Foreign direct investment (FDI) is luring a new breed of foreigners to Cambodia, and the region more generally. With foreigners comes an increase in demand for property, and different types of property - and a series of new allowances in national property laws to accommodate this demand.Foreign investors come to the South East Asia region for the low labour costs, connectivity between the neighbouring economies, and the huge supply of land, resources and business opportunities. And as local markets grow, FDI will naturally follow as international companies are spurred by the chance of jumping on the wagon of a fast moving economy. Foreign capital presents a huge engine of growth in South East Asian countries such as Cambodia, Vietnam, Myanmar and Laos - which cumulatively saw an average annual rise in FDI of 9.2 percent in the years 2010 to 2013. In this FDI growth, Myanmar was the leader of the pack with a 35.8 percent increase over the three year period. Cambodia followed with 22.3 percent; Laos came third at 15.2 percent; and finally, Vietnam, fell behind with just 2.6 percent growth over the three year survey. Yet, amid the Cambodia, Laos, Myanmar and Vietnam bloc, foreigners are subject to a variety of ownership limits. The foremost of these is being barred from owning land on a freehold basis, otherwise termed as outright ownership in perpetuity. This is a rule which is largely steadfast throughout the four nations’ borders. This may not be surprising, however, as freehold possession of land is likewise unavailable to citizens of Laos, Myanmar and Vietnam, where government policy holds the state as the principal owner of all land. Long-term leasehold is, therefore, the accepted form of land ownership for foreigners based in these nations. Lease terms are flexible for most purposes, whether it be for a new business property or a residential address, and allow room for ownership limits to potentially ease in the years to come as governments in the region increase efforts to attract quality FDI. Given the relative political stability in the region, investors are generally happy to accept these long term leases. Cambodia, unlike its three neighboring counterparts, has a freehold land ownership system for its citizens. Foreigners based in Cambodia are also allowed rights of ownership over certain properties, subject to 2010 Law on the Provision of Ownership Rights. These rights, however, are restricted to buildings that have obtained a "strata title", which is available only to newly completed apartment buildings. According to the strata title regulation, foreigners cannot acquire a ground-floor unit legally, and any foreign ownership allocation is limited to a maximum of 70 percent of the units in any one co-owned building. Nevertheless, a foreigner lease term over landed properties can still be up to a 50 year maximum, with a 50 year renewal option included. In Laos, land is owned by the "national community", meaning no individual or business entity, foreign or local, can truly own land. Land-use rights are only granted to individuals or organizations by the state, and these rights are able to be transferred or inherited. 50 year leases are commonly granted to foreign individuals or companies. Myanmar's constitution similarly establishes the state as the ultimate owner of all land. Yet, under the new Myanmar Foreign Investment Law, an investor may lease land for up to 50 years, with two 10 year extensions. Structures affixed to land are the property of the foreign owner, but these rights revert to the lessor or the state with no prescribed compensation when the lease comes to an end. A Condominium Law, likely inspired by the Cambodian example, that is currently in development in Myanmar but not yet in force, would allow a foreigner to purchase a condominium on the sixth floor or above of a co-owned building, up to a quota of 40 percent foreign ownership of the total units in the property. In Vietnam, freehold ownership by foreigners over land is prohibited by the constitution. Yet state authorized leases between 50 and 70 years are widely available, especially for development projects, and renewable at the discretion of officials. Further, pursuant to the Vietnamese Law of Housing 2014, a foreigner may now own a unit in an apartment or condominium building - if it is a no-more-than 30 percent foreign owned building. The influx of FDI and the relaxations upon ownership laws is pushing local real estate developers to create and sell more residential space suitable for the needs of this new investor class. The massive boom in construction in all of these countries, Cambodia’s condo explosion being a prime example, reflects this drive to meet a new FDI based market. As rules are eased, companies such as property developers, banks and providers of property-related services, like maintenance, insurance and security, soon flow into the economy and boost it from within. In evidence of this, the GDPs’ of Cambodia and Myanmar each grew 9.7 percent last year; Vietnam's shot up by 8.8 percent; and Laos experienced 5.2 percent GDP growth.

There are three basic components to any mortgage. You must understand these clearly before you start the home loan application process. If you missed Mortgage Matters Part 1, read it here!In short, these are the home loan amount, interest rate, and loan term:Mortgage Component #1 - The Loan Amount: The loan amount is the principal amount that you want to borrow. Banks in Cambodia generally give a loan of up to 70% of the property value. Mortgage Component #2 - The Interest Rate: The interest rate is very important to understand! It is the percentage of annual interest that you have to pay on the total loan amount. It can be a fixed rate, a flexible rate, or a combination of both. Mortgage Component #3 - The Loan Term: The loan term is the duration/length of time that you take to completely repay the loan. Loan generally range from 15 to 30 years in Cambodia. If you combine the principal loan amount and the interest amount, you will then know the overall loan amount. Most home loans are usually repaid via monthly installments.The repayment comprises two parts or portions. One part is for the repayment of the principal amount. The other part is for the repayment of the interest.Read Mortgage Matters Part 3 HERE!This information should help you calculate your monthly mortgage payment... These home loan calculators should help too! Ready to get a Mortgage?? Inquire for a home loan here.

