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Condo market popular with foreign buyers

The Casa Meridian development site
The Casa Meridian development site Sreng Meng Srun

Condo market popular with foreign buyers

Foreigners bought more than 1,305 condominium units in the first six months of the year, the Ministry of Land Management, Urban Planning and Construction has revealed.

Lao Tip Seiha, deputy general director of the ministry’s construction department, said improvements in the political environment and growing economic strength had made Cambodia more attractive to overseas investors.

“There are many factors that are attracting foreigners to buy in Cambodia. The construction sector is in good condition, the political and economic situations have improved, and buying property is easy,” he said.

Sopheak Seng, general manager of CPL Cambodia Properties Ltd, said condos were especially popular with Singaporean, Chinese, Taiwanese, Japanese and Malaysian investors.

He said developers were making overseas investors a focus, with projects exhibited in countries such as Singapore and Malaysia.

Saraboth EA, managing director of MAXEM Property, said foreign property purchases had increased noticeably since laws were changed to allow non-Cambodians to purchase properties above the first floor.

He said that condominiums were more popular with foreigners than Cambodians, who preferred to live with more people in larger houses.

The number of condominiums on the market is set to soar, with many large projects currently under way, including satellite cities such as Koh Pich, Camko City, Grand Phnom Penh, Chroy Changvar, Decho City and Booyoung.

ASEAN integration in 2015 is expected to further drive up condo demand in the second half of 2014.

A sales and marketing manager at Koh Pich’s Casa Meridian project, who asked not to be named, said 60 per cent of the project’s condos had been sold, with about 30 per cent going to foreigners, including buyers from Singapore, China, Japan, South Korea, Malaysia and the UK.

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