- Be trustworthy and convincing. Russians are often skeptical and ask for substantial facts and proofs. They tend to be in doubt: “Why should I work with this seller? Should I purchase this property or wait until I find something better?” This often results in prolonged or delayed transactions. Also a Cambodian property seller needs to be open and transparent, because Russians are afraid of scams.
- If you sell residential property for buyer’s own use, sell lifestyle and emphasise aspirational features of a property and location. Unlike many Westerners, Russian buyers tend to buy more on emotion and less on price. As for features, Russian lifestyle buyers prefer houses and apartments in a close proximity to beaches, and sea view may be demanded.
- Do support and advice at all stages.
Updated on: June 7, 2022, 3:11 a.m.
Published on: July 14, 2016, 10:20 a.m.
Russian Investment in Cambodian Property, with George Kachmazov
Realestate.com.kh caught up with Mr George Kachmazov, founder and managing partner of Tranio.com, an online overseas property start-up. Kachmazov is a respected real estate and investment expert, as well as a keynote speaker at many national and international property conferences, and regularly contributes to print and online media with insight on real estate trends and advice for first-time investors.
We know there is a large population of Russians in Cambodia. Are Russian's interested in the Cambodian property market now? If not yet, what might be attractive about Cambodia for property investment for Russian buyers?
It’s true that there are many Russians who spend winter seasons in Southern Asian countries, including Cambodia, Thailand and Vietnam. Many of them rent out their Russian apartments and rent homes in Asia. We have had enquiries for apartments and townhouses in Sihanoukville in 2013–2014, but demand on Cambodian real estate is very low compared to other countries.
There are several things that might be attractive about Cambodian property: low taxes, low prices, relaxed lifestyle, friendly people, new experiences.
There are Russians who see drawbacks, though: lower market transparency (compared to Europe) and Cambodian property ownership restrictions for foreigners (they are not allowed to own land).
What other ASEAN regional countries are attracting attention from Russians?
We see interest in Thailand and Vietnam.
In the whole, ASEAN countries are more popular among far-eastern residents of Russia because of the distances. For example, our research shows that people from the Vladivostok region (east of Russia) are three times more interested in Thai property than Muscovites who prefer to buy property and spend holidays mainly in Europe because it’s closer.
How can a Cambodian property seller make their property more attractive to potential Russian buyers? what features are they particularly interested in? what terms of sale etc?
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