Myanmar's election held on November 8, deemed as the country’s first free election in 25 years, caught the attention of people around the world as Aung San Suu Kyi’s National League for Democracy won by a landslide.Considering the date from the Directorate of Investment and Company Administration (DICA) indicating the rise in the real estate market in Myanmar from $440 million in 2012 to 2014, to $780.7 million this year, Post Property’s Catherine Harry met up with Kevin Goos, CEO of Century 21 Cambodia, to talk about how the changes in the political scene will impact the local and regional property markets. How does the Cambodian property market fare compared to the region? Cambodia has the most attractive market for real estate development in Asia right now. Following closely are Japan and Myanmar. Most real estate markets such as Singapore, Hong Kong, and Taiwan have seen a decrease in transaction by as much as 30 per cent; hence, the surge in foreign buyers over the last 24 months who are purchasing condos in Cambodia. Phnom Penh is seen as relatively affordable when compared to other cities in Southeast Asia and Cambodia has a strong economic growth track record with strong GDP growth since 2001. Comparative real estate markets such as Singapore, Taipei, and Hong Kong were booming in the 1980’s and 1990’s. What we are seeing in Phnom Penh is a city that is “catching up” and we can directly see the success of new developments, most notably North Park Condominium which sold 40 per cent of phase 1 on launch day.What advantages does Cambodia have in terms of laws, regulations and the ability for foreign ownership? Cambodia is good for business. The government’s stance on foreign direct investment (FDI) is very attractive when compared to surrounding countries. The drafting of the new development and construction law will create a clear pipeline for big developers to enter the market and the creation of the strata title and condo law in 2009, allowed for a transparent and practically applied way for foreigners to buy condos in Cambodia.Recently, Vietnam has brought in new laws for foreign ownership. While it appears to have had mixed results thus far, could this have an impact on property development in Cambodia? Yes. The new Vietnam laws on foreign ownership are a move in the right direction and I am sure when these laws are practically applied to the local market, more investors will continue to bring new real estate developments into Vietnam. Traditionally, if both Vietnam and Thailand are doing well in real estate, Cambodia also grows. In this case Phnom Penh is very far ahead of Ho Chi Minh City for condo development, housing development, and commercial development. The main positive effect of a prosperous real estate development market in Vietnam, that benefits Cambodia, is the decreased cost in construction materials for new developments in Cambodia.With Myanmar’s recent election, and the hope of a proposed condominium law, how could this change the focus of investors looking at frontier economies? How do you see the election results affecting the real estate market there? Myanmar is an attractive country for both retail and institutional investors, largely due to the growing populations, geographic location, and the positive results of last elections. However, for brands entering the real estate market, like Century 21, we are still very far from considering Myanmar as US sanctions are still in effect and pertain primarily to property. The condo law has been in the works for roughly 24 months and would have a great effect on real estate developments in the country. Once Myanmar finalises the condo law and allows foreigners to own condominiums outright, we will see a huge surge in world class developments begin to emerge in the country, bringing some of the best developers and large amounts of FDI.How important is political stability when it comes to investors’ decisions? Both retail and institutional investors are smart and base their decision around elections in frontier markets. However, Cambodia has been very consistent in economic growth and political stability for the last 15 years. We are seeing investor confidence at a very high level in Cambodia.After the recent political events in Cambodia, do you think it will have a lasting effect on the real estate market? The real estate market here has not been affected by any recent political events. The only political events that affect real estate transactions in Cambodia over the last 15 years are elections and they are minimal. Usually transactions begin to slow down about six months prior to elections and pick back up again about six months after the election outcome. This has been the recent trend and we expect to see this trend continue. However, as Cambodia enters into the ASEAN community, we expect to see a strong real estate sector in Cambodia well into the 2020’s.It’s believed that foreign investment in retail in Myanmar is limited because of its regulations that require foreign-brand entries to team up with local partners. Do you see similar problems happening in Cambodia? Foreign brands can enter the Myanmar market as a franchisor without a local partner but are required to have less than 40 per cent control over franchisee operations. American brands are still very hesitant due to the current sanctions that pertain primarily to specially designated individuals (SDI’s) who are considered to be involved in human rights violations. Currently, there are about 85 SDI’s that are restricted from doing business with American brands or American nationals should they involve in more than 50 per cent of the current investment, especially in property.This article was a co-production of Realestate.com.kh and the Phnom Penh Post, Post Property.Stay tuned for more updates from Realestate.com.kh!

Taylor Swift's real love story is buying property. Her property portfolio is said to be worth around US$70 million, and spans across Nashville, LA and New York. Take a look at some of Taylor Swift’s homes: Swift's Nashville Homes: Swift owns two properties in the city where her career took off. The first house is a US$2 million penthouse in The Adelicia complex in downtown Nashville, purchased when Taylor was 20. Swifts Beverly Hills Home: Bought in 2011, Swift spent US$4 million on a four-bedroom, four-bathroom home with grand views to the Santa Monica mountains. Swift's Rhode Island Home: Taylor bought this seven bedroom home on the highest point of Watch Hill for a mere US$17 million...

ANZ Royal Cambodia and Realestate.com.kh are working together to make your dreams of owning a home a reality. We want to help all Cambodian's leverage their finances effectively to improve their life, and the life of their families, today!Realestate.com.kh is the number 1 property portal in Cambodia, with over 15,000 properties for rent and sale, and attracting 1000's of visitors everyday! [caption id="attachment_79387" align="alignleft" width="259"] Realestate.com.kh are on ANZ Royal ATM screens across Cambodia![/caption] A standout feature of our website is being able to apply for a home loan directly - and you can even use our clever home loan calculators to work out how much you will likely need to loan, based on the price of the property you are considering. Once you know the value of your dream house or commercial property, with Realestate.com.kh you can apply for a loan directly to ANZ Royal Cambodia with the click of your mouse. This process makes getting a home loan easier than ever before - all from the comfort of your home, office and even from your mobile phone! Find out more today about how you can finance your dream home with ANZ Royal and Realestate.com.kh, Cambodia's home of real estate.

Plans for a ASEAN Railway network are beginning to solidify, with China pushing the long-stalled project into action in recent news and signing an agreement with the Laotian government. If this railway ultimately extends to Phnom Penh, the real estate market should certainly see benefits.The ASEAN Railway plan, however, is not a new story. As long ago as 1995, the Association of Southeast Asian Nations leaders first proposed constructing a region wide railway because it seemed the best alternative to unsuitable road connections which are currently linking the region. Faced with wide disagreements between Southeast Asian nations over how to proceed to actually implementing the ASEAN Railway plan, and a shortage of funds, however, the railway talk soon subsided to silence. But then entered China; a country which has long prided itself on pushing through fantastical ideas to completion. With grand visions of Chinese engineered trains moving the region forward, economically and politically, recent reports confirm that China is now willing to come to the party with the money and expertise to drive the project ASEAN Railway to a more serious planning stage. "The length of China's high-speed railways in operation has reached 16,000km, accounting for more than 60% of the world's total," said Chinese Premier Li Keqiang in his March 5 opening speech to this year's session of the National People's Congress. After this announcement, Li followed by saying that China would now step up efforts to expand rail links abroad. It is no secret that an ASEAN Railway is what Li had in mind by this expansion. Since becoming Chinese premier in 2013, Li has continuously visited the region and, while in the various nations’ ears, has served as an unofficial salesman for Chinese railway businesses. Li has suggested that these railway businesses are well-positioned, and now well-experience, to take advantage of new opportunities to the south of China. State-owned China CNR and CSR are the world's two biggest railway makers as measured by sales, and recently have agreed to merge. These Chinese state-run companies enjoy many cost advantages in their railway operations - as they are able to handle everything from initial railroad placement and design, right through to track-laying, station construction and full-system installation. Chinese companies are suggesting that they can accomplish all these tasks at 50 to 66 percent less cost than Japanese, U.S. and European rail rivals. For Southeast Asian countries with budgeting priorities, China looks like a worthy partner for any ASEAN Railway projects. Early this month, China and Laos reached agreement to build a 40-billion yuan ($6.28 billion), 418-kilometer railway from Kunming, the capital of southwestern China’s Yunnan province, to Vientiane, Laos capital, according to the official China Economic Herald report that followed a signing ceremony. The ceremony was attended by the National Development and Reform Commission, China Railway Corporation, and Export-Import Bank of China. According to Chinese media, China will cover 70 percent of the necessary investment for the new line, while Laos will be responsible for the remainder. Once in operation, the railway will be Laos’ longest and fastest yet, with an average speed of 160 kilometers per hour and 60 percent of the line being bridges and tunnels. The next step for China’s Silk Road railway is yet to be seen, and the world waits to see whether a full-scale ASEAN Railway will become a reality.

