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Phnom Penh Retail Property Space
Phnom Penh Retail Property Space
June 6, 2022, 5:06 p.m.
Realestate News
The Phnom Penh Retail Property market is undergoing vast changes, and these changes are altering the face of the city.ย International brands are joining the burgeoning Cambodian market faster than ever. Some of these new brands are specifically chasing the increasingly available aspirational middle class dollar; others are focusing on the Khmer and expat high-end retail market. Meanwhile, local retailers continue to grow and expand their operations in leaps and bounds.In reply to this, the Phnom Penh retail properties market is growing quickly and demand for retail space in certain areas of the city is driving rental prices higher than ever before. Yet, inner city congestion and lack of affordable housing options inside the CBD are redefining the preferred retail zones around town, adjusting the Phnom Penh real estate market accordingly.Another trend is in regards to the advent of high quality shopping centers and malls. Cambodiaโ€™s first international shopping mall opened its doors in June 2014: Aeon Mall. Aeon has since seenย high demand for store space from both international and local retailers. A new breed of international franchisers who have for many years ignored the Cambodian market and refused to enter it, see the attractiveness of occupying slots in complexes such as Aeon Mall as it reflects international standards of retail space and retail space management. The new mall hasย convinced some of these franchisers that opportunities exist and that there are viable spaces for them to locate their brand. Parkson Mall on Russian Boulevard is the next of its kind to open inย Phnom Penh, and is currently under construction.Popular Retail Zones in Phnom Penh:Every food and beverage retailer is ideally seeking space on a corner in BKK1, and/or a corner in Tonle Bassac or Daun Penh. Corners are particularly popular for retail space in the Phnom Penh real estate sphere because they automatically offer at least six to eight parking spaces. Parking is a real and growing issue in high density areas of Phnom Penh as more and more vehicles get on the road and more people move into, or work, in popular urban areas.Bigger brands are increasingly seeking properties on the street corners just over Monivong Bridge in Chbar Ampov. These retailers are moving to this area of town because they have realised that theyโ€™ve got to follow the market - and thatโ€™s where the Khmer middle-class are now living. Also, growing traffic is making it harder for consumers to come into central Phnom Penh to shop. ย Similar retail development is happening for similar reasons in the western and northern parts of the city, around Sen Sok and Phnom Penh Thmey, next to central Tuol Kork.Begin your search for the best Phnom Penh retail real estate in town by communicating withย Phnom Penh's most professional agentsย right here through our online portal. Or you can just use theย search engineย to enter in your criteria and you will be presented with a large list of Phnom Penh real estate properties.
Phnom Penh Residential Property Space
Phnom Penh Residential Property Space
June 6, 2022, 5:06 p.m.
Realestate News
The up and coming ASEAN hub has everything from the latest breed of luxury sky rise condominiums and opulent french inspired villas located throughout the city's hotspots, to a host of affordable apartments, flats and borey houses outside of the inner-city.ย If you are looking for prime retail space or serviced offices for your business, Phnom Penh real estate has all variety of offerings and more and more new developments are appearing every day. The city is compact and manageable for a first time buyer, with very encouraging rules for foreign investors. It's a great time to consider Phnom Penh Real Estate investmentย opportunities.Phnom Penh Residential Property Price Ranges:Flats located in central Phnom Penh cost around $3000 USD p/m2, as averaged across the prime residential areas of Daun Penh, Tuol Kork, Chamkarmon, and 7 Makara. Rents range from $9 โ€“ $13 p/m2ย per month.Villas are generallyย more expensive than flats, at around $3,500 to $4,500 p/m2. Rental prices for villas typically range from as low as around $6p/m2 to $25/m2. However, longer leases, or creating a contract opting to sign as an anchor tenant, may see these rates reduced.Low-to-middle range apartment developments, targeting the local market, average $350 to $400 a month per unit in the central areas of Phnom Penh City. The high-end and luxury condo market is priced considerably higher than this โ€“ but these prices varyย greatly across developments depending on scale, location and quality.Popular Phnom Penh Residential Property Areas:Phnom Penh real estate is growing very quickly, and Phnom Penh residential properties are developing quickly. BKK1 is seeing many luxury residential apartment developments. Previously home villas were a popular option for families wishing to live in BKK1 and Chamkarmon gernerally, however, many of these villas have now either been demolished and the land sold, or converted into boutique hotels or restaurants.Other upcoming Phnom Penh residential property areas include Toul Tom Poung/Russian Market and the west and south of the city generally. These locations are very close to central Phnom Penh yet property prices remain considerably cheaper. In addition, growing congestion and a lack of parking in and around the city centre is increasingly causing problems for inner-city Phnom Penh residents.For these reasons, Olympic City, Tonle Bassac, BKK3 and Wat Phnom are also becoming popular with foreigners and wealthy Khmers looking to rent or purchase property. ย The Daun Penh and 7 Maraka districts are also seeing a huge amount of development and increased demand at present.Toul Kork remains a popular area for wealthy Khmer families, and is home to a large number of luxury standalone villas, villa boreys and several new high rise condominium blocks. ย Especially in outlying areas of the city such as Toul Kork, there has been a rise in gated community developments. These are known as boreys. Boreys offer an alternative to the traditional standalone villas that once dominated Phnom Penh.Chroy Changvar is also seeing fast development with the introduction of the Chinese bridge over the Tonle Sap. This development has increased the number of lanes, eased congestion and boostedย the potential clientele of businesses located on the far side of the river. Having now largely dealt with the infrastructural limitations of the Chroy Changvar, the real estate market in Chroy Changvar is set to boom in the coming years if interest continues to grow.Begin your search for the best Phnom Penh real estate in town by communicating withย Phnom Penh's most professional agentsย right here through our online portal. Or you can use our site'sย search engineย to enter in your criteria and you will be presented with a large list of Phnom Penh real estate properties.
