Why local events should be a part of your real estate investment strategy?
Savvy investors looking to make profits in the Cambodian housing market look beyond just location, good schools, and builder reputation. Many variables impact property values, rents, and overall desirability for buyers and renters. Events are one of the most commonly overlooked variables in an area when considering an investment property. Many times, property owners find out after the fact about the regular events, or lack thereof, in their area. Here are some reasons to consider local events in your area prior to purchasing your next real estate investment in Cambodia.
Annual fairs and festivals in Cambodia
Westerners are very familiar with annual fairs and festivals in their home countries and hometowns. Many take pride that their hometown has an annual summer festival, art show, or an annual parade. These attract residents of the community to take time to come together to fellowship, make acquaintances, and taste the food or local cuisine. Cambodian annual events and fairs are typically aligned with annual holidays such as Khmer New Year, Pchum Ben, and Water Festival. Some areas are hot spots for concerts, pop-up carnivals, and larger gatherings during these times. Some private housing communities will also hold annual parties for residents of the communities. These annual events can increase the desirability of your investment property for renters or buyers if you are reselling.
Concert and event venues
Some areas throughout Cambodia have large halls, parks, or rentable spaces which are in high demand for organizations that want to hold events. Particularly in Phnom Penh in the dry season around December and January is the peak “wedding season” where event halls are full every weekend for couples tying the knot and their hundreds (or sometimes thousands) of guests. Many of the larger private housing communities called “boreys” also have outdoor event space or rentable event halls. These typically help for property appreciation, and good rates for commercial properties rents due to the event centers contributing to increased traffic in the area.
Consider event disturbances in the vicinity of your real estate investment property
Some people do not want to be in the middle of the action, and see an area with constant partying, events, concerts, and the like to be a turnoff. When buying your next real estate investment property, be sensitive to your end client you are looking to attract. If you are looking to buy single family homes in a gated community for appreciation value and future resale, a community with an allocated event hall or space may contribute to the value growth of the home without causing disturbance to those living in the property. Commercial investment properties on the other hand are most likely best to be as close as possible to active areas with frequent events. Ask locals currently living in the area you are interested in about the type of events in that area.
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