Realestate.com.kh has taken a look at the positive and negative sides of wood vs. tile floors for your next kitchen. Which are the easiest floors to clean? And which one, wood or tiles, brings the most value to your house? Are there any unexpected side effects if you choose the wrong floors for your next home? Wood Floors:When you go with wood for your floors, everything old is new again! Wood is popular again these days, just like the old days, and there’s no reason that classic look shouldn't cover the rest of the home's floor for a seamless look and feel. The Positive Side of Wood Floors:The Look is Superb: It may not suit every house, but wooden floors can quickly bring class to your kitchen, and value to most properties.Accentuate Modern Features: The clean lines of wood floors add a seamless polish to any home - if done well. Wood can help an area feel homey, warm and welcoming.Less Sneezing: Carpets and other coverings can create problems for those who react easily to dust in the air. Pet hair, dirt and dust don’t stick to wood so easily, so may offer relief to all you sneezers out there.Sustainability: When looked after properly, wooden floors will last longer - and natural floors are generally more environmentally and family friendly than other synthetic flooring materials.The Bad Side of Wood Floors:Extra Attention: Wooden floors require extra care and attention, especially in a messy zone like the kitchen. They might be easier day to day, as they accumulate less dust, but you’ll need to treat them better over the long term if you want them to keep looking good - and take care not to use damaging cleaning materials.House Sounds: Your wooden floors are a living thing which will creak, bend, absorb and breathe. This adds character to any house, but may also create noises, cracks and other surprises. Be careful during the installation that the wood not only fits according to outward appearances, but that will continue to feel, sound and behave the way you expect over time.Damageable: The kitchen is a a busy place and often a dangerous place for flooring - and hardwood floors show their scratches. If you run a very busy kitchen, you might want to try synthetic laminate floors instead - cheaper, and easier to replace when damaged. They offer a similar effect if they are printed like wooden floors, with much less vulnerability. Wood reacts badly to moisture too, so make sure your kitchen can deal with any water damage quickly - or your nice flat wood floor won't look so cool (or flat) anymore.Pricey: Good wood ain't cheap, and you need to make sure it is put down right!Tile Floors:Tiles have been kitchen favorites for-almost-ever. The colors and textures available are almost endless too, so tiling can be a lot of fun - and easily adjusted to your interior decorative tastes. The Up Side of Tile Floors:Hardy: Unless you literally throw the kitchen sink on them, tiles can happily support years of foot traffic in your kitchen.Complete Design Flex: Lighter colored tiled floors can make a kitchen seem bigger, darker tiles on the floors can add contrast and shade. Smaller tiles are great for featured patterns, and larger tiles help a kitchen feel bigger. These hacks are all available for your kitchen when you choose tile floors...Hot and Cold: Tiles keep you cooler in warm or hot weather, and hold the heat longer when it cools down at night.The Pits of Tile Flooring: Limited stock: They stop making some styles of tiles regularly, which can fast leave you up the creek with no paddle. This means that it can be hard to find a match if you need to replace or repair tiles on your kitchen floor in future.Ease of Cleaning: While you might think that tile floors are going to be easy to clean - think again: Tiles can be very sneaky when it comes to stains. Some lighter colored tiles can stain easily if you don't clean them fast enough. For this reason, it is best to avoid bright whites tiles for your kitchen floor - or buy a set of tiles with maximum stain resistance. Heavy textures, with cracks and imprints, may also catch dirt and sticky substances - making the cleaning job much harder than first expected. Slate tiles will take extra time and care to really clean.One Drop and the Gig's Up: Drop your plate or glass and you’ll soon see how forgiving tile floors are... Tiles are not a drop friendly surface. If you want tiles, but fear breaking your priceless china, try adding rugs or carpets in the high traffic zones to offset the risk of smashage. A few less wines before doing the dishes can also pay off...Want more articles like this? Visit Realestate.com.kh now!

Without even considering HOW to buy into a booming real estate market, many people question whether it is a wise decision to buy into a property boom at all - and this is a fair reaction...It is also a question which is highly relevant to the current Cambodian property market, as land prices skyrocket in urban hubs such as Phnom Penh and central Siem Reap.To answer whether or not you should buy into a property boom - there is no perfect answer for every potential investor - as whether you should, or should not, buy during a property boom will depend almost entirely on your unique circumstances.  Each type of property buyer has a unique set of considerations before deciding whether to buy during a property boom.With that in mind, Realestate.com.kh wants to advise each type of property buyer respectively:The "First Home" Buyer; should you buy during a property boom? First home buyers are generally the most price sensitive type of buyer, because they may not have any equity (current properties) to use for a mortgage on their next property investment. Therefore, they are usually dependent on only their deposit savings to buy a new property. For this type of buyer, deciding whether to ride a property boom, comes down to only buying when you can actually afford to. First time home buyers have likely delayed their purchase, hoping that the market is going to adjust - downwards. However, unfortunately, in a property boom, delaying a purchase on a rising market often only costs the first home buyer more in the long run - as the average property prices don't stop growing. Keep in mind that property investment is for the long-term, even in a property boom, so the most important thing is to save hard for a larger deposit and avoid mortgage commitments, if possible. Then, aim to buy a property in a good position where you can add value over time.A "Change of Scenery" Buyer; should you buy during a property boom? In general - most people moving, will move to another property in their local area. However, many people look to escape the congestion of urban areas as they begin to grow up - in search of a quieter life on the outskirts of the city, suburbs, by the beach, near a forest or on a farm. Making a successful lifestyle-change property purchase will depend on how familiar you are with that new market, as well as the state of the property market in which you are selling your current property. Strong selling conditions in central Phnom Penh, for example, the extremely well-valued Chamkarmon district, mean it’s the perfect time to sell for those considering a lifestyle change property - and wanting to move to a location outside the central city: for example, trade in your high-valued villa property in BKK1, for a Borey home along Chea Sophara Road. Usually, prices are lower in areas outside the city, so selling in the city and moving to the country right now, during the property boom, means your purchasing power will be maximized. You should be able to get a bigger and better property with more privacy, and be near mortgage free - because you current home's sale should cover purchase fees. No mortgage would also improve your lifestyle, remember, but you might be trading this pressure for a slightly longer commute to work...The "Down-Sizing" Buyer; should you buy during a property boom? The down sizer, those people looking for a smaller, cheaper home, is often in the best position to buy their next home during a property boom. The chief example of a down-sizer is the retiree. Like an property up-grader, they tend to be selling at the same time as they are buying. However, the down-sizer is lucky that their new home tends to be worth less than the one they are selling. Strong demand will assist this type of property buyer, such as that present during a property boom - because it means a maximum sale price is available. With property boom conditions helping to assure a strong result, retirees and other down-sizers are more likely to be in a position to put some money in the bank and buy a less expensive retirement property.The "Property Investor"; should you buy during a property boom? Every property investors needs to ensure the money-return is sufficient before taking the plunge into even a property boom market. In a rapidly rising market such as Cambodia, that means keeping a strong head and not getting caught up in the boom fever. One of the main factors influencing your decision of whether to buy in a booming market, as a property investor, will be whether you will also be selling in a booming market, since capitalizing on demand for your existing property will boost the cash you have available to fund your next purchase. Consider your circumstances seriously before stepping into even a booming market - and consult a financial adviser to help make the right decision.Read more about how to approach property investment decisions, on Realestate.com.kh today!