5 Real Estate Negotiation Tips That Work! Part 2
5 Real Estate Negotiation Tips That Work! Part 2
June 6, 2022, 5:06 p.m.
Realestate News
The following are five real estate negotiation tips to help you think more laterally in your real estate negotiations and achieve better outcomes.ย  After all, why meet in the middle when both parties can achieve their goals? Missed the first two tips?ย Read Part 1 Here.3. Trust your judgment and make genuine offers: There is a saying in real estate that โ€˜time kills dealsโ€™ and in a fast paced property market such as Phnom Penh, Siem Reap and Sihanoukville this is definitely the case. As such, we suggest researching the real estate market thoroughly and making an offer that is at, or very close to, your maximum. Of course we also recommend starting your research at Realestate.com.kh to conveniently view all available properties in Cambodia! By making an offer for what you know the property is worth, you have a strong chance of buying the home, land or commercial property, before other buyers swoop in and offer more. Remember this negotiation tip and donโ€™t get caught out offering less than you know the property is worth, if this occurs you are likely to miss out as more aggressive buyers pay more and close the deal. 4. Loose lips sink ships: Never let the other party know how much you have available to spend or what is motivating you to buy during any real estate negotiation; this risks the seller using these great negotiating tactics on you! This is a key negotiation tip in any situation, not just real estate. Similarly, given so many properties in Cambodia are marketed as โ€œPrice On Applicationโ€, it is very important to always make the seller name a price first before beginning any real estate negotiation. With that information you are well placed to make a counter-offer in the context of the sellerโ€™s price. If a buyer makes the first offer, they in danger of over-pricing the property from the start and that can only ever result in a bad deal. 5. Cash is king: Sellers hate any uncertainty in a deal and offers made โ€˜subject to financeโ€™ can be a deal breaker when a competing offer is for cash โ€“ even if the offer is for less. This is why itโ€™s critical to have your finance arranged and be ready to settle on a deal very quickly once the price is agreed. Cash is always king in real estate negotiations, in any country, but especially in Cambodia.ย Being able to offer cash gives the seller absolute confidence in your offer and this is often worth more to a seller than a higher offer that may never settle. Keep these real estate negotiation tips up your sleeve, and you will secure you dream property in no time; on YOUR terms, not the sellers!Missed the first two tips?ย Read Part 1 Here.
How to Attract Expat Rental Tenants
How to Attract Expat Rental Tenants
June 6, 2022, 5:06 p.m.
Realestate News
Smart property investors and rental managers know that attracting a reliable expat rental tenant can be an excellent way to ensure you receive the best rental income from your property.As more and more expats come to live and work in Cambodia, the expat rental tenant sector is only expected to grow. Here are a few easy tips that will help you get your piece of the expat pie and find your next expat rental tenant.ย So, how do you attract the best expat rental tenants for your property?ย Potential expat rental tenants search for their new rental property online well before moving to Cambodia. So, make sure you advertise your property online up to 3 months before it becomes available for rent. Advertising on Realestate.com.kh is an excellent way to reach expat rental tenants.Because expats often canโ€™t view the property in person, or have trouble navigating new cities, they rely on the photos more than most property seekers. Therefore, it is wise to make sure you and your agent take high quality photos โ€“ always use a camera, not your phone! The more photos, the better! Expat rental tenants often move to Cambodia with a young family โ€“ so be sure to explain the local schools and conveniences near your property. Schools form a vital part of a foreign communityโ€™s backbone for those arriving in a new country with young children. What are the top Universities in Cambodia?ย Furnished or unfurnished? Be prepared to provide some of the basic furniture requirements to help the tenant get started in Cambodia. However, you may not need to provide everything. The potential expat rental tenant must be able to imagine living in your property. Because of this, you should think of your property as if it were a five star hotel as you prepare to advertise. The only way you can justify your price is if what youโ€™re renting looks perfect: Remove all personal attachments in the house; Give the walls a fresh coat of paint, preferably in white; Highlight the best features of the property in your photos; And always add detail to your listing about the un-seen features of the property that are worth advertising. Security is especially important to expat rental tenants - so be sure to take the time to explain what security features your property has, such a cameras, guards, fencing, good neighbours and secure entries. Check out these great home security tips, tailored to Cambodia...Keep these simple tips in mind and you will be enjoying added income from expat rental tenants in no time.ย Want to know more about the real estate climate in Cambodia? Stay updated with everything that's happening through our news sectionย now!
