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(The Ministry of Land Management, Urban Planning and Construction / Phan Soumy)What is a property title?A title or ‘deed’ is an official document confirming who owns the property, its location, and what rights the property owner enjoys. It should be noted that a significant percentage of land in Cambodia is not registered with the National Land Office and has no official land title certificate to secure the land on behalf of the owner.During the civil war period between 1975 and 1979, all Cambodian land title records were destroyed. This made any definitive proof of property ownership impossible after the war. A land law was passed in 1992 to establish the groundwork for land ownership, but it wasn't until its 2001 revision that allowed private ownership of land in Cambodia. The 2001 Land Law allowed for the creation of a land registry system enabling the issuance of Cambodia land titles. To date, over two million Cambodian land titles have been issued to citizens.Property ownership can now be secured by one of three forms of Cambodia land title: Hard title, Soft title, and Private Ownership in Co-owned Buildings – also known as Strata Title. In addition, an LMAP title is also now available.One of the most frequently asked questions is "Can foreigners own land or landed property in Cambodia?" The quick answer is No. The Cambodian Constitution prohibits foreign nationals from owning land and landed properties in the country.There are, however, indirect mechanisms of "ownership" such as the Nominee structure and Land concessions for development. Visit our guide to Property Ownership Mechanisms for Foreigners in Cambodia for more information.Hard Title in CambodiaHard titles are the most secure proof of property ownership and are considered the best Cambodian land title.Hard titles are certification of ownership provided by the Cambodian Land Management and Planning office. Hard Titles also include detailed information recognised and certified at a national level by the Ministry of Land and the Cadastral Office. It should be noted that a transfer tax applies when hard title transactions occur.A quick summary of what is a Hard Title in Cambodia:The Hard title is the strongest form of property ownership in Cambodia.In the rare occurrence that a disputed land has both a Hard Title and a Soft Title, the owner of the Hard Title will win the dispute.A Hard title is a land ownership certificate provided by the Land Management and Planning office.Hard titles contain detailed information that has been duly recognised and certified at a national level with the Ministry of Land and the concerned cadastral office.A Transfer tax of 4% per cent will be paid based on the total property value upon the facilitation of the Hard Title transfer.The facilitation of a Hard Title transfer usually takes up to 12 weeks.Foreign nationals are constitutionally prohibited from obtaining Hard Titles. By extension, this prohibits foreign nationals from owning land and landed properties in Cambodia.Soft Title in CambodiaA Soft Title is the most commonly issued Cambodian land title. The Soft Title, however, is only recognised at the local government level. Soft titles are provided at the local Sangkat or district office and are not registered at a national level.The Sangkat (commune) or Phum (village) chief will issue a letter of possessory rights, which refers to the right of “possession” of property. A person is in “possession” of the property when she/he physically occupies the property but is not the owner of the land as recognised by the authority.Although not as secure as a Hard title, they are still considered evidence of possession. Historically, many land transactions have occurred as soft titles to avoid transfer taxes and fees. However, most new major developments are being transacted with hard titlesA quick summary of what is a Soft Title in Cambodia:A Soft Title is the most common form of ownership and the most commonly issued Cambodian land title as the transfer taxes and fees are cheaper than a Hard Title.It is estimated that 85% of Cambodian property owners only have Soft Titles to back up their property claims.It is a Cambodian land title that is recognised at the local government level (Sangkats & Khans).Soft Titles are provided by the local Sangkat or District office and are not registered at a national level - but are still considered a valid legal document of ownership. Soft Titles are relatively cheaper and quicker to acquire for Cambodians.Estimated to take anywhere between 10 to 12 working days to process.Foreign nationals are prohibited from owning a Soft Title. By extension, this prohibits foreign nationals from owning land and landed properties in CambodiaCambodian Strata TitlePrivate ownership in co-owned (strata) buildings is a recently introduced form of property title that also allows foreigners to legally own property in Cambodia.Co-owned buildings or Strata-titled buildings are defined as buildings in which several owners reside, consisting of some parts that are the exclusive ownership of each co-owner (private units), and some other parts that are common spaces for the common use of co-owners (common areas).A quick summary of what a Strata Title in Cambodia is:A Strata Title is a special title commonly used for condo unit purchases that is available to both Cambodian nationals and foreign nationals.There are other mechanisms not necessarily involving a Strata Title available for property ownership for Foreign nationals which you can see in our investment guide.Strata Titles can only be granted if the property in question satisfies these criteria: Only applicable to buildings constructed in 2010 and beyond.Foreigners can only own 70% of the total surface area of the building or property.Strata Titles cannot be issued for properties on the ground floor and/or underground.Strata Titles cannot be issued for any property within 30km of the nearest land border.Private Ownership in co-owned buildings (also known as Strata Title) is the most recent form of ownership and allows foreigners to legally own property in Cambodia.Strata Title is a less common Cambodia land title, but the numbers issued are growing fast.Most new condo development projects offer this type of title to accommodate foreign demand to own property in Cambodia.The Law on Foreign Ownership’ was promulgated on 24 May 2010. This law limits foreign ownership to co-owned buildings. Foreigners still cannot own land, as it is unconstitutional.Strata Titles are issued by the Ministry of Land Management, Urban Planning, and Construction. This means Strata Titles are recognized on a national level.A Transfer tax of 4% percent will be paid based on the total property value upon the facilitation of the Strata Title transfer.LMAP Title in CambodiaTo improve land tenure security, a titling system called LMAP (Land Management and Administration Project) has been introduced in Cambodia.Based on official GPS coordinates, land plots are being registered throughout the country. Should an LMAP title exist for your property already, the borders have been agreed upon between neighbouring parties and are less prone to dispute.A quick summary of what is an LMAP Title in Cambodia:The LMAP Title is another property ownership title issued and recognised on a national level by the Ministry of Land Management, Urban Planning and Construction (MLMUPC) - along with the relevant cadastral offices.The main difference between the LMAP Title from a Hard Title is its inclusion of the exact GPS coordinates that determine the boundaries of the property in question.LMAP Titles can only be obtained on land that has been indexed on a cadastral map. So, if a plot of land has not yet been indexed, the LMAP Title cannot be issued for that property.If the MLMUPC is presently undergoing the necessary LMAP titling process in your village or area where you live, this means you only need to follow what your local authority informs you to do once the project is completed. It is their obligation to communicate with you.It is possible to own a Hard Title without an LMAP Title due to the above-mentioned limitation.A Transfer tax of 4% per cent will be paid based on the total property value upon the facilitation of the LMAP Title transfer.Foreign nationals are not permitted to own an LMAP title. By extension, this prohibits foreign nationals from owning land and landed properties in Cambodia.How to Transfer A Property Title in CambodiaWhen you purchase property or land in Cambodia, it is critical to obtain outright ownership in order to feel secure about your new asset. To complete the process for transferring land titles of ownership, there are particular steps that need to be followed, documents that need to be obtained, as well as the necessary consultations with relevant agencies.Step 1: Verify the title certificate with the relevant Land OfficeThe buyer will first need to verify the land title certificate with the Land Office at the Ministry of Land Management, Urban Planning and Construction (MLMUPC), to check for any debts or other claims to the property.This process requires:The buyer must obtain the original title certificate from the seller to verify their genuine ownership.The buyer will then verify the title certificate with the Land Office at the MLMUPC.The Land Office will inform the buyer if there are any liens (debts), mortgages, or other claims registered to that property.Relevant Government Agency: Land Office at MLMUPCEstimated time to completion: This takes approximately 10 days (should occur simultaneously to steps 2 and 3)Step 2: Obtain information on the propertyThe buyer must then obtain information on the property from the relevant Commune Council Official. This involves the buyer contacting the village chief or the Commune Council Official in which the property is located to obtain information about the land/property. In addition to this, an official search of the title should take place at the Khan/District Land Office.Relevant Government Agency: Commune Council (Relevant District/Khan office in your property’s area)Estimated time to completion: This should take approximately 10 days (we advise that this be done in parallel to Steps 1 and 3)Step 3: Obtain the certificate of incorporation and official documents from the sellerIf the landowner is a legal entity, the buyer must obtain;A copy of the ID of the shareholder, or person acting on behalf of the company.A certified/notarised copy of the Certificate of Incorporation of the seller’s company as issued by the Ministry of Commerce.Any other official documents from the seller relating to the company and the transaction.All of these documents are needed to verify the accuracy and identity of the company name appearing on the title certificate. Further documents needed to verify the seller’s authorisation to transfer the property to the buyer are;A special power of attorney.A Resolution signed by the Board of Directors from that company authorising the named individual (seller) to represent the company at the Land Office (MLMUPC).A power of attorney specifically stating that the seller can bring into effect that Resolution to transfer land titles of ownership to the buyer.Relevant Government Agency: Ministry of CommerceEstimated time to completion: This process should take around 10 days (should occur simultaneously with steps 1 and 2)Step 4: Apply for registration at the District Land Office (MLMUPC)When the buyer and seller, whether they are as an individual or a company wish to complete the property transaction, they must go together to the District Land Office at the MLMUPC to arrange, prepare, and sign the relevant documents.The documentation needed for this step is:The Company’s statute.The Company’s Certificate of Incorporation (obtained in Step 3).Both of the Power of Attorney documents (obtained in Step 3).The original Title Certificate held by the seller must be presented to the District Land Office at the time of signing the deed, in order to have the name of the new owner officially inserted on the document.Relevant Government Agency: District Land Office, MLMUPC (District Land Office of the Ministry of Land Management, Urban Planning & Construction)Estimated time to complete the step: This step takes between 20 and 30 days.Step 5: Pay transfer taxA transfer tax of approximately 4 per cent of the total value of the property is paid to the Ministry of Economy and Finance at the General Department of Taxation, in the district that the transferred property resides. A tax receipt is then issued to prove that the property transfer tax has been paid.In Phnom Penh, however, this tax is not assessed based on the true transacted value of the property; but, rather, based on a schedule of the price of property determined by the Phnom Penh Municipality. The assessed valuation by the Phnom Penh Municipality is based upon factors such as; the total number of square meters, the land’s location, use, potential use, and other variables.To put this quite simply the transfer tax is not based on the actual price of the land which is sold, which is usually the case, rather it is based on the assessed value made by the Phnom Penh Municipal office, which may be higher than the tax rates in other provinces.If the land is more than 1200 sqm, the surplus of the land will also be subject to “unused land tax.” For land less than 1200 sqm, the unused land tax is not applicable. The time for the General Department of Taxation to complete the calculation of transfer tax will depend on the location of the land and its size.Relevant Government Agency: General Department of TaxationEstimated time to complete the step: This process should take around 1 dayStep 6: Return to the cadastral office to complete the registration processAfter all relevant taxes are paid, the parties may return to the cadastral office at the District Land Office of the Ministry of Land Management, Urban Planning & Construction (MLMUPC) and sign/thumbprint an MLMUPC form for buying/selling real property, as filled in by MLMUPC official.The signing/thumbprinting must be witnessed by a local authority such as the commune chief, who will also give their thumbprint. These procedures are based on Land Law Articles; 65, 244 and 245. Land Law Article 69 bars the transfer of property unless all necessary taxes are paid. The documentation provided should include payment receipts of the transfer tax (obtained in Step 5).Step 7: Obtain the certificate of title from the Municipal Land OfficeObtain the certificate of title from the Municipal Land Office: The Khan/District land office forwards all the “transfer documents” to the Municipal Land Office where it issues the final Certificate of Title in the new owner’s name. It is now registered.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Long-term visa options in Cambodia

