The Kingdom of Cambodia is located in Southeast Asia and borders Thailand, Laos and Vietnam. Cambodia's neighbors are actively developing their real estate markets, among them Thailand is the leader, where many foreigners come - not only to relax, but also to buy a house. Vietnam is also emerging as an increasingly popular destination for tourists and entrepreneurs - and still little is known about Cambodia's real estate market. It should be noted that until recently this country was engulfed in the fire of war. First of all, I recall the name of Pol Pot, the former ruler of Democratic Kampuchea (as the state was called in those years), who stood at the head of the Khmer Rouge regime and pursued a policy of genocide of his people from 1975 to 1979. During the reign of Pol Pot, it was destroyed more than 1.7 million inhabitants, many were sent to forced labor in rural areas, so urban areas fell into decay. Bird Phoenix The consequences of those terrible years in the country will not disappear for a long time: and now one should beware of mines in the forests on untrodden paths. Despite this, Cambodia has a lot to offer tourists and investors. Everything suggests that after many years of isolation, the country is opening up to new proposals and projects. Both the magnificent nature and the centuries-old culture that attract vacationers speak in its favor: the temples of the Khmers amaze with their beauty and grandeur, the nature of Cambodia has practically not suffered from human actions and amazes with a variety of landscapes. Along the coast, washed by the blue water of the Gulf of Thailand, there are kilometers of deserted beaches, on which there are not even huts. This is a magnificent corner of the planet where you can hide from the constantly growing number of tourists on popular destinations, and escape from the hustle and bustle in the shade of dense tropical forests. With its impressive natural resources, Cambodia is beginning to attract the interest of savvy investors who have recognized the country's potential. Laem Bailey, spokesman for British real estate agency David Stanley Redfern, which specializes in countries such as India, Argentina and Panama, says Cambodia stands out on his list of investment destinations. ... We already know buyers who sold real estate here a year after the purchase and made a profit of about 25%. " Quarters of Phnom Penh Investment activity is currently concentrated in the capital of Cambodia, Phnom Penh, where home sales are booming thanks to the low cost of living and cheap labor. “Most residents are under 25 and there are many energetic young people willing to work,” notes Laem Bailey. - The city turned out to be very popular. We found that many exiled Cambodians are now returning here and want to buy housing of the same high quality as the buildings in which they lived while working abroad. ” Laem Bailey sells refurbished real estate in the considered fashionable French quarters of Phnom Penh, where the threshold to enter the market until recently was about $ 55,000. Now it has grown to $ 90,000 and continues to grow. "The craving for the exotic drives people to explore new countries," says Laem Bailey. While properties in most markets rarely generate 5-6% of rent, Laem Bailey believes that in Phnom Penh, revenue will be around 10-12% of the value of a property. This is due to the fact that foreigners come to work in the country under a contract and they need high-quality housing. When exploring the French quarters of Phnom Penh, one gets the impression that this part of the city is very developed. Colonial-style houses built or remodeled in the 1920s are scattered throughout the city, but much of the capital still looks poor. The country is experiencing intense growth and strives to create a free market economy, therefore, the number of houses under construction is also increasing. Angkor Real Estate, a Cambodian real estate agency, has many offers for both new and secondary housing. Small apartments cost approximately $ 25,000, but may require renovation after purchase. There is a three-bedroom apartment built three years ago for $ 100,000 and a three-bedroom, two-bathroom apartment for $ 41,000. Neil Mackenzie of the company and Oyster International says the factors affecting property values are hard to understand: so, the price is often influenced by the street where the house is located. The company offers for sale not only new, but also renovated properties in the French quarters. From the outset, the company had a lot of $ 55,000 remodeled properties in its portfolio and was quickly sold out. Now they offer large properties for about $ 180,000, but they are poorly bought, as this is too large an amount for foreigners to deposit in cash. Formula of Success Neil Mackenzie honestly talks about the reaction of investors after the study tour of the country: “The impressions are different. Some are amazed at the realities of a third world country, while others are impressed by the pace of its development. But, one way or another, the Cambodian real estate market is at the very beginning of its development. " Neil Mackenzie notes that the main interest in local real estate is shown by expats living in Asia, who understand the trends of the local real estate market and can assess the potential of Cambodia. Housing prices are now lower here than in other countries in Southeast Asia. Tourism in Cambodia is also gaining momentum: in recent years, the number of tourists has increased by about 30%. The most favorable time to visit the country is December. The rainy flowering season lasts from May to October. The most unfavorable time is April, when the temperature rises to + 40 ° Ñ. Tourists usually visit the ruined temples of the ancient capital of Cambodia - Angkor, in this area the real estate market is also flourishing. The most famous is the temple of Angkorvat ("city-pagoda") - the largest sacred building in the world. Near this amazing attraction is the city of Siemrip - once it was not very popular, now it is gradually becoming a modern center with restaurants and bars. Here Heritage Real Estate offers for sale both new homes and secondary market properties: for example, a modern house costs $ 110,000, and two houses on an area of 2300 sq. m can be bought for $ 370,000. It is important to consider the Cambodian market in the context of the entire real estate market in Southeast Asia. According to the latest data from ING Real Estate, the Asia-Pacific region, with the exception of Japan, was assessed as developing the most intensively in 2007, analysts predict that its growth will be about 6.5%. So far, a small number of European companies are selling real estate here. This is partly due to the fact that the process of buying a local home is rather complicated: foreign citizens currently cannot obtain direct ownership, but, as in any developing market, other ways can be found. Most experts predict that the authorities will soon ease restrictions on foreign investment. Obelisk expert James Gonzalez says the region needs reliable real estate companies, a suitable project and favorable conditions for investors to be successful.
