Visitors evinced keen interest in new developments at the Cambodia Real Estate Show.
Foreigners in Cambodia are barred from owning the ground floor of any building in the Kingdom of Wonder.
I finally found out the origins of the prohibition early this month when I attended one of 16 presentations at the Cambodia Real Estate Show, a well organized two-day event that attracted numerous potential developers along with buyers of luxury apartments and buildings. (Hey, you can take the broker out of real estate, but you can’t take real estate. . .)
It was not until 1989 and then in 2001 that government decrees defined the possession and subsequently, in 2001, full ownership rights of residential property.
Like most other countries in the region, Cambodia does not want foreigners to own a piece of the nation, no matter how small, as codified in Article 8 of the Land Law.
According to presenter Matthew Rendall — a lawyer who holds a Cambodian passport and is managing partner at SokSiphana & Associates in Phnom Penh — the stricture resulted from Continue reading →
The biggest disincentive for investing in land and new construction in Phnom Penh ought to be, in my view, how much of it is taking place. I have written several times in this space about the swelling bubble that I believe I am witnessing.
The bubble notwithstanding, other reasons would seem to militate against considering a building project in Cambodia, and I’ll get to those factors in a minute.
It is my belief that the dimensions of the growing bubble are clear: Construction and real estate investments achieved 13.75 per cent more growth in the third quarter over the same time last year. The government puts the combined worth at $1.752 billion, an increase in value of $1.54 billion over the previous year.
After I publish a post, I entertain myself by checking to see how many views my blog is getting. Usually, I am disappointed by the number while striving to remain philosophical that I write mostly to please myself.
A nice feature of WordPress, the platform I began using in 2009, is the statistics I see and the surprises they offer.
For one thing, I am continually surprised by two sets of numbers: One is how individuals from the all over the world seem to find my blog and the second is how old are some of the posts they discover.
Nearly two years after having moved to Cambodia from Manhattan and retired from selling and writing about real estate originally in the Washington, D.C. area and then New York, I am amazed Continue reading →
What some folks think of as Angkor Wat is the temple in the background, but the name actually applies to a sprawling complex filled with architectural wonders that cover many kilometers.
December 3 was the anniversary of my move to Cambodia. Although I felt pretty much prepared for the experience, I have learned a lot.
Everything about making Phnom Penh my home is new. I have never before been retired, never lived as an expat, never expected to have English be so often understood here and never spent more than vacation time in a developing country.
The list of what I learned about Cambodia and me is long, but I’ll do my best to provide mere brushstrokes of my perspective in the hope that I won’t tax your patience.
One surprise has been how deeply moved I have been by the widespread poverty, how desperately I’d like to help a poor people and how Continue reading →
View from our living room of the construction hell below.
As I draft this post, I am being assaulted by the demolition sounds on the floor above our apartment and by the extraordinary amount of construction in the surrounding blocks.
We live in the desirable neighborhood of Bueng Keng Kang 1, where many expats prefer to live and dine, though there are more expensive parts of Phnom Penh that also are popular. Even with rents rocketing up, the amount of new construction here astonishes me.
Some houses — you know, b-i-g houses — rarely are open. (Tim Pearce took this flickr photo at Alcatraz.)
Thanks to TV reality shows, some sellers may well be daunted by new takes on open houses.
That needn’t be the case.
The first thing that sellers must keep in mind is that they must not be present at an open house.
Not only does their presence tend to intimidate buyers into keeping closet doors shut, it also tends to cause mouths to shut as well. Buyers at open houses don’t get to think out loud with a seller in their orbit, notes San Francisco broker Tara-Nicholle Nelson in one of her characteristically good posts on Trulia’s site.