June 7, 2022, 7:11 a.m.

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Are you planning to retire in Cambodia?In the 2019 InternationalLiving.com's Annual Global Retirement Index, Cambodia was named as the 12th best place in the world to retire. This was the fourth year in a row that the Kingdom held that title.In the 2021 edition, Cambodia again ranked as one of the most affordable destinations to retire and one of the best countries to retire overall.You can find out more in our ultimate guide to retiring in Cambodia which details the costs, benefits, property, and insurance expectations. See more below about the visa required by retirees in Cambodia.Is a visa required to stay in Cambodia?Yes, a visa is required to stay in the Kingdom of Cambodia for all foreigners. However, Cambodia has some of the most flexible visa regulations possible for foreign tourists, expat professionals, and retirees to visit and live in the “Kingdom of Wonder,” in the region.Whether you’re a tourist or a resident, a visa is required to visit, or stay in Cambodia long term. In 2019 the visa rules were constricted regarding long-stay visas, giving a preference for those who are locally employed or of retirement age.Types of Cambodian visasTourist visaThe tourist visa (T class) is for travellers who know they will be staying for 30 days or less. The 30-day tourist visa is available to travellers in advance or on arrival (for most nationalities) for a cost of $30 if you obtain it directly at the airport. The tourist visa is single entry only and can be renewed once only for an additional 30 days for a fee of between $30 and $50.At the expiry of the additional 30-day extension on your tourist visa, you must leave Cambodia and come back to obtain a new visa. If you are planning on staying in Cambodia, a tourist visa is not the best one for you, so start with a renewable ordinary visa instead.Cambodian “ordinary” visas (E class) If you wish to stay in Cambodia for an extended period of time, you will need to apply for a 30-day E-class visa (not an online e-visa) when you arrive. The visa is valid for 30 days and costs $35 (subject to your nationality). An ordinary visa can be extended indefinitely.Prior to your 30-day expiry, you will need to go and extend your visa. Due to language barriers and uncertainty, if it is your first time extending your visa, a lot of expats will use the services of an agent. You can choose an EB, EG, ER, or ES visa extension, known as an EOS, or extension of stay.The four E-class visas in Cambodia(Please note: that during the global COVID-19 pandemic - the visa situation in Cambodia has been temporarily different and no visas on arrival have been offered. Visa regulations and requirements should be checked with your relevant embassy from overseas. We recommend you follow the official government announcements on issuing visas).EB visa extension The EB business EOS (Extension of Stay) covers most expats in Cambodia, including those who are working, their partners and children, freelancers, and volunteers. The current rules (as of January 2019) require applications to provide a stamped letter verifying their employment with a Cambodian company). This visa extension is renewable and can last for 1, 3, 6, or 12 months. Please note only the 6- and 12-month visa extensions allow multiple entries.Spouses and children of EB visa holders will need to submit the visa holder’s employment letter. The letter needs to state that the company supports the application for the spouse’s EB EOS as a non-working dependent, and includes the dependents’ passport information. You will also be required to bring proof of your relationship to the visa holder to renew your own visa extensions.If you are self-employed and have a registered business in Cambodia you can write a letter confirming your own employment. This letter must be stamped with the registered Cambodia business stamp. Further information on setting up a business in Cambodia can be found here.An EB visa extension does not automatically give you the right to work in Cambodia. In order to be legally employed, you will need a Cambodian work permit and employment card issued by the Ministry of Labour and Vocational Training.EG visa extension The EG visa extension is designed for those seeking employment in Cambodia and can last 1, 3, or 6 months. If you have had a previous EB visa extension you probably will not be granted an EG visa, as they are not intended for expats who have already been in the country for a long term. The EG visa is only for first-time visitors to Cambodia.ER visa extension The retirement visa extension is for expats of retirement age. You simply apply for ER (retirement) extensions. Here are the requirements:You must be 55 or older.You cannot be employed.You must be able to prove you are retired (with a pension or social security documentation) and have enough funds (bank or retirement fund statements). For more information, please read our ultimate guide on retirement in Cambodia. These extensions can be valid for various lengths of up to one year. Prices are similar to working visa extensions which cost around $290 for a full year with multiple entries. There are various agencies throughout the region that can assist and help you with processing.Although the ER visa is popular and the price point is much lower than in neighbouring countries, you are not permitted to seek employment in Cambodia. For those wishing to work or operate a local business a Business Visa is required. It is worth noting some US companies are present in Cambodia and you might find them with job postings on popular US employment portals. More jobs in US here.ES visa extension The ES visa extension is a student visa. Applicants for the ES visa extension are required to provide a letter from a registered Cambodian school, as well as documentation to demonstrate they have sufficient funds to support themselves. The ES student visa extension can be issued for 1, 3, 6, or 12 months.Other Visa Types for CambodiaThe visas mentioned above are the main types most foreigners will be looking to secure for a long-term stay in the Kingdom. However, there are some other visa types for children of foreigners and those working in the NGO and international visitors of the government.K-class VisaThe K-class visa is intended for those of Cambodian descent who hold a foreign passport, which is valid for free for a lifetime visa.B-class VisaThe B-class visa is for employees of organizations that are in Cambodia at the government’s invitation EG: United Nations or World Health Organization.C-class VisaThis is a free visa for employees of international NGOs that have a memorandum of understanding (MoU) with the Ministry of Foreign Affairs.Cambodian visas for childrenAll non-Cambodian children are required to have an E-class visa to enter the Kingdom. If the child has at least one Cambodian parent, they can apply for a free K-class visa.Work Permit in CambodiaThe Cambodian Department of Immigration requires all foreign nationals to obtain an official work permit/employment card to be eligible to work in the country.Foreign nationals wishing to work in Cambodia must also meet the following conditions:Have a job offer from an employer compliant with relevant regulations regarding the employment of foreign nationals.Have legally entered the Kingdom of Cambodia.Possess a valid passport.Possess a valid residency permit.Be fit for the relevant job.Have no contagious diseases.You can read more about being an expat in Cambodia in our guide.Register on the Foreigners Present in Cambodia System (FPCS)The FPCS app records foreign information when they arrive in Cambodia at any entry point. It also records their data when they leave Cambodia.The main purpose of FPCS is to protect foreigner safety and security in case of an emergency when they are traveling throughout Cambodia and was introduced and enforced in early 2020.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by

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Home financing options for foreigners in Cambodia

June 7, 2022, 5:39 a.m.

Are you looking to finance your new home or investment property?The banking sector in Cambodia can be quite complex and is not clearly defined when considering loan applications from foreigners.This makes the process very difficult for expats, if not impossible, to secure a loan for housing from a Cambodian provider.Most Cambodian banks and small lenders do offer financial services for Cambodians, however, there are fewer that cater to the requirements of foreign buyers.Can foreigners own land in Cambodia?The short answer is no, but the Royal Government of Cambodia has eased this restriction by allowing foreign nationals to own property via Strata Titles.What are my options?If you are a foreigner to Cambodia but have a local Cambodian partner, there are a variety of loan options available to you, however, please note the loan and property title will have to be in the Cambodian's name.The exception to the rule is if you purchase a condo. This is a popular way for most expats as it gives you the security of tenure.If you want to better understand property titles in Cambodia, we suggest you read our comprehensive guide.Where to start looking for a home loan?If you are seriously considering investing your hard-earned savings in property in Cambodia and need to secure a home loan, please consider using a reputable agent to assist you. Not only are there language barriers, but there is also different terminology that you may not be familiar with.Whilst a contract may be provided in English, a Khmer contract will overrule the English version. Unless you are fluent in Khmer reading and writing, it is recommended you seek assistance to protect your investment.You can learn more about some of the best banking institutions and the ultimate guide to banking in Cambodia.RecommendationReputable companies such as Home Loan can guide you through the maze. They will do all the hard work for you by finding a lender who suits your needs.Click here for more information on home loans available to foreigners in Cambodia. Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!

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How to get Cambodian citizenship by donation

June 6, 2022, 5:07 p.m.

