Phnom Penh is one of the largest cities in Cambodia acts as a central point of the country. This city famous for its rich culture and tradition and became the capital city after the colonization of French people. Promisingly, the economic, cultural and political development of this city has reached greater heights in the last few decades, making it act as a central hub.
This city is located near the river banks of Mekong, Tonle Sap and Bassac rivers which make this city, an ideal destination attracting the tourists worldwide. The people in this city are friendly, with a welcoming smile and audacious eaters can enjoy the ridiculous food items including worms, cricket, spider and other insects as a delicious treat.
PhsarThmei refers to a new market, is the core market in Phnom Penh. The city market is the best place to buy many things like sunglasses, outfit, artistic works, and wall-hanging cheaper. Also, one can enjoy a delightful treat, traditional foodstuffs in any of the multi-cuisine restaurant located in this city.
Everywhere around the country, one can enjoy the ride of the TukTuks, and it is one of the cheapest forms of transport. One can find this place as the best opportunity to invest as this city has undergone sweeping changes from under-developed status to a widely residential Empire state. This is possible due to significant developments and progresses in different segments.
Some of the contributing factors of these massive developments in this country are business policies which encouraged many foreign investors to enter into the different commercial, agricultural, retail, real estate, and industrial markets.
The following are the six things you need to know before investing Phnom Penh new homes;
- A foreigner can hold the property rights in this city along with few restrictions. However, a foreigner can enjoy buying a condominium in Cambodia starting from the first floor and higher. The ground floor is not allowed for foreigners to invest due to certain restrictions in the land law.
- According to the Cambodian Land Law, no foreigner can hold 100% rights in the property. Instead, the foreigner can agree with a Cambodian citizen by forming a company.
- Apart from this, one can purchase the property and can register it under the Cambodian citizen entering an agreement for a long-term rental agreement generally for 99 years. In turn, the Cambodian citizen leases the property for the foreigner. However, proper and secure documentation procedures are important while entering the trade-off.
- Moreover, foreigners can have a certain degree of freedom in documentation and legal proceedings to control purchase, rental, sale or use of the property they have invested.
- Also, consider the tax rates of the government for the foreign investors to hold a property and one need to plan accordingly to meet all the taxes including transfer tax, VAT, property tax and rental tax. Plan well ahead and then invest wisely.
- In recent years, it has gained popularity in the housing and residential market since it has many attractive factors to be considered for investing which includes a rise in GDP, a productive and young workforce, increased productivity, suitable government policies, politics and a lot more.