Owning property in Cambodia is a wonderful investment. Prices both within the capital Phnom Penh and elsewhere in the country have soared in recent years. Despite this there are still wonderful opportunities for the knowledgeable buyer.
Here are five things you really should know about owning property in Cambodia before you buy.
1. Choose the Right Title
There are three types of title you can buy in Cambodia – soft, hard and strata. Hard title is the most secure title, but also the most expensive, and can only be bought at the national level. Soft title might be cheaper, and can be registered at the local level, but is also more risky. Strata title allows private ownership in shared properties, such as condos.
2. Foreigners Can Buy Property in Cambodia Legally
Strata title was introduced in 2010 in part to allow foreigners to purchase property legally in Cambodia. There are other mechanisms by which foreigners can hold an interest in land, such as incorporating a land holding company, and the nominee structure.
3. Location, Location, Location
Cambodia is no different to anywhere else in the world; there are great locations in which to buy property and some terrible ones. Before you purchase the property check what already exists in the area and what development plans there are.
4. Type of Property
Most property in central Phnom Penh consists of shop front houses. These can represent great investment opportunities but could need some work done on them. If that does not appeal you could consider buying a new property in a borey, or a condo fitted to western standards.
5. Seek Proper Advice
If it is not already clear from the above, whatever you choose to do, you should always seek advice from experts. Owning property in Cambodia is a great investment opportunity, but it is also a big commitment. It always pays to talk to us before you take your first step.