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Want to live, start a business, and buy land in Cambodia?The Cambodia residency by donation laws allows you to do just that. Cambodian residency (citizenship) by donation is one of the legal pathways to achieve citizenship in the Kingdom; the others are: citizenship by naturalisation, citizenship by investment, citizenship by marriage, and citizenship by birth and descent.To become a citizen through providing a donation can take anywhere between 3-6 months and there are a number of requirements including:Applicant must be 18 years of age or olderApplicant must have a current and valid passportApplicant must have a current valid visa for entry into CambodiaApplicant must be of sound mindApplicant must be in good healthThe applicant must have a qualifying investment in Cambodia of at least 1.25 billion Riel (USD $311,000).Similar to a citizen by investment, the citizen by donation's only difference is that the applicant donates the money to the Cambodian government’s national budget, and that donation will be used for the betterment of Cambodia & its people. The non-refundable amount of 1 billion riels (about US$250,000) must be donated to be eligible.Cambodian Citizenship BenefitsAs a Cambodian citizen, you can take advantage of the local benefits that are not legally available to other foreigners.You are entitled to own land & property in your own name.You are able to live in Cambodia with no visa requirements and enter or leave the country as and when you like.You are eligible to apply for government concessions and licenses that are only available to Cambodian nationals.Travel to other ASEAN countries with ease.You can learn more about the types of land titles and property ownership in Cambodia for citizens and foreigners.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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A guide to shopping malls in Phnom Penh

June 6, 2022, 5:08 p.m.

(Malls in Phnom Penh are growing larger with every new launch. Photo: Chip Mong 271 Mega Mall. Courtesy of Chip Mong Group)If you still think Cambodia is just about Angkor Wat, pagodas, and food hawker stands, you’re sorely mistaken! The country’s capital, Phnom Penh, is home to several retail shopping malls that house both international brands and local up-and-comers which serve Khmers, expatriates, and tourists with everything they need.In this guide, we’ll take a quick look at the most popular shopping malls in Phnom Penh.Popular shopping malls in Phnom PenhChip Mong Noro Mall(Chip Mong Noro Mall sits along Preah Norodom Boulevard - the retail offerings are complemented by BKK1’s many commercial establishments / Supplied)Operating hours: 9 AM - 10 PMLocation: #199 Preah Norodom Blvd (41), Phnom PenhThe Chip Mong Noro Mall is one of the more compact malls on this list. But what it lacks in size, it makes up for in its enviable location. Located in BKK1, right along Preah Norodom Boulevard, Chip Mong Noro Mall offers a supermarket, restaurants, selected retail stores, and still manages to include a parking area and cinema with multiple theatres. The mall was officially opened in December of 2019.The Chip Mong Noro Mall’s design is easily accessible from BKK1, which is a popular commercial area home to schools, office villas, embassies, restaurants, and other retail stores.Notable shops in Chip Mong Noro Mall:StarbucksTOUS les JOURSS&P Thai RestaurantLouisiana Fried ChickenDim Sum EmperorsSanta FeChip Mong Noro Mall has all the key essentials for what customers need when shopping. So, if you live around the BKK1 area and want to avoid the bigger but more crowded mall options, then a trip to Chip Mong Noro Mall could be of great convenience.AEON Mall 1(AEON Mall 1 was the first international mall chain to enter Cambodia. Photo courtesy of TheLostPinay WordPress)Operating hours: 9 AM - 10 PMLocation: 132 Samdach Sothearos Blvd (3), Phnom PenhIf you’ve spent enough time in Japan, then you’re probably familiar with AEON. The Japanese giant first entered the fledgling Cambodian shopping mall scene in June of 2014.The AEON 1 mall has since become a household name among inhabitants of the capital, resulting in reportedly several thousand visitors per day (peaking around the weekends and holidays).Notable shops in AEON Mall 1:SuperdryStarbucksThe Body ShopSwensen's Ice CreamPedroPotato CornerNojima Electronics StorePandoraLotteriaAkemiuchiAEON Mall 1 hosts fast-food chains, restaurants, a large supermarket, appliance stores, retail outlets, and a cinema with multiple theatres. There is also a bowling alley, and a gym is situated on the top floor.It was the biggest purpose-built shopping mall at the time of its opening and is a testament to Phnom Penh’s growing development diversifying taste for modern goods and services.AEON Mall 2 Sen Sok(AEON Mall 2 in Sen Sok is the biggest shopping mall in Phnom Penh today (as of 2021). Photo courtesy of SenSokTown.com)Operating hours: 9 AM - 10 PMLocation: St No. 1003 Village Bayab Commune, Phnom PenhAEON Mall 2 opened in 2018 and is the capital city’s biggest purpose-built retail mall (as of 2021). Situated within Sen Sok, a district in the northwest of Phnom Penh’s city centre which in recent years has become an area renowned for its rapid urbanisation and modernisation.Notable shops in AEON Mall 2:VersaceBlack CanyonIMAXDecathlonKrispy KremeCarl's JrKinokuniya BookstoreNojima Electronics StorePandoraAjisen RamenAkemiuchiAEON Mall 2’s outlets do not differ much from AEON Mall 1, with many famous retail outlets, restaurants, a large supermarket, and an even larger cinema (which also has the first IAMX theatre in the country). AEON Mall 2 is situated close to many other large warehouse-style outlets and has become a popular shopping destination for the residents of Phnom Penh.Look up properties available in Sen Sok now.The third AEON Mall is under development in the south of the city and will be the largest of the three AEON Malls in Cambodia. It is expected to be completed in 2022/2023.Olympia Mall(Olympia Mall is a landmark development in 7 Makara flanked by the Olympic Stadium, a range of condominiums, and local markets. Photo courtesy by Booking.com)Operating hours: 9 AM - 10 PMLocation: Monireth Blvd (217), Sangkat Veal Vong, Khan 7 Makara, Phnom Penh, Cambodia Olympia Mall is a mixed hybrid retail space becoming more popular in industrialising countries as it includes a residential condos in the development.The location is in the busy 7 Makara district, an area with high foot traffic surrounded by apartments, condominiums, hotels, embassies, and local markets. The mall is adjacent along Monireth Boulevard, a major road cutting through Phnom Penh from the southwest to the northeast right into Daun Penh.Notable shops in Olympia Mall:Ice WatchNauticaHerschelLacosteMinisoHelen KellerBeringPandoraRevlonJansportOlympia Mall has all the essentials you would expect from any modern mall: fast-food outlets, dining restaurants, retail choices, and a cinema.In late 2019, Olympia Mall’s developer has announced a further expansion of the mall as part of a “second phase” development. If you’re living in the 7 Makara district, Olympia Mall is your definite go-to for big retail options in Phnom Penh.TK Avenue(TK Avenue is a must-visit if you’re looking for a urban mall with open pathways between shops / Realestate.com.kh)Operating hours: 9 AM - 9 PMLocation: Corner Street of 315 & 516 Phnom Penh, 12151TK Avenue features an “open space” aesthetic and is one of the first upscale and urban boutique malls in the capital. As its name suggests, the mall is designed like an avenue where clusters of shops are separated by pathways for people instead of cars.Its layout fits quite well in Toul Kork, a recently developed district with a reputation for residential and commercial properties.Notable shops in TK Avenue:ShisiedoAdidasHavaianasThe SaemCrocsT-ShopMetroThe AlleyAuntie Anne'sGoldland Ice CreamTK Avenue has a good selection of coffee shops, bars, fast food chains, dining restaurants, supermarkets, and even a small cinema. Compared to purpose-built shopping buildings.The open-air design and limited greenspace allows you to simply sit back and enjoy the surroundings.Eden Garden Mall(Eden Garden Mall seems indeed like the garden of Eden in Phnom Penh’s expanding concrete jungle. Photo courtesy of EdenGarden KH)Opening hours: 24 hoursLocation: City Center Boulevard Phnom Penh, 12201Eden Garden Mall opened in 2018 and is one the of new trending malls utilising an open-air design in the layout. Eden Garden Mall features plenty of green space that complements its shops and food and beverage outlets. A supermarket is also present that provides for the residential projects being developed around the area.Notable shops in Eden Garden:Yellow Cab PizzaMumusoS&P RestaurantStarbucksDim Sum EmperorsHops Craft BeerLobster Bay Seafood RestaurantTwo Cows RestaurantLegend CinemaIts location in the northern portion of Daun Penh - an area mainly populated by new boreys and condominium developments. Other new commercial properties are also present which are starting to attract residents looking for alternative options from the conventional shopping locations.If you’re looking for a chill place to hang out without being too far from the city centre, then Eden Garden is a place you definitely need to check out.You can search through all of the properties for rent in Daun Penh here.Midtown Mall(Midtown Mall sits along a major road surrounded by big boreys and international schools. Photo courtesy of TripAdvisor)Opening hours: 8 AM - 9.30 PMLocation: City Center Boulevard Phnom Penh, 12201Midtown Mall is a community shopping mall located along St.2004 in the capital and its design allows for natural light to flood sections of the mall - with its mix of wooden and metal aesthetics adding a premium touch to it.Notable shops in Midtown Mall:Brown CoffeeThe Asian KitchenHandcrafted Beverage53 Central Coffee & PhoSake RestaurantLegend CinemaSake RestaurantAs Midtown Mall’s immediate market is primarily suburban (consisting of big boreys and schools), the mall provides a large supermarket, fast food chains, dining restaurants, coffee shops, retail stores, and a cinema.Its strategic corner location along a major road makes it very accessible to visitors, even those coming from areas outside the southernmost portion of Khan Sen Sok. Malls opening later in 2021 and beyondThe great reception of retail malls has shown investors that the Cambodian market is ready for more development in this sector - something that is being answered in kind by developers. Here are a few of the upcoming shopping malls opening in Phnom Penh this 2020 and beyond.Chip Mong 271 Mega Mall(Chip Mong 271 Megamall is one of the biggest malls in Phnom Penh and is expected to breathe new life into the growing district of Meanchey. Image courtesy of Chip Mong Group)Chip Mong Group is gearing up to be the leading mall chain in Cambodia with the amount of retail and land development projects they have lined up. Their biggest mall project (yet), Chip Mong 271 Mega Mall, broke ground in 2019 in Khan Meanchey.It is reported to have 160,000 sqm of floor space to rival the biggest malls in Cambodia. Chip Mong 271 Mega Mall is expected to open in 2022.Phnom Penh Mega Mall(The highly anticipated Phnom Penh Megamall was set to open in late-2020 but has been delayed. Photo courtesy of Skyscraper City)Despite several delays, the One Mall is still under development along National Assembly Road. The building comprising 11 storeys, including two floors below ground an its retail outlets are said to include, supermarkets, a food court, cafes, fashion, jewellery, cosmetics stores, restaurants, electronic stores as well as child-oriented shops.AEON Mall 3(AEON Mall 3 is expected to be the biggest mall in Cambodia once it opens in 2023. Photo courtesy of Cambodia Properties)AEON was the first international mall chain to recognize Cambodia’s potential as a new investment market and they’ve certainly reaped the rewards.They are now building a 3rd AEON Mall and is set to be the biggest mall in Phnom Penh at 174,000 sqm. AEON Mall 3 was recently approved to begin construction in Khan Meanchey and is set to open sometime in 2023.YT Mall(The upcoming YT Mall will feature an indoor zoo - something that will set it apart from the increasingly competitive retail space in Phnom Penh. Photo courtesy of YT Group)The YT Mall is an upcoming mall in Steung Meanchey commune developed by Yuetai International Group (YT). The YT Mall’s design is reported to include an indoor zoo - something that’s definitely going to be popular with the kids. The YT Mall was expected to open in 2020 but updates have been scant.There are more than a dozen other malls opened and under construction in 2021. With plenty of shopping malls still coming to the city, there will be great competition and new brands and franchises to appeal to shoppers!Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Thinking about property in Cambodia, What’s your motivation?