Seller Beware: The top property sale mistakes that will damage your property's marketability Part 1
Seller Beware: The top property sale mistakes that will damage your property's marketability Part 1
June 6, 2022, 5:06 p.m.
Realestate News
If youโ€™re planning to sell or rent your property, make sure you avoid the following property sale mistakes to ensure you attract the most buyers and renters and get the best price for your property.Poor exterior paint choice:Donโ€™t try and sell a highlighter green house. Consider re-painting your property using a conservative colour scheme. This will allow it to appeal to a wider audience. Look for a good quality exterior paint, which makes your house look as new as possible and avoid this classic property sale mistake.The overgrown garden:An overgrown yard or garden suggests that your whole property has been badly maintained and will make a bad first impression โ€“ an obvious but all-to-common property sale mistake. Try to cut bushes and trees, tidy your lawn, plant some hardy plants and re-mulch for a fresh clean look.Too much mess and clutter:Buyers want to see and buy your house โ€“ not your things! So avoid a property sale mistake and donโ€™t leave them lying around! Even houses that are decorated well can have too much clutter when itโ€™s time to sell. The bigger your house seems, the more attractive it will be. Buyers want to feel the house or apartment has space, and will accept their furniture and their sense of style. So be prepared to de-clutter, move furniture or make your decorations more neutral.The shadow seller:Make sure you give your agent and their buyers plenty of space and privacy while viewing your home, and certainly donโ€™t follow them around the house. Buyers want to imagine living in your house and thatโ€™s really hard to do while you and your family is waiting outside, or inside.Lack of storage:Buyers look for plenty of storage in any property. So, avoid leaving any overstuffed wardrobes and cupboards in the house because this will show the prospective buyer that there isnโ€™t enough room in the house for all of your things โ€“ or their things! A final top-tip, use mirrors in small rooms to help the space appear bigger! Avoiding the above property sale mistakes ensures your home will be easier on the eye, the nose and the nerves of any prospective buyers or renters โ€“ and will have them making you an offer in no time!Want to read more articles like this? Get on Realestate.com.kh today, the best source of information for property buyers & sellers in Cambodia.
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Property Inspection Checklist for New Buyers: Things you should check before you buy any property Part 1
Property Inspection Checklist for New Buyers: Things you should check before you buy any property Part 1
June 6, 2022, 5:04 p.m.
Realestate News
Undertaking a property inspection for the first time can be an overwhelming task.You need to have your eyes open to all aspects and features of the home โ€“ because no one wants to buy their dream home and it turn out to be an expensive nightmare! Do your property inspection right and see the benefits into the future. Where possible, itโ€™s always advisable to contact a qualified building inspector to carry out a rigorous property inspection for you.However, the following are a few simple property inspection checks you can carry out yourself:Can you see any water stains or corrosion on the walls surrounding the shower or bath? Or are there any signs of moisture on the walls surrounding the bath or shower? This may be a sign of water leakage, which can be costly to repair.Are the ceilings sagging? When youโ€™re doing your property inspection, take a torch and shine the light across the ceiling, this will show any defects. Is the ceiling fixed firmly flush into place or does it have a โ€˜parachuteโ€™ appearance? If the roof is sagging, youโ€™ll need to contact a builder to carry out repairs to the ceiling sheeting.Check that all roof downpipes are discharging into storm water soak wells and not just discharging onto the ground. You donโ€™t want a flood in your new home when the monsoon season comes.It is also wise to look for any signs of previous flooding around the base of the roof downpipe. This can be an indication that the soak wells are not suitably sized or require cleaning out, which can be a costly maintenance item. If the property does not have the proper drainage, having a soak well installed can be very expensive.As part of any property inspection, look for any large cracks in the walls. Specifically, the inside and outside walls should be checked for cracks over 2mm in width. If the house has excessive cracking you must call a building inspector to check the soundness of the propertyโ€™s structure.If you are still unsure about a property after carrying out these property inspection checks, contact a qualified building property inspector to carry out a detailed property inspection report.Want to read more tips for making sure you choose the right property? Read Part 2 Here.
