The real estate development in Cambodia:
Real estate market has seen a sharp rise in recent times, all over the world. This is the right time to invest. The economic growth and the stability of jobs in the current scenario make Cambodia a better place for investment. There are many popular areas which can be considered for placement in Cambodia. The top-most is Phnom Penh with well-connected roadways and transportation. The place also has some of the best schools with an excellent literacy rate. The expanding horizons in the employment industry and various other sectors make it a prime choice for one to invest. The rental yields are also high, due to its prime location factor. Other areas like SiemReap, Sihanoukville, Koh Rong, Poipet, Bavet, and Kep are also steadily getting popular with the growing urbanization. Many pipeline projects like Special Economic Zones in Sihanoukville, stands as the second best choice in real estate investment.
Types of houses available in Cambodia:
There are various kinds of properties like villas, row houses, apartments, and condominiums. However, condos and apartments are brilliant choices as it caters the need of people belonging to the various sections of the society.
Who can invest and how?
Development in the economy has led to the growth in real estate in Cambodia for the locals as well as foreigners. With many foreign investors showing interest in investing here, there is a rapid growth as far as Cambodia property is concerned.
- Though there were restrictions earlier for foreigners to invest in Cambodia, changes in the legislation for owning property have changed the scenario. However, foreigners are allowed to possess properties that are on the first floor and above than that which means that as a foreign investor, one can invest very well in apartments or condos.
- Land purchase to foreigners is not permitted. Though, if one is willing to buy land, there are certain ways in which it could be done.
- A person who owns more than fifty percent shares in a Cambodian company can very well own land here. Otherwise, leasehold options can also be considered, which is usually done for a period of 10 to 15 years.
- Becoming a Cambodian citizen is also an option that can be regarded as if one has the idea of buying the land area as his / her property.
In short, investing in a condo or apartment would be a wise choice, as far as a foreign investor is concerned. Moreover, the rental returns that the country promises is also worth considering even if one is not staying here. The future holds better promises in this land due to the economic growth that is foreseen in the next few years. Growing opportunities in tourism also are one of the reasons why investment in Cambodia is a prudent decision.
Other charges that one should consider while buying a property in Cambodia:
Taxes should be borne in mind when buying or selling a property in Cambodia. Transfer Tax, VAT and Property Taxes are applicable on all the purchases, the buying and selling process. To make it a hassle-free investment, cash purchase of a property would be a viable one. Property ownership can be done using any one of the three methods like Hard Title, Soft Title, and Private Ownership.