June 6, 2022, 5:07 p.m.

Home & Living

Property Buyers & Sellers Advice

What is the driving force behind your decision to invest in a market that may be completely different from your present portfolio?Cambodia is an emerging nation, known for its beaches and mountains, historical sites, you can step back in time in a local village, unchanged for decades, or enjoy bustling vibrant growing capital city.Thinking about retirementWhile Thailand has historically been a popular destination for retirees, Cambodia is rapidly gaining interest both for those retirees presently based in Thailand, or those looking for an alternative to retirement in their country of origin. In fact, InternationalLiving.com's Annual Global Retirement Index for 2019 has named Cambodia as the number 12 best place in the world to retire. Access to inexpensive quality healthcare, ease of visa processing and an ever-increasing expat community makes Cambodia an attractive retirement destination.Holiday Home & InvestmentWhile the average rental returns may not equate to those achieved in your country of origin, the lower market entrance costs, fees and services combined with the local purchasing power of your dollar, puts Cambodia on your investment portfolio. Whether you enjoy the hustle and bustle of city life or the beachside lifestyle opportunities abound for those investors wishing to combine the flexibility of having a holiday home, while receiving an income in your absence.For personal use onlyWhether you are contemplating retirement, using Cambodia as your home base or working here, purchasing a property versus renting is a common occurrence for expatriates. Finding just the right place, in the right location for the right price requires research and access to market knowledge. Click the link below for further information.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Tax on Rental Properties

June 7, 2022, 7:14 a.m.

Realestate News

Property Buyers & Sellers Advice

Property rental Tax in Cambodia is set by the rental received on the following types of properties:Residential and commercial buildings or properties.Industrial and commercial installed equipment.Floating watercrafts/homes or ships used as homestay or place of business.Land without buildings used for stone, mine and coal extraction, lakes and salt pan field.This tax is collected from proprietors or leaseholders.Tax Rate:A foreign investor who buys property in Cambodia and rents it out needs to pay 14% of the gross rate annually while Cambodians have to pay 10%. This gross rental must be included in the lease agreement.Sample (for a Cambodian):5 apartment unitsRented at $200 per weekRental rate$200Number of apartment units5Property Tax 10%($200 x 5 ) x 10% = $100How to register:To register to become a taxpayer for property tax, the first thing you must do under this law is to register at your tax branch. You only need to register the property if it’s worth $25,000 or more. You should go to your tax branch where the property is located and complete two forms: PT01 and PT02.Read here for a more detailed guide on property taxes in Cambodia.When are tax payments due?The tax payment is an annual obligation due by September 30th.Looking for rentals in Cambodia? Let us help!Article by:

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Understanding property titles in Cambodia

June 7, 2022, 6:29 a.m.

Property Reviews

Property Buyers & Sellers Advice

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Buying a condominium in Cambodia with leasehold

June 6, 2022, 5:07 p.m.

Home & Living

Property Buyers & Sellers Advice

Foreigners are 100% eligible to own a freehold condominium in Cambodia under certain conditions.The Cambodian Foreign Ownership Property Laws (legislated in 2010), allow foreigners to buy and own properties in Cambodia on the 1st floor or higher of a condominium. The property must possess a strata title and cannot exceed 70% foreign ownership.Buying a condominium in Cambodia with leaseholdThis method allows foreigners to purchase real property, either landed or strata-titled, and register the title deed in the name of a Cambodian citizen. The foreigner and the Cambodian enter into a long-term rental agreement by which the Cambodian citizen leases the property back to the foreigner for a set lease period. This lease period could extend to 99 years.Have a read of our guide on purchasing a condominium in Cambodia as a foreigner.Purchasing through a leasehold does not allow the foreign to enjoy the feeling of freehold ownership. Most foreign investors expect full ‘ownership' of their property, therefore the concept of paying a large amount upfront, effectively renting back property for decades, can be an issue for many foreigners.However, by engaging suitable trustworthy legal representation, the drafting of a watertight agreement in terms of the property and the lease arrangement can make this a reasonably secure method of owning real property in Cambodia.Under this arrangement, the foreigner may sell the property at any time and keep 100% of the revenue from the sale.Get more information on understanding property titles in Cambodia.A Cambodian citizen is not permitted to disagree with or obstruct the sale. The foreigner retains the original copy of the new title deed as a security precaution.It must be noted that the sale of the property is impossible without the original copy of the title deed.Relationships are importantAlthough the foreigner can sell the property at any time, there is a requirement for the Cambodian citizen’s signature or thumbprint identification to be included in sale documentation, therefore entering into such an agreement requires an excellent relationship and a high level of trust.Realistically, if a foreigner has the capital, the building falls under the 70% foreign ownership threshold and the apartment is not on the ground floor, there is no real reason for purchasing a condominium on a Purchase – Leasehold basis.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Do I need a bank account to buy property in Cambodia?

June 6, 2022, 5:07 p.m.

Realestate News

Property Buyers & Sellers Advice

You don’t need a Cambodian bank account, but here is why you should open one.If you are intending to purchase your new home/investment in Cambodia, opening an account is not a legal obligation.Many expats choose to keep their bank accounts from home open and use them as their primary source of cash. It quickly becomes evident with mounting ATM charges (up to $5 per transaction) for foreign cards in Cambodia (and the home banks often charging the same), this is not the most economically viable way to conduct daily spending.What are my options if I don’t have a local bank account and want to purchase a property?You can use a lawyer's account and/or transfer monies directly to a developer. If you choose to transfer directly to the developer please ensure you seek legal advice prior to doing so.The benefits of opening a local bank account for investment propertiesIf you plan to receive rental from your tenants locally, having a local bank account reduces your transfer fees. It's also much easier to have access to local funds and local transfers through bank apps. This will allow you to pay expenses when overseas with minimal fuss and cost.As with any foreign country, there are high-risk factors of transferring large sums of cash directly to an unknown person/persons. And while Cambodian law is becoming more sensitive to the needs of foreign investors, anyone looking to invest in the Kingdom would still do well by securing their bases and opening a bank account if possible.If you are interested in opening a bank account in Cambodia, please read our ultimate guide to banking for foreigners in Cambodia. Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Buying a condominium off the plan

June 6, 2022, 5:07 p.m.

Home & Living

Property Buyers & Sellers Advice

Foreigners are 100% eligible to own a freehold condominium in Cambodia under certain conditions.The Cambodian Foreign Ownership Property Laws (legislation passed in 2010), allow foreigners to buy and own properties in Cambodia on the 1st floor or higher of a condominium. The property must possess a strata title and cannot exceed 70% foreign ownership.What does "off the plan" buying mean?Off the plan purchasing is literally what it sounds like. You are purchasing the condominium (condo) prior to its construction based on its design and construction plans. You sign a contract that reflects the agreed price of the condo as per the architectural specifications, any additions or changes you require. Generally, a deposit is required, (the amount of deposit is at the developer’s discretion and can be as high as 50 percent of the purchase price, or even higher), with the payment of these funds made by installments based on construction milestones set by the developer.Investors should develop an in-depth understanding of the installment payment plan triggered by construction stage milestones. These milestones may be based on various different construction stages. Some maybe a simple percentage of completion calculation or reliant on certain physical construction stages being met, such as floor topping of your level, electrical installation, certification of plumbing, etc. Unscrupulous developers may call for payments on milestones that have not been achieved. It is important to ensure investors have independent, suitably qualified advisors to monitor this process.When the building is finished, the developer hands you the keys to your new condo! Be certain to ensure there is a warranty and defects period included in your contract, identifying what is covered under warranty and a clear defect rectification process is in place, including contact details of the party responsible for addressing defects.What’s the advantage of buying off the plan?By purchasing at the development stage, buyers have the opportunity to select condos with the best locations, or prime units, in the development. Obviously, as the development progresses the availability of these prime units decreases.Buying off the plan offers you the flexibility to customise your condo within the limits of construction design. Whether you want to change the floor plan, surface treatments, lighting etc, these changes are easily achieved and are markedly less expensive during development.Off the plan discounts.Developers have loans to service and construction costs to cover. The more pre-launch sales deposits they receive, the better. This motivates the sales team to offer discounts on the purchase price, particularly if the market slows during the construction period. Many developers now offer rental guarantees to potential investors as enticement. These guarantees are traditionally based on a percentage return on investment.Historically, there have been occasions when off the plan buyers have seen substantial capital growth in their investment compared to purchasers who invest post-construction. Investors and speculators find this compelling, however, it is wise to consider that due to oversupply or global financial issues, the opposite can occur.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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The 4 big reasons to buy land property today

June 6, 2022, 5:07 p.m.