Property Inspection Checklist for New Buyers: Things you should check before you buy any property Part 2
Property Inspection Checklist for New Buyers: Things you should check before you buy any property Part 2
June 6, 2022, 5:04 p.m.
Undertaking a property inspection for the first time can be an overwhelming task.ย You need to have your eyes open to all aspects and features of the home โ€“ because no one wants to buy their dream home and it turn out to be an expensive nightmare! Do your property inspection right and see the benefits into the future.Where possible, itโ€™s always advisable to contact a qualified building inspector to carry out a rigorous property inspection for you.However, the following are a few simple property inspection checks you can carry out yourself:Can you see any mould or detect a musty smell in the bathrooms or bedrooms during your property inspection? Mould is an unwelcome arrival in any home and can have detrimental effects on your health if left unchecked. Mould looks like dirty clouds on the walls and ceilings and bring with it a musty smell. Mould should be removed by professional cleaners with the correct chemicals, which can be expensive. You also must look into what is causing the mould. Was it bad maintenance or something a more serious?In addition, during your property inspection, check inside the cupboards in all the wet areas. All cupboards should be opened to detect if there is a smell of damp, mould and mildew. Any damp smells can be an indication of water leaks and this problem will only get worse.Check the roofline is straight once your property inspection moves outside the house. Stand outside and look up the lines of the roof. Are they straight and free from deflections? If not, you had best to talk to a qualified building inspector.Check for rusty roof gutters. If the roof gutters show any sign of rust, they may soon require replacing. This isnโ€™t always cheap.Are there dents on the external perimeter walls, window and door frames of the home? There should be small holes drilled above and below window and door frames approximately 12cm apart. These holes allow water to escape from the cavity walls. Without these holes water can penetrate the internal walls of the home causing ongoing and expensive maintenance. If this hasnโ€™t been done when you do your property inspection, it could mean more problems lay below the surface.If you are still unsure about a property after carrying out these property inspection checks, contact a qualified building property inspector to carry out a detailed property inspection report.Missed the first half of the property inspection Checklist? Read Part 1 Here.
Pitfalls for Foreign Property Ownership in Cambodia
Pitfalls for Foreign Property Ownership in Cambodia
June 6, 2022, 5:04 p.m.
Realestate News
Property Buyers & Sellers Advice
Here are some clarifications of the most common misconceptions surrounding foreign property ownership in Cambodia for non-Cambodians.Foreign nationals are unable to buy land freehold within Cambodia as according the the Land Law 2001 and the Cambodian Constitution unless a landholding company is set up with the majority of shares being held by a Cambodian citizen or citizens.Alternatively, foreign nationals are able to acquire land on long-term leases as an alternative to foreign property ownership in Cambodia. These long-term leases for a foreign owner have a maximum lease term of 50 years as determined by the civil code established in December 2011. These leases can be registered at a national level with the Ministry of Land Management Urban Planning and Construction. Long-term leases are a compromise chosen by many international investors due to the difficulties of foreign property ownership in Cambodia. Learn more about long term lease law.It is extremely important to remember that it is illegal for foreign nationals to own a property under soft title.However, due to a common misinterpretation of the Law on Foreign Ownership by local authorities across Cambodia, some sangkats (local councils) are currently allowing foreigners to purchase property under soft titles in their own names.In addition, this misconception is supported by some agents and brokers who mis-advise their foreign clients as to the true nature of their soft title, claiming that it in fact represents full ownership. However, not all sangkats allow this. Boeung Keng Kang Sangkat, for example, will not allow a foreigner to be represented on a soft title whatsoever.Furthermore, a sangkat officer can interpret a soft title as they wish. ย As David Murphy, Director of IPS Cambodia, explains, โ€Sangkat Officers are publicly elected officials who stand for election every five years. This means that when a foreigner owns property under a soft title in their own name, there is a significant risk that any change in the elected officials of the relevant sangkat may result in the correct interpretation of the law, jeopardizing or voiding that foreignerโ€™s effective ownership.โ€To protect from this misunderstanding, ensure that you always conduct a title search with the relevant Ministry of Land Office or Commune Office before purchasing property. Such a search should confirm who holds the title to the property and reveal any registered mortgages or other encumbrances on the title.Keep in mind, as the land buyer; you may not be given the actual title to conduct the search, because this is the sellerโ€™s only evidence of ownership. The buyer will instead get given a copy of the title, so it is important that you confirm that it is the most recent copy.Foreign Property Ownership in Cambodia may not be simple, but it is increasingly possible. Always do your due diligence and take your time, and soon you will achieve foreign property ownership in Cambodia, and gain a valuable property asset.Learn More: โ€œCambodian Land Title Classifications Explained, Once and For All!" & "Can Foreigners Own Land in Cambodia?"