Sihanoukville has long been a part of the government’s plan to develop the Southern coast as Cambodia’s next tourism hotspot after Siem Reap, and if recent arrival numbers are anything to go by it seems to be growing in appeal. However, as new property developers and casino operators descend on the city, and as budget backpackers continue to zip past to the beaches of nearby islands, it is yet to be seen how the development will play out and what crowd it will bring in. In the first eight months of the year Sihanoukville airport handled a total of 65,698 passengers, with total arrivals at 35,882, up 149 per cent and 140 per cent year-on-year, respectively. Check out properties for RENT in Sihanoukville now! But as nearby islands such as Koh Rong and Koh Rong Samloem become more heavily marketed, and with the amount of visitors increasing every year – including tourists from other Asian countries –Sihanoukville still looks scarcely more than a forgotten seaside town. Ho Vandy, a tourism expert and former co-chair of the Private and Public Sector Working Group, said the city has been neglected and outpaced by visitation to the islands, which is largely apparent in the low season. “There needs to be more attractions such as theme parks and special places to visit to get more tourists all year round,” he said. But beyond the view of sleepy restaurants along Ochheuteal and Serendipity beaches that offer nearly identical sun-bleached and faded menus, Sihanoukville has a growing property sector driven by largely Chinese and ASEAN investment that could pick up the slack during the quiet periods. Check out properties in Sihanoukville, on Realestate.com.kh! One industry that appears to be taking off more than others is gambling, as integrated hotel and casinos aimed particularly at the rising number of Chinese visitors, multiply. Ros Phirun, spokesman for the Ministry of Economy and Finance, said the number of licensed casinos operating in Sihanoukville has doubled since last year to 15, with an additional five applications pending approval. “Before, casinos were mainly at the border but as the economy grows and more tourists visit the coast more casinos are opening… and for first time Chinese are going to the seaside to look for opportunities to invest,” said Phirun. Sihanoukville’s casino boom now puts the city on a par with Poipet, near the Thai border, in terms of the number of licensed facilities, though, still lags behind in volume. But this could change as Chinese arrivals continue to surge. From January to August of this year, arrivals from China to Cambodia totalled 461,518, up 26.5 per cent year-on-year and accounting for 15.2 per cent of total arrival numbers. These numbers have secured China’s place as the second biggest source market behind Vietnam. With Sihanoukville International Airport now operating flights from South Korea, Singapore and China, as well as daily flights to Siem Reap, the coastal city totalled more than 1 million visitors during the eight-month period, boosting its connection not only China but the rest of Asia. Phirun says the casinos, lit up at night in Chinese characters, predominantly do business with online games rather than face-to-face and that the growth of casinos will hopefully draw in more business tourists with greater spending power. “Sihanoukville previously attracted local tourists who mostly visit on the weekend and during the holidays, which means business is very slow during the week. If the city can attract more investors in gambling, then construction, hotels and a bigger tourism business will grow accordingly,” he says. But despite the economic potential of hotel and casinos, the country’s gambling industry has long maintained a murky reputation, while Sihanoukville rarely makes positive headlines. Check out properties in Sihanoukville, on Realestate.com.kh! Earlier this year, there was a highly publicised incident involving a group of armed men launching an assault in the Queenco Hotel and Casino to extort money from music festival organizers. The music festival, Kazantip, which had for years been held on the Crimean peninsula before shifting to Georgia, was eventually cancelled after what government had deemed it an “indecent” and “illegal” event. Meanwhile, casinos in the border towns of Bavet and Poipet have been dogged by stories of kidnapping and extortion. Yet, the absence of law, oversight and bad press has still attracted brisk investment amid relaxed regulations and fewer restrictions compared to neighbouring countries. Check out properties for RENT in Sihanoukville now! The Post reported last month that a senior official in Cambodia’s anti-money laundering agency said the body lacks the resources to investigate or penalise financial institutions that break the law, leaving the country open to exploitation by organised crime. But at the moment, it seems any investment is good investment explained Luu Meng, President of Cambodia Hotel Association. He said that with Chinese investors taking risks by building large scale properties, this could hopefully lead to diversification within the market when more cautious investors show interest. While he said it is important to have a balance of regional and foreign investors, regardless “Sihanoukville has been waiting for many years for someone to start it off...and it’s always good to have more tourists looking for different things,” he said. “It’s always good to see construction going on and it’s a good indication there will [be] even more development because more than a year ago Sihanoukville was so empty.” However, it’s not just casino operators that are looking to cash in on Sihanoukville’s growth. The city has caught the attention of major property developers. Earlier this year Cambodian property and hotel conglomerate SGPD Corp. broke ground on The Sunshine Bay, a 31-storey mixed development with three towers comprising 900 units, water parks and bars, to be located on Independence beach. Prices per unit start from $123,000. The developers reportedly sold more than 200 units before the groundbreaking ceremony in May to Taiwanese, Chinese and Cambodian investors. Another such property is D’Seaview, a 735-unit condominium backed the Singaporean agribusiness company HLH Group Ltd under their newly formed Camhomes branch, will be located near Sokha Beach. Through private subsidies the company is marketing units as low as $33,000 for Cambodian citizens. Construction on the project is expected to begin later this year, with a completion date of 2018. Ross Wheble, country director for global real estate consultancy firm Knight Frank, said Sihanoukville’s first real condominium projects are aiming to bring international standards to the city and breaking a long spell of inactivity and relatively flat land prices. Check out properties in Sihanoukville, on Realestate.com.kh! “This in part can be attributed to the increase in scheduled flights to Sihanoukville Airport which is only going to increase over the medium to long term, in addition to the growth of the industrial sector and the increasing number of [special economic zones],” he said in an email. The inflow of investment is also seeing Sihanoukville’s popular beach, Otres, gain interest as higher-end hotels offering luxury amenities set up in the stretch farther away from the city called Otres Two. “Presently, Sihanoukville itself does not have so much of a good reputation and Serendipity Beach is not the best. The reason we are seeing development at Otres Beach is that it is catering to the more upmarket/family tourist segment as opposed to the backpacker market associated with Sihanoukville,” said Wheble. Check out properties for RENT in Sihanoukville now! Norn Thim Sothear, director of Sihanoukville Property, said the speculation in Otres Two also comes amid a lack of space on Otres One, which has pushed land prices up by about $100 since last year, totalling $600 per square metre along the entire beach. Whether Sihanoukville’s growth will complement the government’s tourism drive and attract a breed of tourist other than backpackers or whether it will turn into a generic casino town like Bavet will remain to be seen. But for now the focus is taking that initial plunge and shaking the city from its slumber. “It requires someone to take the risk. Someone has to begin building and we’ll need to wait for the customers to see what happens,” said Meng. Check out properties in Sihanoukville, on Realestate.com.kh!  or Check out properties for RENT in Sihanoukville now! George Styllis, Phnom Penh Post, Post Property