Comparisons

Property Buyers & Sellers Advice

(The Kingdom of Cambodia’s rapid real estate development has been a boon to land-owners across the country. Photo by Ly Vanna.)One of the first things you learn in real estate is that land value continuously appreciates. In the Kingdom of Cambodia, this has become more apparent.This is especially true in the rapidly developing urban population centres (such as Phnom Penh and Sihanoukville) and major public infrastructure works (such as National Road 3, and the road projects in Kampot and Sihanoukville, or near national planned airports etc).According to CBRE’s Fearless Forecast 2020 report, land prices across Phnom Penh’s districts rose significantly. The districts of Daun Penh, Chamkarmon, and 7 Makara have seen the largest appreciation as these started the decade with prices around 2,000 USD per sqm.These same districts saw prices of ~6,000 USD per sqm in 2019; a 200% increase in value. Toul Kork, one of the most recently developed districts in Phnom Penh, has spiked in land value - from ~1,000 USD per sqm in 2010 and closed 2019 at an average price tag of around ~3,500 USD per sqm.(Phnom Penh's land prices have been on a steady increase since 2010. Source: CBRE Research 2021)Property in the countryside has risen as well due to the rehabilitation of major road networks. In the Kandal province, for example, the price per square metre of land was reported to cost $5 USD. But when road works began for the National Road 3, prices spiked to $13 USD per sqm. That may not sound like a lot compared to prices in Phnom Penh, but you have to remember that land in the countryside is purchased in hectares and not at a few hundred square metres.The uptick of land purchases and developments are showing no signs of slowing down anytime soon either. And that’s why you should consider buying landed property while they’re still affordable and profitable!Read the latest on why investing in Cambodia is a great idea.But before you buy, let’s understand the factors influencing the appreciation of land values.Why does land value appreciate?(The inherent value of land is tied with the versatility it provides when it comes to development.)Land has intrinsic valueLand has unquestionable intrinsic value since it can always be used for something that can produce valuable goods and services - something the Cambodian government, the private sector, and a few enterprising individuals in the countryside duly understand.For a better understanding of how intrinsic the value of land is, let’s take a look at cryptocurrency as a store of value. Without anyone accepting cryptocurrency as a medium of exchange, it cannot be used to produce anything else.On the other hand, even if land cannot be used as a medium of exchange, it can be used to build a house or a condominium that can be rented out. It can also be built into a mall to house shops selling a variety of products. If you don’t have any capital, you have the option of converting the land into a simple parking lot where you can charge cars for parking fees.With a few improvements here and there, a land’s inherent value further increases when there’s adequate infrastructure - which leads us to our next reason.Availability of infrastructure(Electricity in the Kingdom is of particular importance to continue its industrial growth.)Underdeveloped infrastructure isn't a problem unique to Cambodia, it still does greatly influence the development and pricing of property in the Kingdom. This holds true in major economic hubs like Phnom Penh and Sihanoukville - cities which are seeing the fastest rates of development of residential, commercial, and industrial projects which stretch the capacity of existing infrastructure to support them.For landed property developers, such as boreys, some developers have to construct their own electric/water supply infrastructure, further driving up the cost of the development.Land, by itself, is mostly useless for most modern-day purposes. This highlights the need for adequate infrastructure to support residential, commercial, and industrial endeavours. In particular, infrastructure for electricity and running water are key factors in the viability of any residential or commercial prospect.Hence, land property with access to the necessary electric and water supply makes for a valuable purchase for most developers.Location, Location, Location(Real estate is business, and business is heavily dependent on location.)As Mark Twain once said, “Buy land, they’re not making it anymore”.There is only so much land available that’s proximal to any city centre. The areas around the busiest and most populated parts of a city or a province will be most sought after due to their proximity to where people want convenient access to. As a city like Phnom Penh expands, it only follows that the accompanying land prices surrounding its busiest commercial and most popular residential areas rise as well.4 Reasons you should consider buying land property todayLand appreciates, your money does not. As Cambodia grows, so does its need for more residential, commercial, and industrial development. More projects from the government and private sector will be unveiled hence buying bare plots of land today, at incredibly low prices, can be a good means of protecting your wealth from inflation and grow it at a pace no savings account ever will.Read here if you want more advice on what you need to know BEFORE you invest in Cambodian land.Here are a the FOUR main reasons why you should consider buying land in the Kingdom:1. Boreys are becoming more popular in Cambodia(Boreys are gated communities in Cambodia offering shophouses, linked houses, and villas to the local real estate market. Phorn Seiha / Realestate.com.kh)Boreys have become increasingly popular among Cambodians as these gated communities provide a sense of community and security to their residents. Amenities such as parks, pools, and activity centres also have value-added appeal to buyers. Developers have also taken interest in the mid-range market to appeal to more Cambodians looking to buy a home.To give you a measure of how popular Boreys are, let’s crunch some numbers: According to Knight Frank’s H1 2019 report, there were a recorded 51,278 Borey houses distributed across 131 Borey developments in Cambodia. By the end of that period, there were 18 more Borey developments launched with more than 22,500 units expected to be added by 2021. Borey developers are also seeing up to 80% sales rates for their projects.In a few years’ time, more than 80,000 Borey units consisting of villas, shophouses, and linked houses will be available to local buyers. It probably goes without saying, that’s a lot of landed residential property coming into the market very soon.2. Rehabilitation of national roads(The rehabilitation of National Road 3 has caused surrounding land prices in the Kandal prices to increase. Photo by Valinda Aim from Khmer Times.)Development is stretching outward the major economic centres (Phnom Penh, Siem Reap, and Sihanoukville) every year. The Cambodian government has announced several major road rehabilitation projects stretching out of Phnom Penh, most notable of which are National Road 2, National Road 3, and National Ring Road 3.It’s also important to note that each of these major national roads is linked with other national roads leading to other parts of the country. It would be best for you to consult your local google maps to see where you can potentially buy land.3. Less management requiredMaintaining an empty plot of land doesn’t require much work or attention. As opposed to managing a business or rental property, all an empty plot of land probably needs is a fence and the ocular inspection every now and then, or maybe even a post to say that someone owns the property.Either way, maintaining a plot of land has comparatively fewer headaches than most other investments.4. Competition doesn’t existNo two pieces of land are exactly the same. At least one or more major factors (available infrastructure, access to roads, proximity to the city centre, land quality, etc.,) will always be different.Comparing that to condominium or borey property developers - who have to spend a lot on marketing their projects - you as the owner of a bare plot of land will not have to go through the same level of competition to acquire a buyer.What to do with the land you bought in Cambodia(Respondents from the Realestate.com.kh Consumer Sentiment Survey indicate they would buy real estate property as an investment over as a place of residence.)As anti-climactic as it may sound; this entirely depends on you. Many people, according to realestate.com.kh’s consumer sentiment survey, indicated that they wanted to buy land property mainly for investment purposes. In a story previously posted on realestate.com.kh, a resident of Kampong Speu along with his friends bought several plots of land around National Road 3 prior to the announcement of its rehabilitation. They expected their investment to profit in a few years but little did they expect they would more than double their earnings in just a few months once the government officially announced the rehabilitation project.If you’re not savvy when it comes to flipping land, and you don’t have a home to call your own, there’s always the option of using the land you own to finance a house.There’s also the additional option of leasing your land. This is a different process altogether but it’s essentially renting your property to an individual or entity that can make better use of it. This keeps you as the owner of the land while you’re paid fees for simply owning property.Again, this entirely depends on the land you have and what your future goals are. If you want to get started, you may check our listings page for properties you may be interested in!Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Transferring funds into Cambodia

June 6, 2022, 5:07 p.m.

