Cambodia is an upcoming real estate gem, especially with the country’s rise in tourism and economy; rental gain and long-term gain are thus expected. Even the government has taken initiatives to attract real estate investors, making buying properties in Cambodia easier.
In this article, we will look at the process of finding the best real estate deals in Cambodia. To guide you through this process, we have IPS-Cambodia, Cambodia’s best real estate agent. They help with the process from start to end and assist their clients in making the right choice according to their needs.
4 Ways to Lock the Best Real Estate Deals in Cambodia
#4 – Researching the Cambodian Real Estate Market
According to a report by the World Bank of Cambodia, Cambodia, after COVID-19, has had a rapid increase in tourism which has helped fuel the country’s economy. With this, the property business is also rising to accommodate the massive number of tourists and their needs in Cambodia. Many foreign investors have taken an interest in Cambodian property, and Cambodia has achieved a spot among Asia’s best countries for real estate.
Phnom Penh and Siem Reap have been in the top positions for real estate sales in Cambodia, with Sihanoukville, Battambang, and Kep closing in on them. Phnom Penh, the capital and most developed city, is gaining popularity, whereas Siem Reap attracts tourists to the famous Angkor Wat Temple.
#3 – Finding the Best Real Estate Deals in Cambodia
As a foreigner, you will need help making real estate decisions in Cambodia. It is always advisable to hire an agent to do it for you and guide you through every step of the way. The best agents will have experience and knowledge of the local market. Always ask for a license and registration of agents.
As an initial step, you can look at the property listed online and get an overview of the place. Many real estate agencies have listed properties on their website to attract clients and give them a taste of what they will deal with. You can also opt to go for auctions that are held even outside Cambodia.
Finally, you should not buy a property before visiting it first; once you do get to Cambodia, you can explore many places not listed on the market.
#2 – Conducting Due Diligence
Once you visit the property, keep in mind specific points and complete them, like tracking down the correct owner and the legalities that follow. Inspect the property thoroughly and check for pre-existing damages and liens on the place. Next, inspect the neighborhood and the nearby markets, distance from shops that are required in an emergency, or firefighters’ response. Make sure all the basic requirements are available in the area and more.
#1 – Negotiating and Closing the Deal
After finalizing the property in your mind comes the step of negotiating a price acceptable to both parties. In this, you cannot ask for an unrealistic price which would make the seller disinterested. Refrain from sounding eager to buy the house and leverage the damages of the property to lower the cost.
Once finalized, close the deal and sign the necessary documents. It is a long process, so make sure you take the help of your agent, as it requires a lot of back and forth. You should also consult a lawyer before signing the final contract.
The beauty of Cambodia has always satisfied everyone, and having a second home there for vacations or a passive income through rent is always a good idea. Investing money is always a better option than storing it in banks. Having a small business in this beautiful place, where you can spend your retirement and enjoy life at your pace, is ideal for a pleasant future. While the prices are still low, grab your chance and make a fortune.
You now know the process through which you can buy real estate. IPS-Cambodia is the best real estate agency to help you through this process. They have well-informed and trusted agents to work with you and assist you with the best investment strategies.
Connect with Cambodia’s property experts now to know more.