In the current state of relative political stability and strong economic growth while the earning potential of Cambodians increases, the overall supply of Borey housing has risen by 15 per cent compared to the same time last year, a recent study has found. According to a recent study by Bunna Realty Group, up until the third quarter of this year, the number of Borey projects has swelled to 110, up from 74 last year. Additionally, a total of 151 residential projects entered the market. The study found that there are a total of 47,000 residential units presently available, up from 42,000 last year with a rate of sale hovering around 80 per cent. While flats are still regarded as the best-selling type of housing, which range from $44,000 to $190,000 dollars, villas were also on the rise. A newly built villa can start at $60,000 and run as high as $1 million based on size, location and design. Most of the Borey projects were located in the Sen Sok District with a total of 35, 26 in the Russei Keo District and 22 in the Por Senchey District. Looking at rate of sales, the study found that Borey Peng Hout was the most popular, with Borey New World and Borey Chip Mong Land also posting strong numbers. Hin Socheat, research director of Bunna Realty Group, explained that due to the increase of demand in housing along with the ability of homeowners to receive housing loans from banks and low interest mortgages directly from Borey developers, homeowners have been able to invest in homes at lower interest rates. “The popularity of independent living away from the family, the increase of middle-income families and the fluctuation of people migrating to Borey’s has contributed to the increase,” he added. According to a report by the National Bank of Cambodia, 19 per cent of bank loans in Cambodia focus on the real estate sector with at a total of $2 billion. “Bank loans have become a core part in pushing real estate sector in Cambodia further and it facilitates even more investment and admission into this sector,” he said. However, he added that while the prices for Boreys have increased from last year, “this study [did not] focus on that issue” and looked at only supply and demand. Siv Meng, Phnom Penh Post, Post Property

LinkedIn has more than 187 million members across 200 countries around the world. While some see LinkedIn as no more than an online resume/CV, LinkedIn should be considered an online social media site for business professionals looking to connect, network and engage - and it is perfect for real estate agents. As a real estate agent or professional, LinkedIn is a cheap and handy addition to your online business profile.  For real estate agents, it is also the perfect place to identify targets and initiate sales! In regards to staff recruitment, it is also your window into the professional community, available as soon as you sit down at your computer – allowing you to shop around for your next recruitment drive. Did you miss Part 1? Read it here! Or maybe you are looking for Part 2? See it here!Maybe you would like to get started, but don’t know how? Here are a few useful tips, Online Advice for Realtors, from Realestate.com.kh, to boost your real estate business online and use the power of the LinkedIn network!Online Advice for Realtors Part 3: Get Involved and Create Engagement: The power of LinkedIn lies in its unique ability to research, locate, connect and engage all in one location. It is a social network dedicated to boosting your business by working alongside your current offline marketing efforts. With that is mind, stop lurking and get involved! Join groups about real estate and investment: Start a topic around a niche that you understand well, and get a conversation going within that group.  When group members reply, be ready with helpful answers to these questions. Doing so can help establish who you are in the market - and allow you to comfortably connect with people within that group. Like or comment on the status of your connections: If they post their latest blog article, make a comment indicating what interested you about that. What did you like most about it and how will that impact the way you do business? We all love hearing feedback, especially from trusted business connections. This allows people to view you as an active and thoughtful professional, and build trust once they meet you in person. Follow companies through LinkedIn’s “Company Follow”: Here you can identify possible staff recruits, keep up-to-date with the company through status updates and even choose to receive notifications when an employee makes a move. Research you competitors within your local market through LinkedIn’s “Advanced People Search” feature. Don’t Forget Your Back Links: LinkedIn gives you the ability to link out to your website, blog or any other website you choose. It is a simple set-up process and a fantastic way to establish your brand while driving traffic to additional online properties you are listing. Also, make sure to change the standard “My Website” title that LinkedIn provides. Edit that basic information to give connections a better understanding of your services and the specific information you are offering on your company website. Did you miss Part 1? Read it here! Or maybe you are looking for Part 2? See it here!

LinkedIn has more than 187 million members across 200 countries around the world. While some see LinkedIn as no more than an online resume/CV, LinkedIn should be considered an online social media site for business professionals looking to connect, network and engage - and it is perfect for real estate agents. As a real estate agent or professional, LinkedIn is a cheap and handy addition to your online business profile.  For real estate agents, it is also the perfect place to identify targets and initiate sales! In regards to staff recruitment, it is also your window into the professional community, available as soon as you sit down at your computer – allowing you to shop around for your next recruitment drive. Did you miss Part 1? Read it here!Maybe you would like to get started, but don’t know how? Here are a few useful tips, Online Advice for Realtors, from Realestate.com.kh, to boost your real estate business online and use the power of the LinkedIn network!Online Advice for Realtors Part 2: Make Online Connections: After completing your profile, as explained in Part 1, it is time to make some new connections. Start by reaching out to your current friends, existing clients and professional relationships that you have already established outside of the internet. Use LinkedIn’s search to explore by name, company or keyword. Go through your business card collection and add them all to your new online phone book. Choosing “advanced search” will offer a substantial amount of options allowing you to do a deeper dive into keywords, location or industry. Your LinkedIn contact database will now always be updated on your job status, blog posts and can contact you directly via LinkedIn messages. You will also be able to follow their updates, so you stay well informed. One very important note: Be careful approaching strangers and trying to connect with them. This can affect your reputation as a real estate professional. If you do this too much, it can also get you banned from adding any additional connections (if you are marked as a spammer by LinkedIn). Having said that, it is always acceptable to ask your current connections for recommendations or referrals to someone they are already connected to. Check out Online Advice for Realtors: Boost your LinkedIn Profile Part 3 here