Realestate News

Property Buyers & Sellers Advice

The procedure for bringing money into Cambodia is easy as long as you have the right documentation you can easily transfer it without any problems.Foreign exchange controlsThere are no restrictions on the remittance or repatriation of capital or profits into or out of Cambodia, so long as the transfers are conducted through registered financial institutions (Banks).Riel (KHR) is the official currency of Cambodia, however, most transactions are conducted and denominated in the US dollar. Remittances are subject to applicable withholding taxes.Restriction on the foreign exchangeThe “Law on the Foreign Exchange” of September 1997 stipulates that “there shall be no restriction on foreign exchange operations” through authorised banks (Article 5) but the authorised banks shall report to the National Bank of Cambodia the amount of each transfer equalling or exceeding 10,000 US dollars (Article 17). Residents are allowed to hold foreign currencies freely (Article 7).Article 5There shall be no restrictions on foreign exchange operations through book-entry including purchases and sales of foreign exchange on the foreign exchange market, transfers, all kinds of international settlements, and capital flows in foreign or domestic currency, between Cambodia and the rest of the world or between residents and non-residents. However, such operations shall be undertaken solely through authorized intermediaries.Only banks permanently established in the Kingdom of Cambodia shall be considered as authorised intermediaries.Authorized intermediaries shall be required, under conditions established by regulations, to provide the Central Bank on a regular basis with periodic statements, by type of transfers or settlement and of outflows and inflows of capital carried out between the Kingdom of Cambodia and the rest of the world, according to the time set by the Central Bank.Any export of cash in foreign currency by authorised intermediaries shall be subject to prior declaration to the Central Bank.The manual money changers who have fixed or moving counter may exercise their exchange transaction with the prior authorisation of the Central Bank.Article 7 Residents may hold foreign currencies freely, both in form and location of such holdings inside the country. Nevertheless, in case of a foreign exchange crisis, the Central Bank may issue regulations to be implemented for a maximum period of 3 months, suspending temporally the enforcement of this provision. In case of having to prolong the scheme, the Central Bank together with the Ministry of Economy and Finance shall submit a request to the Head of the Royal Government for approval.Article 17Transfers relating to investment or liquidation of investment shall be made through authorised intermediaries as stated in Article 5 of the present law.Subsequently, the authorised intermediaries shall report to the Central Bank the amount of each transfer equalling or exceeding one hundred thousand US dollars (USD 100,000).RememberAlways check with your bank in Cambodia prior to any transfers to ensure the correct documentation is completed and compliant with the relevant laws.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Common area maintenance fees: What are they for?

June 6, 2022, 5:06 p.m.

Realestate News

Property Reviews

What is the common area?Simply put, the common area is that which is not included within the boundaries of the title of your private property. For example, in a condo, the common property is everything outside of your apartment. There may be different rulings for different buildings in cases such as balconies, however as a guideline, this description is sufficient.What do common area maintenance (CAM) or sometimes just known as maintenance fees cover?CAM fees cover the general upkeep of the property, minor repairs, swimming pool, landscaping, elevators, external window cleaning (on high rise developments) security and bills for water and electricity used in the common (shared areas).The CAM fees do not cover maintenance and repairs to your own property. For example, if you have a leaking tap, that is your cost. If the main water pipe feeding the building needs repair, that would be paid from CAM Fees.How are CAM Fees calculated?CAM Fees are calculated based on the share meterage of your property/apartment. A budget is forecasted, with the cost of maintaining and operating the common property calculated. The CAM Fee is based on this amount divided by the total Square Meterage of the combined lots, not the square meterage of the building.The CAM Fees are commonly paid monthly; however, some Owners Groups may require the total annual fee to be paid in advance. Some Owners Group may include management fees in the CAM Fee, however in most cases management fees will be a separate charge.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Sinking fund: what is it and what’s it for?

June 7, 2022, 4:36 a.m.

Realestate News

Comparisons

What is a sinking fund?A sinking fund is an essential financial tool for owners' corporations, i.e. Owners group, body corporate or owners committee, to ensure that the future maintenance/refurbishment expenses of a strata building can be met.What is the sinking fund For?Sinking funds are to cover the cost of future common emergency expenses or major capital works.We will use a house as an example. If a tile on the roof is loose, that repair is covered by the Maintenance Fund. If you have to replace the whole roof, that cost is allocated to the sinking fund.How are sinking funds calculated?Using examples from other countries, sinking fund fees are calculated based on an audit of the building known as a sinking fund forecast. This audit is undertaken by a suitably qualified surveyor engaged by the owner’s corporation. This audit looks at the condition of the building, plant and machinery, and calculates the life cycle of these items, forecasting either the plants’ replacement or refurbishment in a set number of years, for example, 7, 15 and 20 years from the date of the audit.The audit will also calculate what these works may cost in the future. These costs will be broken down into per lot fees paid either monthly or annually, to be held in trust by the owners’ group until the refurbishment is required.Without an established and well-managed sinking fund, owners may find themselves facing extensive costs in the form of special levies. These costs can be considerable, particularly if there are catastrophic construction defects or the need to replace equipment such as elevators.Although the Cambodian Government introduced the 2009 Sub-decree on the Management and Use of Co-owned Buildings that requires “ the co-owners to establish a management board or an executive committee as agreed among themselves following the prescribed internal regulations” the requirement to establish a sinking fund and its associated requirements are not completely covered by this decree.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Tips to save money for your first house in Cambodia

October 4, 2022, 6:58 a.m.

Home & Living

Property Buyers & Sellers Advice

(Being in your 20s and even your 30s affords you so much time and opportunity to earn that you might not have later on in life. It’s also the best time to start saving money for your first home investment. Image Supplied)If you’re under the age of 30, working a decent job, and don’t have a home to call your own, then it’s the perfect time to save for your first house. Cambodia’s property selection, especially in Phnom Penh, are plentiful, and in a few years’ time, you’ll practically be swimming in borey/condominium choices!At the back of your head, you might be saying “But I’m young! I want to see the world and experience new things!” or “Have you seen the prices? They’re so expensive!”. While both are popular concerns, they’re also not as serious as you might initially believe.Why you should start saving for a home while in your 20sBeing in your 20s is probably one of the best times to start saving. Unfortunately, youth is often wasted on the young. Most young working adults spend their money on travelling and expensive food/services - thinking they’ve worked for this, why shouldn’t they spend it?And that’s where the problem lies. Being in your 20s affords you so much time and opportunity to earn that you will not have (to the same degree) in your 30s and 40s. Setting some money aside, especially in your early 20s, will give you a big advantage once you eventually realise the value of owning a home. As the saying goes, “The early bird gets the worm”. The money you should set aside on a regular basis doesn’t have to be big either! By cutting down on things you spend every day or every-now-and-then, you’ll eventually accrue enough savings to consider getting a downpayment.We’re not saying you should completely stop spending on the fun things in life (though if applicable, do it!), but you can definitely compromise on their frequency for the sake of your future home security.Tips to save money every day, every week, every monthLimit the international travel(Carefully selecting and limiting your international travel is a great way to save money. Photo by Economytraveller.com)You’re young and the world is your oyster. But much like the pearl in it, it can get really expensive. If you have a knack for travelling abroad multiple times a year, you might wanna cut that down to once or twice per year, at most.International ticket fares cost no less than $200 USD (return flight included). Of course, airfare tickets aren’t the only thing you’ll be spending on. Depending on how long you’re staying and what you’re gonna be doing, you could budget anywhere from $300 USD to $1,000 USD for accommodation, food, souvenirs, and activities.You’ll be saving around $500 USD per year at least simply by holding off on that trip. We know cutting down on this expense can be a pain for the travel bug in you. But these are substantial amounts you could be saving for a real estate property you can call your own!Limit the expensive restaurants(Good burgers like this can cost upwards of $10 USD per serving in Phnom Penh. Photo by Timothy O’Toole)Cambodia, especially Phnom Penh, is home to a lot of good food! The capital city hosts a multitude of cultures offering their cuisines alongside local Khmer favourites. But as the market for good food grows, so do their accompanying price tags.The best meals are often among the expensive - easily ranging from $20 USD to $100 USD per meal. If you like to spend above $10 USD or more per meal, that means you’re spending around $20-30 USD per day on food. That amounts to around $600-900 USD on food every month, which is a lot!You can scale back on expenses by opting for cheaper (and often better value) food options, or plan your grocery shopping and cook from home more often. Since Phnom Penh is filled with superb food options, good eats can cost as little as $3-5 USD per meal.Food expense breakdownCost per meal (USD)Frequency per dayTotal cost per day (USD)Total cost per month (USD)103309005315450You could save around $450 USD (or more) per month or $5,400 USD per year simply by opting to eat meals at more modest places. Let’s not forget that you can save more money if you know how to cook! And if you don’t know how to cook, it’s a damn good life skill to have, so you better learn.Learn to say “No” to expensive activities/outings(Saying “No” can be good for your wallet and your eventual downpayment for your very own home. Photo by LostPlate.com)We love our friends and family. But constantly saying “Yes” to whatever and wherever they want to do or go can hurt your savings! It’s quite difficult to put a value on activities as these vary wildly. But for the sake of discussion, let’s assume some financial implications:Let’s say you’re spending $40 USD on outings every weekend - and that’s on top of your food expenses such as drinks, movies, transportation, or whatever is trending. If you go out every weekend (4x month) that could be an additional $160 USD of monthly expenses.Activity/Outing cost per monthTotal activity cost per weekend (USD)Frequency per monthTotal cost per month (USD)40416040280Again, activity/outing costs vary wildly. But one thing is for sure: going out every weekend is a bad idea if you’re planning to save money for a future project like owning your very own home.Skip the expensive coffee(Cutting down on your daily coffee can add up to significant savings at the end of the year. Photo by Discover Cambodia)At the risk of being chased out of Phnom Penh with pitchforks and lit torches, we have to say frequent consumption of expensive coffee can be bad for your savings! Let’s crunch some numbers.Cost breakdown of buying coffee per monthCost per branded coffee (USD)Frequency per dayTotal cost per day (USD)Frequency of days buying coffeeTotal cost per month (USD)2.525301502.512.52050You could be spending up to $150 USD per month if you’re spending $2.50 USD per serving of coffee and buying twice a day. Cutting this down to effectively half (in terms of frequency) can save you an additional $100 USD per month or $1,200 USD per year!We understand that this is going to be a tall order for a country that loves its caffeine. But constantly consuming coffee - multiple times a day - can slow down the progress of your savings.If you are looking to treat yourself to one excellent coffee, try out these cafes in Phnom Penh.Track your daily/weekly/monthly expenses(Tracking your regular expenses can you better insight into your spending habits - and know where to save. Photo by Review Geek)Listing down what you spend isn’t a bad thing, it's a smart thing to do to keep you in track! It will provide you with insights into your spending habits. Here are a few questions you can answer by tracking your regular expenses:What am I spending on?How much am I spending on it?How often do I spend on it?Answering the questions above will give you a picture of your spending habits and eventually help you decide on how best to maximise your savings with these questions:How come I’m not able to save any money?Do I really need to spend on this?Can I limit how much I’m spending on this?Knowing your spending habits goes beyond being able to save money, it can actually give you a picture of what your priorities are! Hence, why big companies today are invested in acquiring the financial data of consumers. But that’s a discussion for another day.Curious about home loan options in Cambodia?.Create a separate bank account specifically for savings(Banks like ABA offer convenient ways to create a savings account. Something you’ll need for any savings goal you may have. Photo by ABA)As my mom always says, “Save first and spend what’s left”. Banks like ABA allow you to make a separate bank account easily through your mobile device. Whenever you receive your salary or have money coming your way, we suggest saving a portion first before spending any of it, not the other way around!How much you need to save is entirely up to you as you know your needs best. A piece of good advice on knowing much to set aside is to “save money until it hurts”. This means you should set aside money right away and leave enough to meet your regular necessities. For the sake of putting a figure on it, this could range anywhere from saving 25% to 30% of whatever funds come your way.And remember, do not touch your savings unless it’s absolutely necessary!Read more in our ultimate guide to banking for foreigners in Cambodia.“Save money, it will be worth it”You may have already heard this several times from your elders, and it’s a cliché, we know. But you’ll soon realise that it’s cliché because it’s true.Cutting down on daily comforts will be difficult at first, and the temptation to indulge yourself will be alluring for sure, but trust us when we say it will pay off in the end. Owning a home is the best form of security you can give yourself, and quite frankly, you owe it to yourself to secure your future.So, the next time you’re thinking of buying your 3rd coffee at 5pm in the afternoon, ask yourself, “Do I really need this?”.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Key investment locations & local terminologies you will need to know

