Real Estate informations
There are various different types of real estate in Cambodia from condos to borey and villas. This article guides you through the pros and cons of the various types of real estate in Cambodia
Real Estate in Cambodia
Traditionally real estate in Cambodia, especially in the capital Phnom Penh fell into two categories – shophouses and villas. Older shophouses can be a bit dilapidated and in need of some investment to make suitable for modern living while many villas have generally been converted into hotels and offices or demolished for a condo or office development. More recently there has been an increase in newly built borey developments and condos.
Borey Developments
Borey are gated communities with many amenities such as a pool, tennis court, shopping facilities, food outlets, markets, schools and clinics, as well as providing good security. Real estate in a borey can be the perfect setting for bringing up a family, especially if you purchase a detached home in suburban developments such as Borey Williams, which is close to modern amenities and good infrastructure, and has a contemporary American-style design. They can also provide great investment opportunities either via rental or through purchasing a small commercial or retail property in the borey. Boreys represent great opportunities for taking that first step on the Cambodian property ladder.
Condos in Cambodia
In recent years there has been a flood of condos or high-rise and mid-rise apartments to purchase in Phnom Penh. Part of the reason for this boon is because the condos are marketed and sold to foreign buyers, although foreigners can also purchase property in a borey by means of nominee structure. The advantage of purchasing a condo is that they tend to be in the heart of the city and are equipped with all the modern amenities. This is currently a buyers’ market due to the surfeit of property available, but make sure to do your due diligence on the developer and don’t look for a quick re-sale.
Things to Do in Phnom Penh
The Cambodian capital is a vibrant and exciting city so there are a wide range of things to do in Phnom Penh that means however long your stay in the capital you are sure to discover exciting activities and places. In this article we give you a brief taste of what you can do in Phnom Penh.
What to Do in Phnom Penh
One of the greatest things to do in Phnom Penh is to enjoy the wonderful coffee shops and eateries throughout the city, as well as some great sky bars. But Phnom Penh has so much more to it than just eating the great food. The recent opening of international quality malls such as Aeon Mall II in the popular Sen Sok area has created a plethora of shopping opportunities. There are also international-standard golf courses and leisure complexes such as the new water park at Garden City. Borey Williams is in the suburbs, a short drive away from these exciting venues.
Places to Visit in Phnom Penh
Phnom Penh also has a range of interesting cultural attractions such as the Royal Palace and the National Museum, as well as the popular riverside area. Wat Phnom is another place that is rich with history; it is said that here Daun Penh founded the city. There are also excellent places that you can explore just outside of town such as Oudong the ancient capital of Cambodia, and Silk Island which provides you with a glimpse of traditional Cambodian life.
What to See in Phnom Penh
If you are into the arts, you can visit some traditional Khmer dance, such as Apsara, or alternatively you can go to a contemporary art exhibition. Attractions throughout the city are easily reached from Borey Williams.
The range of Phnom Penh things to do is rich and varied ensuring that you will never have a dull day.
Borey in Sangkat Phnom Penh Thmei vs Khan Kambol
To the northwest of the downtown area, Sangkat Phnom Penh Thmei was one of the Cambodian capital’s original suburbs although now it is very much part of the city centre. This article compares the sangkat with Khan Kambol.
Comparing Phnom Penh Thmei with Khan Kambol
Phnom Penh Thmei is part of the popular Sen Sok area of Phnom Penh just beyond Tuol Kouk. It is within easy reach of the city center with many amenities close to hand. Although Khan Kambol is slightly further away from the downtown area, property prices here are much more affordable than in Phnom Penh Thmei with many family homes villas available with larger lots at lower costs.
Shopping in Phnom Penh Thmei and Khan Kambol
Sangkat Phnom Penh Thmei is a popular location for shoppers due to its location within Khan Sen Sok, especially with AEON Mall Sen Sok City, or AEON 2, Makro and Chip Mong Sen Sok Mall. Khan Kambol has its own Williams Plaza and Romdul Market both located in Borey Williams. The large shops and malls in Sen Sok are just a short drive from Kambol.
Facilities in Phnom Penh Thmei
There are a number of leisure, health and educational facilities such as the Grand Phnom Penh Golf Club, next to the Grand Phnom Penh Water Park, Sen Sok hospital, or Sok International University Hospital, which provide international quality health care, and several international schools, such as Australian International School Phnom Penh (AISPP).
Kambol has the Royal Phnom Penh Golf Club nearby which rivals the Grand Phnom Penh Golf Club. Both areas are close to the Royal Phnom Penh Hospital arguably the premium health care facility in the capital.
While Phnom Penh Thmei is an area that has largely reached saturation for people looking to purchase property in a borey, with corresponding lofty prices, Khan Kambol is a rising area ideal for people looking to invest in the Phnom Penh property market. Located in Khan Kambol, Borey Williams has America-style gated properties, perfect for people looking to establish a family home, as well as offering good investment opportunities.
