat in Cambodia (CTBH), the world’s leading resource for professionals focused on the inception, design, construction, and operation of tall buildings and future cities. Learn more about CTBH here. Secretary of State H.E. Pen Sophal, was in attendance.

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RICS Valuation Training in Cambodia

June 6, 2022, 5:05 p.m.

Realestate News

The UK Royal Institution of Chartered Surveyors (RICs) launched their first specialist course on Plant and Machinery Valuation, in partnership with IBC, on the 3rd September in Phnom Penh, The course, which represents a first for the Kingdom, taught local and international participants the fundamentals of Plant & Machinery (P&M) Valuation Standards, Valuation Methodologies, Code of Ethics, and Risk Management principles. RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. The organisation accredits 118,000 professionals and any individual or firm registered with RICS is subject to it's quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. Read another useful article about valuation standards in Cambodia here. In addition to the RICS course, BritCham, in partnership with IBC and RICs, recently organised a half-day forum on the promotion of building and fire safety standards. To-date Cambodia still does not have a set of Building or Fire Safety standards in the area of construction. Several initiatives within the Government are currently being developed, as well as by the private sector and relevant institutions. This led to the UK Government’s Foreign and Commonwealth Office and UK Trade and Investment to commission the Royal Institution of Chartered Surveyors (RICs) to produce a report on the topic with a view to providing the Cambodian Government with assistance in developing building standards and ensuring better regulation. The Report's findings and recommendations were presented to and welcomed by the Government last year. The Report further provided the foundation for the country’s first Building ConstructionLaw, drafted by H.E. Dr. SOK Siphana. Following on from this, the purpose of the joint IBC and BritCham seminar was to bring together relevant stakeholders - both from the private and public sector - to examine the findings and recommendations of the RICs report and discuss a common approach to the developing building and fire safety standards for Cambodia. Read another article about fire safety standards in Cambodia here.

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How to Adopt a Cooler Lifestyle in a Green and Energy Efficient Building

How to Adopt a Cooler Lifestyle in a Green and Energy Efficient Building

June 6, 2022, 5:06 p.m.

Realestate News

Is your air conditioning bill causing you financial stress? Do you want to reduce your home or office's’ carbon footprint but still keep your body cool? Realestate.com.kh spoke with Professor Dr. Karl Wagner, from the School of Business at the University of Kuala Lumpur, a world-renowned specialist on green building science, about some simple ways to cool down your buildings and your bodies, without turning up the air con!Evaporative Cooling: Whenever you feel hot when coming from outside the house back indoors, typically in temperatures of above 26 - 30ºC, take a more extensive cool shower of 2-3 minutes, and dry only what is socially necessary. This encourages evaporation cooling across your body, which will bring down your body temperature for longer.“Chill-In” Office Booths: In the commercial application of this, offices can provide air conditioned “chill-in” rooms at the entrance of the building - potentially with work stations and wifi. These cooling pens allow for staff to cool down when they first enter the office from the heat outside. Once all staff spend a few minutes in these designated “chill-in” rooms, they can then enjoy a warmer temperature inside their office space.Instead of pumping up the air con across the entire office space at low temperatures, or rising and lowering the entire office temperature based on weather conditions, these temporary “chill-in” spaces allow all staff to cool down their bodies before they enter the office, and be better acclimatized to warmer temperatures once inside their work space. This saves on energy costs for the office, and means cool air isn’t wasted. It also encourages body temperatures to adapt to medium temperatures in the longer term. NoHeavy Bed Sheets: In sleeping rooms, do not use thick comforters/duvets on the bed - because these do nothing but trap heat under you. Accepting tropical thermal comfort also means the demise of bed comforters! Duvets make sense to the colder temperatures of northern countries where they were invented - but not Cambodia, or other tropical climates. In an aircon cooled arena such as your bedroom, they create a vicious circle - the thicker the duvet, the lower we set the air con, otherwise we sweat under or even on top of the thick blanket. Take it off and replace it with a thin sheet.Escape During the Heat of the Day: If you have a typically un-insulated house in Cambodia, leave the house during the hot afternoon hours whenever possible. This is because, without heavy air con usage, it is impossible to keep it cool at these times. Offices, shopping malls, libraries and other public places are great getaways during the heat of the day. They are cooled down to digestible thermal comfort zones anyway, and going out for shopping and other daily needs will both increase your stamina and fight obesity (if this is an issue).Green Lifestyle Jives in Tandem with a Healthy Lifestyle: It is an old rule, independent of cultures, not to eat anytime up to 3 hours before you intend to sleep. Our digestion appreciates this and, instead of sweating due to late heavy meal, we can easily stand and appreciate a higher comfort temperature. We don’t have to be nutritionists to switch our eating clock forward. If we feel over saturated after a belated meal, a walk through the park or more intense evening exercises can work miracles to burn the inadvertent surplus of calories and cool your body down naturally.Want to learn more about Cooler Lifestyles in Green and Energy Efficient Buildings? check out or news page now!

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Launch Party: Cambodia Property Awards

June 6, 2022, 5:04 p.m.

Realestate News

Come celebrate the launch of the first-ever Cambodia property awards, the latest addition to the Asia Property Awards series, on 6 October from 18:30 - 20.30 at Chinese House.Enjoy a welcome cocktail, brief presentation, free-flow drinks and hors d’oeuvres.

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