The property market is constantly evolving and growing at a rapid rate. From retail to commercial or from condominiums to land prices the ever growing property market can provide great opportunities for both locals and foreigners alike. Here is our guide to real estate in Cambodia.
In recent years the Cambodian real estate market has soared, fuelled largely by overseas investment from countries such as China. The skyline of Phnom Penh has changed beyond recognitions as skyscraper after skyscaper has been built. Sihanoukville has become a mini Macao and evern sleepy Kampot has seen a massive rise in property prices.
Having said that there are still opportunities for people to buy a property in Cambodia, so long as you know what you are doing and where to look.
Buying Property in Cambodia
If you are Cambodian, or have a Cambodian passport you are able to buy property in Cambodia. However, if you are a foreigner then you can only buy a strat title in Cambodia or in other words a condo that was built later than 2010. There are ways non-Cabodians can buy non-strata property in Cambodia, such as nominee structure.
How to Buy Property in Cambodia
Athough it might seem a labyrinthine maze at first there are some simple tips about how to buy property in Cambodia.
Different Types of Title
There are three types of property title in Cambodia – hard, soft and strata title, which is private ownership in co-owned property such as condos. It is the latter that non-Cambodians can buy.
Hard or Soft Title
Although hard title is the strongest, ait is also the least common as it has to registered at the national level and incurs a 4% tax. Soft title is more prevalent, and can be registered at the local sangkat. Although hard title is more expensive, it is less risky and holds value better.
Strata Title
Introduced in 2010, strat is the only title foreigners can legally buy in Cambodia. However we strongly recommend you seek professional advice before buying any property in Cambodia.
Leasehold Title
Leases can be purchased up to 50 years with a further renewable 50-year-period.
Whatever you do make sure that the person you are buying from actually owns the property you are purchasing.
Purchasing real estate in Cambodia can be a great investment opportunity, but it pays to talk to the experts before you comit pen to paper? Thankfully we’ve teamed up with two of Cambodia’s leading Real Estate companies to bring you the best advice on property in the Kingdom of Wonder.
Every month we’ll cover a variety of topics aimed at giving you a complete guide to today’s property market here in Cambodia. Below you can find a brief profile of our two highly recommended industry experts.
Renting Property in Cambodia
It used to be that the only properties you could rent in Cambodia were flats in traditional shop-front houses or villas. Although some of the former still remain you were are playing a game of chance on the condition of the property and the character of your landlord when leasing such properties, although prices are keen and locations can be very central. Villas have practically disappeared turned into boutique hotels or demolished for skyscrapers.
Forthunately, there has been a rise in the number and quality of serviced apartments available, often in central locations. We recommend that you seek the services of a trusted property agent when looking for a services appartment – and offcice. Please read below.
Knight Frank
Based in Canadia tower Knight Frank has an outstanding reputation not only in Cambodia but globally. Highly regarded for their ability to provide personalised and clear advice on all areas of the property market it would be unthinkable to enter any area of the property market in Cambodia without consulting the Knight Frank team.
Contact:
16B, 16th Floor Canadia Tower
315 Ang Duong St, Sangkat Wat Phnom,
Khan Duan Penh
T – 023 966 878
IPS
IPS Cambodia (Independent Property Services), a highly respected Property and Real Estate Agency was established in 2009 to meet the growing needs of international businesses to successfully locate their staff and business operations in the emerging Cambodian market.
IPS has grown quickly in its eight years of operation and now have two strategically placed offices in Cambodia’s dynamic business districts of Phnom Penh and Siem Reap and through its partner network; they provide representation in Sihanoukville, Kampot & Kep, Battambang, and Poipet.
Their devotion to their client’s needs and excellent record of service makes them a Your Cambodia must alongside Knight Frank for all areas of the property market.
Contact IPS here.