June 6, 2022, 5:06 p.m.

Realestate News

Property Buyers & Sellers Advice

First of all, let's understand how locations work in Cambodia. Locations are defined by three main terms. Each term has two commonly-used and widely-accepted words. Sounds confusing. Don’t sweat, we’ve got you covered. When we say locations, we mean cities, suburbs, districts, provinces, etc. Simply put, locations in Cambodia are defined by 1. City/Province, 2. Khan/District, 3. Sangkat/Commune, and even then if you were on a website like Wikipedia you will get confused as it starts talking about municipalities and so on. In this guide, we will provide you a better explanation of the terminology used for some of the most popular and high potential locations for developments in Cambodia and identify a few of the terms, locations, and references that might confuse you as a property seeker in Cambodia.City or ProvinceThere are 25 cities and provinces in Cambodia and most Cambodians as well as expats, use the term province if they refer to any location outside of Phnom Penh, which they regard as a city. Regardless they are more or less the same thing. And the top three locations for condominium investment are Phnom Penh city, Siem Reap province and Preah Sihanoukville, known locally as Kom Pong Som province.(Silk island, locally known as Koh Dach, is a 1-hour drive famous gateway island from the bustling city of Phnom Penh / Seiha Phorn) Khan or DistrictThe next level is commonly known as Khan or District. There are 12 districts within Siem Reap province, 4 in Preah Sihanoukville and 14 currently in Phnom Penh. For the purposes of better planning, in 2019 the Cambodian government created two new districts within Phnom Penh. One known as Kamboul and the other one is Boeung Keng Kang, a more important district for condominium investors to learn about. Located right in the heart of Phnom Penh, Boeung Keng Kang is locally known as BKK by Cambodians and expats. BKK is a hotspot for some of the most promising top-tier residential development projects.(BKK is one of the hotspots for new developments in Phnom Penh / Realestate.com.kh) Sangkat or CommuneThe next level is known as Sangkat or Commune and even then it goes more granular (with Khom or Village) although those are little known, even by local Cambodians. Since 2019 Boeung Keng Kang now houses Boeung Keng Kang I (BKK1), Boeung Keng Kang II (BKK2), Boeung Keng Kang III (BKK3), Olympic, Tumnop Teuk, Tuol Svay Prey I and Tuol Svay Prey II. While another popular location for condominium investment known as Tonle Bassac which is just next door to BKK1 and is located within the Chamkarmon district. If you are searching for property on realestate.com.kh, we have not made the change in our location data set as the market (property seekers, agents and developers) generally follows the old locations and classifications for now.Phnom PenhIf you are looking for property in the capital city of Phnom Penh, the hot sub-locations for these top-grade and luxury investments include: 1. Chamkarmon, as mentioned above the classification for the sub-locations by law has changed, however, the agents, developers and property seekers have not adopted this yet, so as to not confuse the users of realestate.com.kh - neither have we. Chamkarmon can sometimes be referred to as the centre of Phnom Penh, and whilst the district does demand the highest rental returns and the highest land price per square meter especially in BKK1 and Tonle Bassac the actual Central Business District (CBD) is in sangkat Wat Phnom within Daun Penh district. Another hot location for condominium investment is Koh Pich which translates to Diamond Island in khmer, is actually not a sangkat itself. Koh Pich (Diamond Island) is a part of Tonle Bassac commune.Remember, If you are searching for properties on realestate.com.kh and you are interested in properties within Koh Pich, you can simply select this location from the landmarks drop-down list within the search bar or simply select Tonle Bassac as your prefered location. 2. Central Business District, whilst it needs some time to be adopted market-wide, the CBD in Cambodia is defined by the main collection of A to B grade office towers in Phnom Penh including Vattanac Capital Tower, Canadia Tower, Exchange Square, and Raintree which are all located within sangkat Wat Phnom in Daun Penh district. In its vicinity, you will also find key government ministries as well as the leading bank and financial headquarters.3. The South of Phnom Penh or Hun Sen Boulevard is one of the fastest-growing hot spots for investment in Cambodia. Key landmarks and hubs already in operation in the area include: The Factory (an integrated entertainment, food & beverage, arts, culture, and workspace) as well as ISPP, Cambodia's leading international school. Adding to that both landed property and condominium developers have already started construction in the area and three major malls (including AEON Mall 3) will be coming in full operation within the next 5 years. All of which points to a fantastic opportunity for investors, as the area is truly moving out of being a backwater swamp to one of the most livable areas in Phnom Penh. Most developers and agents will refer to the location as "The South", "South of Phnom Penh" or "60 Meter Road" which is actually Hun Sen Boulevard. It runs through multiple sangkats including Chak Angrae Leu which is in Meanchey district.4. Riverside, is another hot spot in Phnom Penh and another area that is not commonly referred to by its actual sangkat or district name. Locally, the location simply earns its name as it sits next to Tonle Sap river and ends where it meets the Mekong river.5. Chroy Changvar is a location often compared to the South of Phnom Penh by agents, developers, buyers, renters, and investors. Not because they are necessarily close to each other, but more because they are both experiencing similar growth in terms of infrastructure development, connectivity, housing developments and more. Chroy Changvar district is commonly known market-wide as the name of the location suggests - Chroy Changvar.(Chroy Changvar is another hotspot for development. It is one of the fastest-growing districts in Phnom Penh / Sieha Phorn)6. Close to the Airport seems to be a term used in emerging market property related marketing worldwide and to add to this the Cambodian government has recently announced the location of the new “Phnom Penh International Airport”. So expect developers to be using a phrase, around both airports from now on. The current airport (the biggest and main airport in Cambodia) is located in Por Sen Chey district, while the new airport will be in Kandal province which is yet another advantage to the Southern part of Phnom Penh. However, all is not lost for those that are looking to or have invested in Por Sen Chey district as this area is very popular with Cambodians and international expats alike, and will remain a key business and logistical hub.(The current Phnom Penh International Airport is the largest airport in Cambodia) 7. Sen Sok is a location widely known by the majority of Cambodians, and less common with international investors or even expats, but if you heard the term AEON 2 or Makro Cambodia then you're more likely to know where we’re talking about or have at least seen it mentioned by developers. This area is also becoming more and more popular with landed and condo developments.Sihanoukville, Kom Pong Som or even Preah SihanoukOn realestate.com.kh we refer to the coastal region as Sihanoukville so do most developers, agents, and property sellers, certainly, if they are targeting international buyers. Although Sihanoukville includes sub-locations, the areas are more defined by the name of its different beaches such as Sokha Beach, Independence Beach, Ochheuteal, Serendipity and Otres rather than sangkats or khans. The main landmark that is referred to by property developers is the Golden Lions Roundabout, as most people consider this as the centre of town.Off the coast of Sihanoukville, there are also multiple islands with many investment opportunities for foreigners and these locations are all prefixed with the word "Koh" at the start of it, which translates to “island” in Khmer language. So if you see the location Koh Rong for example, this means that it is an island off the coast of Sihanoukville. Ream is another location that you will start to hear more in the coming months and years. Ream is one of the seven national parks in Cambodia and it is only 20 minutes drive from Preah Sihanouk International Airport.(A beautiful beach inside Ream national park, about 50-minute drive from the city centre / Phan Soumy) (Sihanoukville International Airport, one of the three currently running airports in Cambodia / Realestate.com.kh )(A new under-construction road along the coast of Ream leading to the city centre / Phan Soumy) (This road is part of the nearly 300 million dollars road construction project that is being implemented in Sihanoukville / Phan Soumy) (A wide-open roundabout overlooking the ocean of one of the 34 under construction roads in the coastal province of Preah Sihanouk / Phan Soumy) Siem ReapSiem Reap is a significant province of Cambodia and home to the famous Angkor Wat temple, the world’s largest religious site. Whilst it remains a favorite place for tourists in Cambodia, it has been less favored by condominium investors. Simply, because up until recently there were not many condominium projects being built. Most of the property developments were and still are landed property or low rise hotels.Why is this? Developers are not allowed to build above the height of Angkor Wat and therefore they have favored Phnom Penh and Sihanoukville. However, this has changed over the last few months. The main thing to know in relation to sub-locations in Siem Reap is to ask the developer if it is close to Pub Street, a famous area within the city centre, full of restants, bars, shops, hotels, guesthouses, and other businesses. Sub locations will be rarely used in marketing material and will simply be marketed with Siem Reap.How does realestate.com.kh tackle some of the above issues?Property seekers can simply use the powerful search bar and type in the first three letters of a city, khan or sangkat and choose from the suggested locations that will appear as the user is typing the location. However, property seekers can also choose from the list of popular locations and even popular landmarks in Cambodia once they have clicked the search bar. Once a property seeker is looking at a property that they are interested in, they can also populate the map that appears on all properties to check the proximity to certain landmarks by simply typing the name of the landmark in the search box on the property page - for example, "Phnom Penh Airport". The map also allows you to populate nearby schools, restaurants, transport and hotels to give the buyer an idea of what infrastructure and amenities are nearby.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now on both iOS and Android.Article by:

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Best serviced apartments for long-term stays in Phnom Penh

June 7, 2022, 5:50 a.m.

