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Cambodia provides residents and visitors with the culture, cuisine and exciting life of a big city, or it can offer a tranquil place out in the countryside—something for everyone!
Cambodia fast facts1
- Officially known as: Kingdom of Cambodia
- Population: approximately 16 million
- Capital City: Phnom Penh
- Location: Bordered by Thailand, Laos, and Vietnam. The south of the country faces the Gulf of Thailand.
- Official language: Khmer
- Country Code: +855
- Currency: riel (KHR)
Top places to visit or live in Cambodia
Kep
Home to Kep National Park, this is a popular city for hikers and families.
Banlung
Comprised of dusty roads and remote countryside, this part of Cambodia is nestled on the borders of Laos and Vietnam. Here you can discover Boeng
Yeak Lom—a crater lake filled with emerald-hued water, surrounded by deep jungle.
Southern Islands
Koh Russey, Koh Kong, and Koh Rong Sanloem are all while sandy beaches offering a true tropical experience.
Phnom Penh
With one of the most beautiful riverfronts in Southeast Asia, the capital city is well known for its fine dining, nightlife, and culture.
Thanks to foreign investors, tourism, and loosened coronavirus restrictions, the Cambodian economy is set to grow by 5.1% by the end of 2022 and by another 5.9% in 2023, according to the IMF.2
To give us an insider’s look at the Cambodian real estate market, I sat down (virtually!) with Soknim Chrek.
Mr. Chrek Soknim is the president of Cambodia Valuers and Estate Agents and president of Asian Valuer Association (AVA). He has worked in the real estate industry for more than fifteen years as a valuer, broker, general manager, director, CEO, and real estate advisor.
Can you give us a brief overview of the current real estate market in Cambodia?
The real estate market in Cambodia at the moment is very stable. There has been a lot of residential and land investment recently. In general, the
property market in Cambodia is showing a steady 10-15% growth each year. The Cambodian government has recently approved a ten-year visa program that allows foreigners to own property in their own name.
Where are most investors in the Cambodian property market from?
Cambodia has major investors from all over the world, but the three major investors are China, Japan, and Europe.
What would you say the benefits of owning property in Cambodia are?
Like I said, the real estate market is a stable one and it’s a great investment to make. The benefits are:
1) The country is a free flowing one in terms of money, so you can send money in and out of the country without penalty and as you need to.
2) As mentioned earlier, the government has recently started an initiative called Cambodia My 2nd Home, which allows foreigners to stay in Cambodia for ten years and apply for a Cambodian passport after five.
3) The title of the property is in your own name.
And what are some aspects of the process that buyers need to be aware of?
1) A title transfer can take up to three months, and some people aren’t aware of the time this can take.
2) Foreigners are not allowed to buy land, so you would want to use a trustee company for this investment.
What can we expect from the Cambodian market in the future?
Cambodia is a young country, with over half of the population under the age of forty-five, so it has a lot to offer people. It’s a safe place to invest with steady
growth in property prices of 10-15% each year. The government is very supportive of foreign investors and is actively encouraging investment in Cambodia.
1 Back to Basics: Facts and Figures; https://www.internations.org/cambodia-expats/guide/moving-to-short
2 https://www.globalpropertyguide.com/news-cambodias-house-prices-in-freefall-4359
