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

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading

  • PM warns EU and opposition on 34th anniversary of his rule

    HUN Sen reached the milestone of 34 years as Cambodian prime minister on Monday and used the groundbreaking ceremony for a new ring road around Phnom Penh to tell the international community that putting sanctions on the Kingdom meant killing the opposition. “Please don’t forget