The county of Cambodia is growing fast economically, in recent years, which has attracted many foreign corporations to make property investments. There has been an influx of many Chinese buyers and expats, all of whom need housing, thus causing prices to have increased. This guide will walk you through where to buy property for sale in Phnom Penh and what to expect when you buy.
Phnom Penh’s Property Market
In the coming decade, Cambodia will be a prime destination for property buyers. Currently, the country has one of the fastest growing economies in the world, early investors with some risk appetite can gain great yields.
As the last frontier country in Southeast Asia that welcomes foreign investors with open arms, it is not surprising that individuals and corporations are pouring in to take a slice of this growing market.
Where Should to Buy A Condo in Phnom Penh?
In this guide, we focus on how foreigners can buy a condo in Phnom Penh. In terms of the type of property that overseas investors can by this is by far the easiest.
If you are looking to buy a unit in a condo and keep it for a long term, you should have a look at the following two areas of Phnom Penh that are popular among foreigners.
This is the commercial center and located in the central parts of Phnom Penh.
There are many famous buildings such as the Central Market, Raffles Hotel, and the Royal Palace. Here, you will find lots of condos, making it a popular place to live for foreigners.
Prices for a 1-2 bedroom unit usually starts at around USD 200,000.
Chamkarmon is located in the Southern parts of Phnom Penh. Compared to Doun Penh, it’s fairly relaxed. There are not as many tourists in this area but there are many condos are located here. Situated in this area are both the Phnom Penh Post and the Russian market.
Typically, you can find 1-2 bedroom units in a condo starting at USD 70,000 – 80,000, which is considerably cheaper compared to Doun Penh.
Real estate agents
As with any foreign property investment, it is important that you find a reliable and English speaking real estate agent before engaging in any purchase of a property.
There are many pitfalls you can encounter as a foreigner when purchasing property in this developing country. Before going to Cambodia, be sure to do your due diligence thoroughly.
Below is a list of the most popular real estate agents in Phnom Penh:
- IPS Cambodia
- Century21 Cambodia
- Lucky Realty
- HomeConnect Cambodia
At the moment Cambodia, and especially Phnom Penh, are very interesting and have many foreigners’ attention.
Corporations are pouring into this fast-growing country, but the country still has more to show. Cambodia could provide great yields for the early and experienced investor.
Currently, the condo market is saturated and some analysts believe that, in the coming years, the prices will fall significantly. However, others still believe that the market will continue to perform well.
Therefore, before investing in Cambodia make sure you do thorough research.