Cambodians wishing to own property in the US need not wait any longer as a US-based real estate agency has established operations in the Kingdom to make the process hassle-free.
Team Channy, an agency licensed by US real estate firm Remax Top Producers, provides purchasing and leasing services for Cambodians seeking to invest in the US’s highly profitable real estate sector.
Chor Channy, the leader of Team Channy, told The Post on Tuesday that Cambodians can invest in the US even without US citizenship or a green card.
With more than 10 years experience in the US real estate sector, Channy said the agency could get the job done swiftly and in compliance with the law.
“My team helps Cambodians buy a home. My clients want their children to study in the US or want to buy a home to rent out or as a long-term investment. Whatever the case, we help them find the right property,” she said.
Those interested should know that they must be able to afford 25 per cent of the property’s value. The rest, Channy said, can be financed through a bank loan.
The time is ripe for this type of investment, Channy believes. “Home prices in the US are now comparable to Cambodia, so it is a good opportunity.”
For those still deciding between the US and the Kingdom, Channy has an answer: “The US’ real estate market is more stable than Cambodia’s as the local real estate sector is too reliant on foreign investment, particularly from China,” she said.
She noted that the industry is set to suffer from the government’s decision to ban online gambling. “We believe buying a home in the US can be a source of pride and profit for many Cambodians,” she said.
Cambodia’s outward direct investment declined 13.45 per cent during the first nine months of last year compared to the same period in 2018 – plummeting to $81.38 million, according to the National Bank of Cambodia’s (NBC’s) Balance of Payments Statistics Bulletin published last week.
In 2018, Cambodian outward direct investment was worth more than $122.9 million, up 7.73 per cent from 2017’s $114.08 million, NBC data shows.
The report did not reveal the countries in which Cambodians had invested.