Property Reviews

Comparisons

Property Buyers & Sellers Advice

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Buying a Retirement Property in Cambodia

June 6, 2022, 5:06 p.m.

Realestate News

Property Buyers & Sellers Advice

A beautiful Cambodian house with a western-influenced interior design. Supplied.So, you are Retired or Retiring?While Thailand has historically been a popular destination for retirees, Cambodia is rapidly gaining interest for retirees based in Thailand, or those looking for an alternative to retirement in their country of origin. In fact, InternationalLiving.com's Annual Global Retirement Index for 2019 has named Cambodia the number 12 best place in the world to retire. For more information on the requirement for retiring in Cambodia, please read our ultimate guide to retirement in Cambodia.Access to inexpensive quality healthcare, ease of visa processing, and an ever-increasing expat community makes Cambodia an attractive retirement destination. Foreigners are 100% eligible to own a freehold condominium in Cambodia under certain conditions.The Cambodian Foreign Ownership Property Laws (legislation passed in 2010), allow foreigners to buy and own properties in Cambodia on the 1st floor or higher of a condominium. The property must possess a strata title and cannot exceed 70% of foreign ownership. For more information, please read our ultimate guide on the strata title. If you don’t want to live in a condominium, there are a number of options with regard to the purchase of your retirement dream home.Option 1: Purchase a long-term rentalThere are Cambodian properties, both in the city and the countryside, that would be more than willing to rent out their properties to retired expatriates. This is arguably the simplest option for most foreign retirees - a straightforward process with little hassle.Option 2: Registering real property with a Cambodian citizenThis method requires the retiree to have a trusted Cambodian citizen to be the legal owner of their property. This is more popularly known as buying property through the Nominee Structure. This certainly has its downsides such as not having the property in the buyer's name but if the buyer has someone they can trust, this can prove to be more secure than a long-term rental.Option 3: Marriage to a Cambodian nationalForeign buyers who are married to a Cambodian national can register their property using the name of their spouse on the Title Deed.Option 4: Acquisition of honorary Cambodian citizenshipA foreigner may be granted honorary Cambodian citizenship if he or she satisfies a set criteria for citizenship along with a significant donation to the Royal Government of Cambodia for the purposes of benefiting the people of Cambodia.What Do Retirement Homes in Cambodia Look Like?This beautiful villa is located in Arey Ksat area, which is only a short trip away on a ferry from the centre of Phnom Penh city. This property is an ideal option for a perfect retirement home. Looking for a retirement home in Cambodia? Let us help!Article by:

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Strata title buying guide for foreigners

June 6, 2022, 5:07 p.m.

Realestate News

Property Buyers & Sellers Advice

A rendered image of the luxurious Agile Sky Residence in the heart of Phnom Penh.Can foreigners own land in Cambodia? The short answer is No. But the Royal Government of Cambodia has eased on this restriction by allowing foreign nationals to own property via Strata Titles.Strata title in Cambodia is a relatively new type of property ownership and the only one granted to a foreign national. This type of property title is presently restricted to condominiums, and more recently, office buildings since foreign nationals are not allowed to own landed properties in the country.The question now is, how do you, as a foreigner, get a Strata Title?DISCLAIMER: Foreign buyers, local buyers, foreign buyers with Cambodian citizenship, and companies have to satisfy slightly different requirements to purchase a Strata Title. We strongly recommend consulting a real estate agent to walk you through the specifics of your case. For this guide, we will be walking you through the general steps for an individual foreign buyer.How to obtain a Strata TitleObtaining a Strata Title starts with the owner of the property. But before heading to the sales office of a condo, we advise buyers to first check with the local cadastral office and local commune council if the developer/owner does indeed have legal ownership of the original title. In the case of property developers, this step is meant to verify their ownership of the Hard Title and its eligibility to be partitioned into Strata Titles.Upon completing the above mentioned due diligence, buyers may proceed in dealing with the company itself. While condo developers will likely have representatives to handle sales, we advise buyers to obtain a copy of their company/national ID as another layer of due diligence. This goes double for individual condo owners offering their unit(s) for resale.Once that’s clear, the buyer and the owner of the hard title (or an authorised representative) must physically be present at the same time in the cadastral office to initiate the title transfer. Foreign buyers are required to be in Cambodia for the title transfer as their thumbprint is required to be affixed in the Vente Definitive and the Application for Ownership Transfer, both being standard documents provided by the land department.It’s important to note that the Ministry of Land Management, Urban Planning, and Construction (MLMUPC) requires fully certified documentation of the identity and marital status of the buyer to be supplied and translated into Khmer - this includes the name of the buyer as English names are not permitted on property titles.The requisite fees for title transfers are paid at the General Department of Taxation (GDT). Transfer taxes are paid after the land office reviews and certifies the submitted documents. These same documents will be submitted to the GDT who will then assess the value of the property based on a proprietary set of criteria and calculation methods. An officer from the GDT will then be responsible to perform the evaluation and may take anywhere from 1-2 weeks. After the assessment, an invoice will be issued containing the transfer tax required to be paid.NOTE: It is common practice for sellers to pay the transfer tax, but this can go either way. Be sure to clarify this part of the transfer with the owner.A receipt will be issued by the GDI as proof of payment to the party who made it. This receipt, along with the certified documents will be brought back to the Cadastral Authority at the MLMUPC. A new original title, with the name of the new owner, will be issued by the Cadastral Authority.A sample of a Strata Title issued by the MLMUPC.Other ownership methodsIf you’ve assessed that Strata Titles do not meet your needs, there are other methods such as obtaining Cambodian citizenship, or a company lease, to own landed properties in Cambodia. But those involve completely different steps which are relatively more complicated. We highly recommend seeking the assistance of a Cambodian lawyer to properly guide you through the whole process of these alternative methods.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by:

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Investing in holiday rentals- 7 steps to success

June 6, 2022, 5:07 p.m.

Investing in property is probably one of the surest ways to build lasting wealth. And with a globally booming travelling and hospitality industry, there's never been a better time to invest in holiday accommodation rentals specifically. But how does one enter this market, and how do you make the right investment?With all the exciting options available, it might be tempting to buy a property right off the bat, no questions asked. However, as any property expert will tell you, making a decision to invest in rental property takes some thought and research. You need to ask yourself important questions that when answered, will give you a better perspective on what you should be focusing on. Step one: Pace yourselfAsk yourself, how much work are you willing to take on with this investment? It might seem like a good idea to invest in high-income property as it yields more returns. But keep in mind that it also requires a lot more work, dedication and time when compared to a smaller property. As a beginner, it's advisable to start small with a less demanding property and then take it from there. Starting with one small property will allow you to learn from less costly mistakes, giving you the experience needed to successfully invest in a bigger rental property later.Step two: Choose your localityTake into account the type of neighbourhood that you'll be investing in. Is it safe? Close to amenities? Is it a cultural hub that's attractive to visitors? Choosing a place that's attractive to tenants and with a high demand for property, will most likely yield more returns and increase your investment over time.Step three: Decide on the rentFind out how much do tenants in that neighbourhood pay for rent, on average. That way, you can choose a property that'll keep you competitive in terms of rent prices, while still remaining profitable.Step four: FinancingHow will you be financing the investment? How much mortgage can you afford to pay? Taking time to consider these and other financing details will help you find a property that perfectly suits your budget without breaking the bank. Pay a visit to your banker to hash out the details around what your budget is, taking into account factors like your startup capital and the projected returns offered by the proposed investment property.Step five: What are the returns?Speaking of returns, it's important to choose a property that can yield enough profit through rent, to cover expenses like mortgage, maintenance and tax, without costing you an arm and a leg.Step six: LearnConnect with other, more seasoned local investors to learn about their secrets to success. Nine times out of ten, you'll find that successful property investors can't wait to share their prosperity secrets and tips with others. So get yourself out there and network as much as possible.Step seven: Make your purchaseSo you've set your budget, decided on a neighbourhood and heard advice on what's hot on the market. Now it's time to make your purchase. Start by shopping around for a real estate agent that's connected and knowledgeable enough to know what properties will make the best investment.Once you've found a property that ticks all the boxes, make an offer through your real estate agent and make sure to keep within your budget. Then, when the nitty gritties have been taken care of and you've signed on the dotted line, you can officially start calling yourself a rental property mogul in the making.Stay up-to-date on the real estate industry in Cambodia and get real-time updates on real estate news as they happen. Download the Realestate.com.kh App now!Article by: FRANK SALT REAL ESTATE

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