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Korean Job Discussion Forums
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chungbukdo
Joined: 22 Aug 2010
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 Posted: Wed Aug 24, 2011 10:02 am Post subject: Property/Home Ownership Cambodia |
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Has anyone ever looked into buying a home, land, or real estate in Cambodia?
Unlike Thailand or PI, it looks like a foreigner can own or at least do a 99 year lease.
See this http://www.leopardasia.com/leopard-cambodia/why-invest-in-cambodia.html
Wondering if that link is true for homes and land, or just businesses. |
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thrylos
Joined: 10 Jun 2008
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| Posted: Wed Aug 24, 2011 1:27 pm Post subject: |
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Be VERY careful with any R.E. or contracts in Cambo. They're not worth the pen and ink on the contracts, unless you have local connections (ie, police, politicians, etc).
Yes, on paper, it is easier to lease land or a business than Thailand (cannot own), but only as long as they want you there.
There were about 4-5 foreigners that owned beach bars down in Sihanoukville as of last summer, some there for about 8-10 years. Last fall, there was a crackdown on said owners and beach bars and they were forced out of their perfectly 'legal' leases. Authorities claimed those leases and deeds were faked by the 'owners' of the beach land, so they were voided overnight.
Last winter (high season), the same owners had beer stalls off the beach with the promise that the local authorities wouldn't bother them once they were off the beach. Just got back from there again and they were all gone from the beer stalls, all to be replaced by Khmers.
I'd be extremely cautious of any land business in Cambo, unless I lived there, had the connected friends (or at least associates) and money that I could easily not worry about. I've heard too many stories, just like Thailand and PI, to think it's not any different.
The only difference is you can easily get long term business visas, $100 for a year stay and readily renewable.
Check out the forums on khmer440.com for more info. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Aug 24, 2011 4:53 pm Post subject: Re: Property/Home Ownership Cambodia |
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In the PI a foreigner can also engage in a lease; 25 years with a 25 year option (50 years with a 25 year option if it is a business) and build on that or buy a condo outright and you have less of a chance of losing it than in Cambodia.
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chungbukdo
Joined: 22 Aug 2010
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| Posted: Wed Aug 24, 2011 10:31 pm Post subject: Re: Property/Home Ownership Cambodia |
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| ttompatz wrote: |
In the PI a foreigner can also engage in a lease; 25 years with a 25 year option (50 years with a 25 year option if it is a business) and build on that or buy a condo outright and you have less of a chance of losing it than in Cambodia.
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Tom, can you tell me more about the 25 year option. Can you agree to 50 years at the outset? What is done after the initial 25 years?
Because if I had built a mansion on a 25 year leased piece of property and the underlying owner wants that mansion, he obviously wouldn't renew the lease. |
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chungbukdo
Joined: 22 Aug 2010
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| Posted: Wed Aug 24, 2011 10:36 pm Post subject: |
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| thrylos wrote: |
| Last winter (high season), the same owners had beer stalls off the beach with the promise that the local authorities wouldn't bother them once they were off the beach. Just got back from there again and they were all gone from the beer stalls, all to be replaced by Khmers. |
This is a bit problematic though. You can't own anything on the beach even in America, it's all considered "public" (government) land. And these were stalls.
Have you heard anything, successful or unsuccessful, about foreigners buying land and building a house with a foundation on it, possibly beachfront, but not actually on the beach?
Also, have you heard anything about how businessmen are treated there if they employee people? Are they getting nationalized? I've heard they warmed to foreign investment recently. Their labour costs are super cheap too.
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| Check out the forums on khmer440.com for more info. |
Thank you for this. That's gonna be hella-useful. Yeah I said hella. Deal with it.  |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Aug 24, 2011 10:41 pm Post subject: Re: Property/Home Ownership Cambodia |
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| chungbukdo wrote: |
| ttompatz wrote: |
In the PI a foreigner can also engage in a lease; 25 years with a 25 year option (50 years with a 25 year option if it is a business) and build on that or buy a condo outright and you have less of a chance of losing it than in Cambodia.
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Tom, can you tell me more about the 25 year option. Can you agree to 50 years at the outset? What is done after the initial 25 years?
Because if I had built a mansion on a 25 year leased piece of property and the underlying owner wants that mansion, he obviously wouldn't renew the lease. |
There is lots of information available on the net but short story:
Lease for 25 years. Pay your lease (usually annually in advance).
AFTER 25 years (50 if it is a business lease)...
The option means you can renew for 25 more but the rate would be the current market rate. The choice to take the option is YOURS. If they want to decline the option then THEY have to pay to buy the improvements (at market value) or move them (make sure it is in any lease agreement or don't sign) AND they should pay a penalty for not allowing you to exercise your option.
IF YOU decline to renew then, depending on the terms of the lease you would either have to remove the improvements (at your expense) or the owner would buy them at a previously agreed on price.
For the end of the 50 years the termination ( in terms of improvements) would be whatever you negotiated it to be when you signed the land lease.
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