LinkedIn has more than 187 million members across 200 countries around the world. While some see LinkedIn as no more than an online resume/CV, LinkedIn should be considered an online social media site for business professionals looking to connect, network and engage - and it is perfect for real estate agents. As a real estate agent or professional, LinkedIn is a cheap and handy addition to your online business profile.  For real estate agents, it is also the perfect place to identify targets and initiate sales! In regards to staff recruitment, it is also your window into the professional community, available as soon as you sit down at your computer – allowing you to shop around for your next recruitment drive. Maybe you would like to get started, but don’t know how? Here are a few useful tips, Online Advice for Realtors, from Realestate.com.kh, to boost your real estate business online and use the power of the LinkedIn network!Online Advice for Realtors Part 1: Perfect your Professional LinkedIn Profile: Your LinkedIn profile must be compelling, concise and clear - so that potential clients, recruits or business relationships can immediately identify your specific area of expertise. With so many members, you must keep your profile clean, complete and up to date - or you will quickly get overlooked among the crowd. Take your time when preparing your profile content: Just as your company website is a direct reflection on the professional nature of your business, so is your LinkedIn profile. You wouldn’t hand out a CV for a job without checking grammar, dates and spelling, so don’t do this on LinkedIn!  Errors within your profile send a message that you don’t want associated with your professional reputation. Add all relevant skills and training you’ve gained throughout your career: Remember, buyers and sellers will research online, digging for details about you and your business long before they ever connect with you offline. Make sure they know your value perfectly before they meet you. Let your unique personality and abilities shine through: While this is a professional network and not Facebook, you do want to inject character into your profile in order to stand out from the masses. Differentiate yourself from the other real estate professionals in your area; that will grab other users’ attention. Make sure you always update your professional headline: Because, your professional headline acts as a short bio which leads people to click onto your full profile, it should be attention grabbing and include words that position you as a leader within the real estate industry. To be found when potential clients search for “real estate” or “realtor” within your area, use words related to your industry and area. You can also optimize your LinkedIn profile with keywords specific to your expertise and location.  For example, if you specialize in leasing apartments in Phnom Penh, Cambodia, your keywords would be “Leasing Specialist Phnom Penh Cambodia.”  These are directly searchable terms that allow people to quickly find you when searching real estate professionals in that area, with skills in a certain niche of real estate. Optimize your profile image: This means using your identified keyword (including your name) in the saved title of your head-shot image – for example: “leasing specialist phnom penh Cambodia john carter.jpg”. In addition, since this is a professional community, make sure your image is a high-resolution head-shot that makes you easily identifiable. Don’t put up a photo from Facebook of you at a night club – remember it is a PROFESSIONAL social network. It also helps to customize your profile URL with your name (first and last) making it easier to locate your profile in the LinkedIn search. By default, LinkedIn will give you an arbitrary URL when you initially set up your profile. But it is easy to customize this link and create your unique LinkedIn URL destination. Check out Online Advice for Realtors: Boost your LinkedIn Profile Part 2 here

The Phnom Penh Municipality has recently requested more city buses from the Chinese and Japanese' governments in order to expand the existing public transport bus system to 10 routes throughout Phnom Penh city, according to announcements to the press from City Hall spokesman, Long Dimanche.Currently, according to Long Dimanche, there are only 50 buses running on three routes in Phnom Penh. He went on to say that Phnom Penh Municipality will ask China to donate 100 new buses to increase the bus service system, and for the Japanese government to bring 180. Yet, it is currently unclear how many buses will be provided by each country, and whether these buses will be new or used - however, already Japan has been said to have agreed to the formal requests. City Hall hopes that opening more bus routes across Phnom Penh, it should reduce congestion along major streets.  Read another article regarding congestion in downtown Phnom Penh here.

Mr Sam Yang, CEO of Eastland Development HK Co. Ltd., has made waves in the grand scale Cambodian development market in recent times announcing a list of major Phnom Penh based projects. Post Property attended a recent press release where the CEO accepted questions from various local news and TV reporters regarding his wholly positive outlook on the expansion of the Cambodian real estate sphere. While Yang is a relatively young developer on the Cambodian scene, just 30 years old, his experience speaks for itself. Yang studied in both Canada and China, his two homelands, before beginning his professional career in China, holding roles such as GM of Fuying Construction Company; GM of Citykey Development Co., Ltd; Holding Vice President of YueTai Holding; CEO of XingYuan Mining – and, now, in his first Cambodian real estate venture, CEO of Eastland Development HK. See Eastland development properties for sale on realestate.com.kh todayCan you explain Eastland’s latest project? The first Eastland Development project to reach completion will be the “East One International Apartments” project – a condo development which is already 70% sold and under construction in Duan Penh. As we entered the Cambodian real estate market just 3 years ago, we used this first, smaller project to test the market. Based on the success of East One, we are now launching “East Commercial Center (ECC)” along Norodom Boulevard, near the Malaysian Embassy. Inquire about East One Apartments today, on realestate.com.khWhy not start another condo project, if East One was so successful? We decided to build an office building as our follow up project because, based on our research within the local market, we believe that the number one real estate need within Phnom Penh moving into the future is a lack of affordable, sole-purposed office space. There are a growing number of talented local entrepreneurs and small business owners who need a place for their businesses to take flight, without driving them bankrupt. The East Commercial Centre (ECC) will be completed in late 2017 and provide the market with 38 floors of pure office space, divided into small and affordable units, with low management fees, and common areas with all necessary business amenities. Inquire about the East Commercial Centre (ECC) on realestate.com.kh today We are also intimately aware that Phnom Penh has a growing lack of parking space. That’s why the ECC project will include a total of 680 car parks, over 6 floors. And in fact, the following stage of this development will be the East View Residence project, which will include four 38-floor high residential buildings. This will mark our second Cambodian condominium project, for Eastland Development, and will be on a much larger scale than East One. It will have a total of 768 units, and sufficient parking space to accommodate all residents. This will also provide living space for international and local business people working within the ECC tower, meaning they will not have to commute to their place of work. Inquire about the East View Residence project on realestate.com.kh todayWhy did you choose B grade office space for ECC? The current office space market in Phnom Penh is unsuited to the growing demand. These types of start-up businesses are not interested in A-grade office space, as rental rates are too high, and instead now find themselves adapting villas or flat houses into office space. Meanwhile, International companies are increasingly interested in moving an office to Cambodia at low risk because investment incentives are some of the best in the region. Inquire about the East Commercial Centre (ECC) on realestate.com.kh todayAs a developer set to release around 1500 units onto the market in 2017-2018, are you concerned about the property market retracting as the next election approaches in 2018? I am optimistic about 2018. No market in the region is free from these political concerns. Keep in mind, there will also be elections in Myanmar and Thailand in the near future, under similar scrutiny. Three things are clear to me: Firstly, the next great international economic boom will happen within the ASEAN countries. Secondly, out of the ASEAN nations, Cambodia has demonstrated itself to be within the top 3 in regards to political stability. Meanwhile, thirdly, in Cambodia investors can still trust in the US dollar – this is unique. Why is Cambodia increasingly popular for FDI?Is there a real estate bubble on the way? Relative to other international real estate markets, so far Cambodia’s real estate market has only attracted smaller funds of investment. Generally, we are seeing 5-10 million dollar investments in real estate projects in Cambodia. The larger funds of 200-600 million are yet to consider Cambodia; however, it is only a matter of time before these types of speculators come. This means, the Cambodian market still has a lot of potential growth. By 2018, also, the Chinese plan to have a regional railway completed, effectively linking the Asian markets directly. Although supply is increasing quickly in the Cambodian property market, we should also see relative demand chasing as the region develops faster than ever. See Eastland development properties for sale on realestate.com.kh today