The Cambodia Real Estate Show
Realestate.com.kh EXPO 2022, or the Cambodia Real Estate Show, attracted all the major players in the Cambodian property market. Held at the Premier Centre Sen Sok next to AEON Mall Sen Sok from 2 to 3 July, 2022, the event allowed property developers to reach the general public with a range of deals and promotions on borey and condo developments.
The event was the first of its type held in person since 2019 due to Covid restrictions.
Who Attended the Cambodia Real Estate Show
The event was attended by all the major players in the Cambodian property scene including Orkide Development, Morgan Group, The Flora, and of course Borey Williams, who had a booth at the event.
The event also saw representatives from Cambodian banks and insurance companies provide advice to would-be buyers.
Borey Williams was extremely pleased to participate in such an important event, which signalled the reawakening of the Cambodian economy post-Covid. It demonstrated the bright future of the Cambodian property market.
Property Seminars and Talks
Realestate.com.kh EXPO 2022 had a series of talks and seminars spread across the two days, covering topics such as real estate trends, market opportunities and what to look for when purchasing your own home.
Trends at the Cambodia Real Estate Show
This year key trends noted at the Cambodia real estate show included the increase in Cambodian diaspora buyers, and the attractiveness of borey to property purchasers. It was noted that properties in suburbs, especially in borey, represented higher value for money than more central properties.
The 2019 event saw in excess of 10,000 people attend, generating more than $30 million in sales, in what was the biggest one-stop Cambodia real estate show in history. It is not yet known what business the 2022 event generated. The expo is now embedded as the major event in the Cambodia property event calendar, and a must visit event for both Cambodians and foreigners looking to invest in the Cambodian property market. We are all looking forward to the 2023 Cambodia real estate show.
Borey Meaning: What is a Borey?
Those of you unfamiliar with the Cambodian property market might be unfamiliar with the term ‘borey’. This is a pity, as borey often represent the best value for money option for people looking to purchase a property in Cambodia, especially those looking for a first-time buy. They also can offer great commercial investment opportunities.
Borey Meaning
Initially the word borey referred to a town or city in Khmer, however the term has evolved and now the word borey in English can best be translated as gated community, although not all borey are necessarily gated.
You can find borey all over the country, but especially in the capital Phnom Penh.
What is the Meaning of Borey in English?
Borey is a housing sub-division. Borey are private residential housing communities. Typically they are gated communities with a mix of property types ranging from town houses, shop houses, semi-detached and large single family villas. Some borey developments also include condos.
Features of Borey
Borey tend to have their own security systems making them safe environments in which to bring up your family.
They also have a wide range of amenities typically including schools, clinics, markets, malls, swimming pools, tennis courts, parks and leisure facilities. Some, such as Borey Williams, have retail outlets that can offer good investment opportunities.
Why Buy a Property in a Borey?
Apart from all of the above, one of the major attractions of purchasing a property in a borey is that cost can be much more affordable than in more central downtown areas, where prices have become increasingly prohibitive.
Naturally, like with all types of property, borey vary in quality, therefore it is good to carry out research on different borey developments before you purchase. With its modern American style design Borey Williams developments offer great value for money with contemporary spaces ideal for bringing up a young family in a safe environment.
Residential Property Investment Tips
Sometimes purchasing a property in Cambodia, or anywhere else in the world for that matter, seems like navigating a minefield. You know there are great deals out there, but how do you secure one. This is why at Borey Williams we have compiled this handy guide to residential property investment.
3 Residential Property Investment Tips
Shop houses and flat houses are a dime a dozen but landed property in the city centre will always come at a high cost. Many sit around vacant unless they are in a suitable location to run the ground floor as a retail business. Condo developments can be prohibitively expensive, and most central Phnom Penh villas have either been demolished or converted into commercial space, which is why we recommend that you consider purchasing a property in a borey. But which borey should you choose? Here are out three tips.
1 Choose the Right Neighborhood
The old adage of location, location, location applies as much to borey in Phnom Penh as to lofts in downtown Manhattan. Some borey neighborhoods are more desirable than others. When selecting in which borey you are considering purchasing your dream home, we suggest you look for high occupancy rates, whether existing residents are happy, and the extent and quality of local amenities, including those within the borey itself. Fortunately for you, Borey Williams ticks all the right boxes here.
2 Buy From Plan
Another tip is to consider buying in a new development or from plan. You will often find that when the developer is just breaking ground is when the best deals can be found.
3 Make Money From Day One
Some proper developers, such as Borey Williams, raise the price of their homes incrementally as the construction progresses. This allows customers to profit by some 15%-20% by the time their home has been completed. Meaning that you have literally made money on your investment even before you have moved into your ideal home.
Of course, we can’t guarantee that every property investment will be a successful one, but if you follow the above advice you will substantially increase your chances of a healthy return.
Property Investment Strategies
Purchasing property is a major commitment and is something that you should carefully consider before entering into any contract. Therefore it pays to make sure you have a robust investment strategy from the outset. Here is our advice on property investment strategies in Cambodia.
Property Investment Strategies in Cambodia
There are no sure fire guarantees to developing a successful property investment strategy, but if you follow the following tips you are more likely to be successful.
