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.

MOST VIEWED

  • Reuters: US Embassy fired 32 staff members for sharing pornography

    The United States Embassy in Phnom Penh has fired 32 non-diplomatic staff members who were allegedly caught exchanging pornographic images and video, including of minors, according to the news agency Reuters. Four sources, who spoke on condition of anonymity, told Reuters the content was shared in

  • Our 2018 guide to spending Khmer New Year in Phnom Penh

    Khmer New Year festivities are upon us. For the next few days, travellers will be making their way to their home provinces to eat, celebrate, play traditional games and visit a pagoda with offerings. If you will be staying put in Phnom Penh for the

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the