Despite recent announcements of large development projects throughout Cambodia focusing on so-called “affordable housing” for the middle class market share, there remains a massive gap in the market for quality affordable housing opportunities for the poor; especially the urban poor. As land prices rocket in Cambodia’s wealth centers, those in need of lower-class housing are effectively pushed further and further from worthwhile economic livelihood opportunities. Accordingly, Post Property spoke with two NGO’s currently seeking to fill this gap in the housing market, and discovered a common theme: the need for co-operation and a culture of constructive dialogue between the private, public and NGO sectors. Read a related story on realestate.com.kh today Habitat for Humanity International is present in 70 countries worldwide, seeking to eliminate poverty housing and homelessness from the world. Habitat believes that every person should have a decent, safe and affordable place to live. [caption id="attachment_79030" align="alignleft" width="300"] The two-story stilt “Framework House” measures a total of 80 square meters in area, and features recycled material which is used as cheap insulation. It costs just $2500 to build.[/caption] As Kif Nguyen, national director of Habitat for Humanity Cambodia stresses, “Research shows that about 2 million houses in Cambodia do not meet minimum quality standards when it comes to design, durability, access to water / sanitation but also land tenure. Sub-standard housing is one of the key bottleneck to inclusive, sustainable development across the nation – because poor housing in not only the consequence of poverty, but also a critical root cause.” Furthermore, says Nguyen, “By 2030, according to the National Housing Policy, Cambodia will need 1.1 million more houses to fulfill demand, and the vast majority of this demand will come from the lower-class particularly in urban areas.” Building Trust International, a UK registered NGO, offers building design assistance to communities and individuals in need. David Cole, CEO of Building Trust International which has offices in Cambodia, believes that “housing can be a tool to inspire family/community investment in areas long after the initial projects are complete - through incremental housing design; and in the formation of jobs and training.” In Cambodia, both of these NGOs provide support for sustainable housing solutions that can meet the needs of the growing urban and rural poor. They also increasingly promote transformational community development through financing low income home loans, and encouraging support for their projects from both the private and public sector. A recent project in which Habitat and Building Trust has co-operated on in Cambodia is the design and implementation of the “Framework House” project, a highly sustainable, affordable house built from local bamboo and wood, costing the end buyer just US$2,500. Cheap, but highly innovative, these homes are designed with Cambodia’s unique environment in mind. Internally operable shutters help encourage air flow, and passive ventilation throughout the house. Further, large, overhanging roofs are integrated into the design to enable each family their own rainwater collection source. The design and testing phase for the Framework House is complete, and the two organizations are turning their attention to higher-density multi-storey social housing design for urban areas. Yet, both organizations understand that to implement these affordable housing schemes on the mass-scale, assistance from the public and private sector is crucial. [caption id="attachment_79028" align="alignleft" width="300"] Each “Framework House” comes equipped with a small solar panel that provides sufficient energy to charge a mobile phone or power a water pump, and within the house a solar powered light provides safe and sustainable illumination inside.[/caption] The Government is helping already, says Nguyen, and there is some genuine willingness to upscale our collaboration. In Battambang, Habitat worked in partnership with local Government to facilitate the delivery of secure land tenure to families who have lived precariously for many years on a large piece of public state land. This process of gaining secure land tenure is just the first step for sustainable housing development, laments Nguyen, “and it wasn’t easy. But, it can be done.” After each family receives a land certificate Habitat then helps with the on-site development of quality houses and collective infrastructures such as roads or drainage system. “Provision or subsidies of land is the key. We have the technical solutions – we can build affordable homes of high quality, as Habitat has done around the world, but as land prices soar in urban areas, we need support from the public and private sector in gaining access to land in adequate locations and at prices  which won’t exclude the low income earners from the market.” Through “Land Sharing” initiatives in which the three sectors genuinely co-operate, Nguyen firmly believes all Cambodian’s could have a decent standard of living. “The NGO sector has the knowledge of social housing and technical ability to design these projects; the private sector has the money; and the Government may facilitate  access to land. If we create a culture of co-operation and constructive dialogue between these three sectors, we can change the status quo – and everyone can win.” Market Development is also another string on Habitat’s bow in Cambodia, as the organization supports low-income families in gaining access to home loan finance. “We helped 6000 families’ access home loans last year alone, but with increased support from the government, we have the potential to bring home financing to the masses. It is a viable market, and the largest share by far – but it requires more understanding and education throughout the lower-class and within the micro-financing industry.” “In Cambodia's three main urban centers, namely Phnom Penh, Battambang and Siem Reap, existing communities will need a portion of subsidized land for low cost, affordable housing or else today’s baby boomers will be priced out of the highly inflated, speculative land prices - which is increasingly what we are seeing,” says Cole.  Currently, the rapid urbanization being seen in the city suburbs are pushing organizations like Habitat to look as far afield as Oudong when seeking affordable land to house families in need. “Whilst it is good to hear that people are talking about investment in affordable housing without government subsidies, says Cole, “the cost of units in these projects will still exclude many key workers and service professionals, or indeed lead to unsustainable debts and the social problems that follow.” “If real affordable housing of a good quality is to be achieved in urban centers such as Phnom Penh, we believe that the government must either provide land at a subsidized rate for building, or allocate land and build municipal housing with the support of organizations like Building Trust and Habitat - with fixed rents being paid to the government to recoup costs, maintain and build further affordable housing projects,” confirms Cole. If the Government makes this a priority, says Cole, “this will set the bar for foreign investment firms and public/private partnerships.”Read a related story on realestate.com.kh today