1 Establish Your Budget
It might seem obvious to many, but key to any successful property investment is to establish what you an afford to buy and what you can not. There is no point either chasing an impossible dream, or saddling yourself with so much debt that you can not afford to live. Once you have established you budget, stick to it.
2 Decide Your Priorities
We are all different with our own priorities. Establish at the onset whether that third bedroom is a priority or perhaps you would prefer off-street parking, or a modern kitchen. One of the advantages of purchasing a property in a new borey development, such as at Borey Williams, is that you can choose the features that best fit your requirements before the home is actually built, avoiding any expensive retrofit.
3 Choose the Right Borey Development and Developer
If you purchase a new development, when they are just breaking ground, you will discover the best deals. However, we strongly recommend that you don’t just go for the cheapest deal around. In Cambodia it is very much true that you get what you pay for. If it is too cheap to be true it probably is. You don’t want to be stuck with a property you don’t want, and can’t sell.
It’s best to buy from a developer with a solid reputation and one that is legally compliant. It might cost you a few dollars more, but it is worth it in the long run.
A Guide to Cambodia Property Prices
Naturally price is a key consideration in any property purchase in Cambodia, as elsewhere in the world. Not only do you want to invest in a property that you can afford, but also in one that shows good signs of offering a healthy return on your investment. This is our quick guide to Cambodia Property prices.
Cambodia Property Prices
In recent years there has been a dramatic increase in the cost of property in desirable areas such as downtown Phnom Penh. Areas such as Boeng Keng Kang I, Daun Penh and the popular Khan Sen Sok area have risen so as to be out of the reach of most first time buyers.
This does mean that bargains can not be had if you know where to look.
Go Slightly Off the Beaten Track
Prices for developments connected to major thoroughfares tend to be nearly two to three times higher than those a few streets back. This is where you are more likely to find the best bargains.
For instance if you were to look for a property close to the Phnom Penh ring road, such as at Borey Williams, you an find detached single family homes of quality for between $150,000 and $300,000.
No Compromise on Quality
This does not mean that you have to compromise on quality either. Our borey homes are made to the highest American standards, providing a contemporary design and safe environment in which you can create a home for your family.
And with house prices set to continue to rise inside suburban Phnom Penh you will most likely see a healthy return upon your investment perhaps even before you move in.
Cambodia property prices might have come close to saturation point in downtown Phnom Penh, but elsewhere in the capital there is still plenty of potential for growth as the capital continues to expand outwards.
What is Property Management and Why is it Important?
Some of the questions that we are often asked at Borey Williams is what is property management? Why does this carry a fee? In this article we will try to answer those questions.
What is Property Management?
The first thing to point out is that this is nothing special to Cambodia. It is common throughout the world where there is community property, gated communities or even leasehold property for there to be a property management fee.
Property management involves the transparent collection and allocation of management fees that go towards common areas within the borey development.
What Do Property Management Fees Involve?
The property management fees collected are then used to carry out repairs and maintenance on communal areas, as well as to provide a budget for the repair and replacement of elevators in high-rise buildings.
The benefit of these fees is that they guarantee the quality of leisure and community facilities in the borey developments, through regular payments rather than necessitating some unwanted bill where essential repair work is needed, often at the worst possible time.
Part of the reason why people choose to purchase a property in a borey in Cambodia is the quality of their communal spaces and facilities, property management charges ensure their continued upkeep.
Service for Property Owners and Tenants
Property management can also include finding and screening potential tenants for properties. In addition to this, property management allows developers to processes contracts, collect payments and handle any tenant evictions that might be required.
Part of the reason for purchasing a property within a borey in Cambodia is the peace of mind that accompanies it. Property management ensures that property owners do not have to worry about the nitty gritty of administrative matters within a community borey. Instead you can continue to enjoy the lifestyle you chose when you purchased your borey property in the first place.
Build a Home in Cambodia
Many people do not just want to purchase a property but they want to build a home in Cambodia. One downside with purchasing a ready built property within a developed borey in Cambodia is that the property not only has been designed, but it has been built as well. Retrofitting changes to your new property can be both a costly and lengthy process, at the end of which you might not be totally happy with the final product.
Build a Home in a Borey in Cambodia
If you buy a property from a borey that is under construction you have the potential of creating your own dream home to your specific specifications.
Not all home builders allow for customization of designs, so we advise that you check up before you commit to buying any new property.
Customize Your Dream Home
At Borey Williams we do allow home buyers to adapt designs to reflect their personality and specifications. We have various customization and upgrade options that include extra bedroom and fittings. We also have ready-made package upgrades if that is what you are seeking.
Build a Home with Borey Williams
We do not only build homes within borey. A special service that we offer is to help you build your dream home on your own private land outside of our borey developments. This means you will get the assurance that your home will be built to the same standards and specifications as those within the borey but on land that you already own.
Should you choose to go on your own way and build your own home, be careful as there are hundreds of construction companies out there. The quality of these property developers and building companies can vary considerably. Make sure you choose the right one with a good reputation, otherwise you might discover your dream home turns out to be a nightmare, or may never be built at all. Partnering with Borey Williams in building your property removes all those fears.
Article by boreywilliams