Chamkarmon district has surely been seeing a continuous rise of land prices year after year, BKK, Toul Tumpung and surrounding areas proving to be a haven for foreigners and very wealthy Khmer. But, according to a recent report and commentary from experts within the industry, lack of infrastructure capacity, and trends among locals moving to the city’s outer reaches, will eventually slow Chamkarmon development growth.According to a report from the VTRUST Journal of Real Estate released on October 26 this year, Phnom Penh’s land prices have risen by approximately 10 per cent year after year. In Chamkarmon this climb has been the most extreme. In Chamkarmon district, especially BKK, sub streets cost around $2,000 to $3,500 per square metre, and land along major streets costs about $4,000 to $6,000 per square metre.With property demand continuing to grow within the Chamkarmon district, specifically within Boeng Keng Kang, Tuol Tumpung, Tuol Svay Prey and Oulampik in the first half of 2015, 20 new developments worth over $3.2 billion have been approved to start construction within the Chamkarmon district. These new developments are expected to reach an estimated value of $3.6 billion this year. From 2011 to 2014, according to the report, developments were valued up to only $2.2 billion each year.However, according to Hoem Seiha in a recent Phnom Penh Post report, the director of research for VTrust Appraisal Co., Ltd., eventually this lack of infrastructure will cause land prices to stabilize in the longer term.“With 20 per cent car ownership per household in the city and the ever-increasing rate of the white collar class who commute from different areas to downtown Phnom Penh, the lack of adequate parking solutions will be the daunting challenge for business communities in the CBD,” he said in a recent interview.As a result of this, the outskirts of Phnom Penh will cause future competition with the Chamkarmon district as Khmers move away from the congested inner city. Northwestern Phnom Penh is seeing massive growth, as is Northern Phnom Penh, and also land around the International Airport.As outer suburbs of  Phnom Penh gain stronger infrastructure and pools of private real estate investment funding, such as Aeon Mall 2, Chip Mong Land and New World Sen Sok in Phnom Penh Thmey, Camko City in Russey Keo and Grand Phnom Penh in Chrang Chamreh, the limitation of new development space in the Chamkarmon district will have to ease demand. The focus of the city will likely shift too, as commercial and retail spaces also continue to push outside of Chamkarmon and the CBD.

A developer in Melbourne, Australia, who has built a 72-level tower in the central city, has failed to build the underground car parking promised in the original development plans. [caption id="attachment_79012" align="aligncenter" width="300"] Illustration: Matt Golding[/caption] The developer, the Brady Group, did not provide two of the three levels of underground car parking originally promised, causing the Melbourne City Council  to now consider what enforcement action it can take against the developer.Norman Fay, Brady Group spokesman, did not dispute the developer failure to provide the promised car parking levels when challenged. Mr Fay said an application to retroactively alter the development permit was now being considered by the planning department.Brady Group originally had obtained a 2009 developer permit off planning minister Justin Madden to build the tower, with just one level of underground parking, but later got an updated permit off Matthew Guy to proceed with three levels of underground parking. It is not clear who failed to check if the  building adhered to the updated permit but, regardless, the developer is in breach of their permit.Read more of the latest and greatest real estate news right here on realestate.com.kh

On the eve of Halloween, Realestate.com.kh has taken a quick look at the top 3 most haunted houses in the Kingdom!#3:Famously on the market for sale in 2013 in Siem Reap, this property attracted attention for all the wrong reasons. Let’s just say the Open Home Showing was not a huge success....#2: The oh-so eery Independence Hotel in Sihanoukville was put on the world stage when a travelling poltergeist proved locals were correct when they deemed it haunted!#1: Coming in at number 1,  immortalized in the Korean horror film, “R-Point”, this haunted palace known as the Bokor Hotel was built in the 1920’s and has frightened visitors ever since atop Bokor Mountain in Kampot - until it was eventually abandoned. Happy Halloween from Realestate.com.kh and we hope all your home’s stay ghost free...

At the end of 2015, the 10 ASEAN nation states are on track to create the ASEAN Economic Community (AEC) as a means to support the free flow of labour across Asia, and benefit all economies falling within the AEC by sharing human resources. Cambodia is expected to gain benefits through increases in foreign direct investment into the Cambodian market -but how the AEC will change the face of the domestic Cambodian labor market remains uncertain. With the ASEAN Economic Integration at the end of this year, Cambodia seemingly must strengthen its capacity in terms of human resources and professional expertise if it is to meet the regional market’s demand when the AEC integration fully comes into play. After the integration, labor flow will increase considerably for professionals with internationally transferable skill sets, such as accountants, health professionals, engineers, researchers and tourism workers. These Cambodian professionals will now be able to apply for positions throughout the region without restriction, and potentially gain higher wages. Chan Sophal, Director of the Centre for Policy Studies in Cambodia, said the AEC will bring new labor flows to professions that require high skill labor inside and outside of Cambodia.  This means, ' ... Enterprises in need of skilled workers within Cambodia will be able to hire them more easily than at present because the potential market will be larger,” he said.    As inter-ASEAN competition increases between its members in terms of labor flows, Cambodia must strengthen the aggregate capacity of its own human resources in order to meet the competitive labor market of ASEAN in the coming years, and to ensure employment opportunities inside and outside of Cambodia. In order to strengthen the labor market for the AEC, Sophal said, “the number one priority must be to better train and educate our students. This is the only way we can compete.” In regards to whether Cambodia is ready for the ASEAN economic integration, Sophal explained that, “While I think we have strengths and weaknesses within the Cambodian market, ASEAN, fully integrated, will provide opportunities to attract domestic investment that will in return create jobs for skilled and unskilled workers within Cambodia. In addition, new competition in the labor market within Cambodia is seemingly going to be limited due to the variability of criteria that may or may not attract workers to Cambodia.” Chrek Sok Ny, CEO of Century 21 Mekong, said the present Cambodian market is getting ready for the integration in many ways: 'I think it's beneficial to bring in new technologies and methods for construction into Cambodia in regards to construction standards and levels of development. But meanwhile, the AEC will boost Cambodian economy and strengthen cultural connectivity of all member countries. There will be free flow of goods and labor, and Cambodian workers will migrate for jobs abroad; whereas skilled workers from member countries will enter Cambodia filling the increasing demand for higher skilled positions that this development demands.” A joint publication released by the ADB and ILO at the end of last year, showed that Cambodia could be one of the leading beneficiaries of the AEC through the creation of an estimated additional 1.1 million jobs by 2025. Low-skilled jobs will account for 71.2 percent of this increase, predicts the publication, meanwhile, medium-skilled professional roles may increase by around 722,000 jobs. Despite that, the same publication goes on to say that Cambodians may well lose their domestic employment opportunities if there is no improvement in the market in regards to workers’ training and education. Furthermore, domestic higher-skilled workers may still look to migrate outside of Cambodia, as opportunities for higher salaries will now be available. Realestate.com.kh is proud to support the CVEA's Property View publication. Click here to get your copy, or if you are interested to join the CVEA today.