Cambodia hits the record for the fastest growing economy in Asia, sustaining an average annual growth rate of 7.7% from 1998-2019. Phnom Penh contributed more than 70% share of the economic growth, titled the Business Hub of the country.
In addition, it is the nerve center of the kingdom, hosting the most significant number of foreign ex-pats. Most multinational companies are opening their factories and offices in Phnom Penh, inviting a huge amount of Chinese investment.
All these factors make Phnom Penh an ideal residential and industrial space, further attracting many foreign investors as well. It further increases the demands for residential and industrial units in the country’s capital, offering a profitable opportunity to real estate agents.
Real estate agents are experts in the property and construction sectors, dealing with all the local rules and regulations to ease the foreign investment process. These factors highlight the importance of being assisted by a first-class real estate agent who is well-versed with all the ins and outs of the market.
Why Is It Important to Get Assisted by a trustworthy Phnom Penh Real Estate Agent?
After the 2020 Covid downfall, the real estate sector is again at a boom in Phnom Penh. The franchise model is expanding in the real estate sector, driven by the interest of phnom penh real estate agents who want to earn profits through the booming property market.
Therefore, despite having little or no experience, skills, and knowledge, agents are setting up their platforms with international and local market connections. In addition, it eliminates the need and effort for a time-taking brand-building process that usually requires a high expenditure on marketing and promotion.
Opting for a franchise may cut extra time and expenditure but questions the authoritativeness of the agent. These franchises opt for the logo and market value of the parent company to develop trust but may possess risks in real-time searches.
It is because they may earn 50% trustworthiness from the master franchisor, but the remaining 50% depends on market experience, which these new agents might not possess.
Top Real Estate Companies in Phnom Penh:
Phnom Penh is the capital of Cambodia, often termed the country’s Business Hub. This city and the surrounding areas attract most foreign investors from the frontier market. According to Asia Property HQ, Phnom Penh has recorded around 7% annual economic growth, one of the reasons for the property boom in the city.
To help you with accessible and authentic property selections, this section will discuss with top 3 real estate agencies in Phnom Penh, explaining all their services, management, and other details for better clarity.
Also Read: Do You Need an Estate Agent?
IPS Cambodia:
IPS was established by David Murphy in 2009 and is currently ranked as the top and best reputable classified portal in Phnom Penh, with multiple positive google reviews. The online website has listed several luxurious properties for residential and commercial needs. These options include:
- Villas,
- Retail,
- Apartments,
- Condos,
- Land,
- Hotels,
- Offices.
Not only for Phnom Penh, but the property experts will also help you with Cambodia’s property selections, catering a whole list of options according to your preferences. From property management to sales, leasing, ownership transfers, due diligence, and valuations, IPS will handle all the tasks from the owner’s end.
CBRE Cambodia:
CRBE is also ranked amongst Cambodia’s top real estate agencies, employing over 80,000 people globally. They have been offering services in Cambodia for a decade, serving some of the biggest clients from the aviation and banking industries.
CRBE has been awarded numerous awards over the years and will help you find the best options for commercial and residential properties. Their listing includes:
- Hotels,
- Businesses,
- Condominiums,
- Industrial properties,
- Land.
The experts will assist you through research, sales, leasing, management, valuation, and consultancy services. Moreover, the classified portal also extends after-sales services to their investors, helping the with future queries related to clauses or the agreement.
Khmer Real Estate:
Founded in 2007 by Dr. Kim Heang, the company has listed various options for apartments, condos, and industrial and residential projects. It is also one of the largest real estate companies in Phnom Penh and is well-versed in the importance of foreign employees to carter foreign buyers and ex-pats.
Local property experts associated with Khmer real estate will help their investors with property transfer services, sales and leasing contracts, consultancy services, and valuation aspects.
Pricing Details for Properties in Phnom Penh:
Phnom Penh attracts the most foreign investors out of Cambodia’s cities and nearby locations. However, the average price for condos in Phnom Penh fell by around 7.8% during Quarter2 in 2021.
The average bedroom count for an apartment in Phnom Penh ranges from 2 to 5 bedrooms, 4 BHK being the most opted option. Most of these properties have single parking spots and 2 to 5 bathrooms.
The average floor area in Phnom Penh’s apartments and other residential options is around 72 square meters, with the lowest being 54sq.m and the most significant being 162sq.m.
Considering all these aspects of a property, the average price for an apartment or residential unit in Phnom Penh varies from $94,500 to $9,70,000. According to IPS property graphs, the most opted price range for Phnom Penh properties is $2,31,000.
Read Now: How to Excel as a Real Estate Agent
What Questions Must You Ask your Real Estate Partner?
The boom after the real estate pandemic is inviting many new agents, all promising to cater to the best options according to investors’ needs. But whether you’re selling or buying a property in a foreign market, you need the assistance of industry experts, i.e., Phnom Penh’s real estate agents, to know the actual market insights.
If you’re wondering about the right decision for real estate agencies, then this guide will help you find their authoritativeness:
- Total working experience in a real estate company,
- Familiarity with Cambodian laws, titles, and taxes,
- Strategy about their selling and buying process,
- Charges for the real estate companies,
- Pricing aspects of the property,
- Knowledge about the local market,
- Reason for the listing and listed price of the particular property in the market,
- Neighborhood details,
- Basic amenities and supplies for the locality.
It would help if you discussed all these queries with your short-listed real estate agent to finalize the best option. These will help you gain details about their working process and experience, ensuring an ideal property deal is on your way.
Conclusion:
Looking for a trustworthy real estate agent who can provide you with real-time facts and data. Phnom Penh is the growing capital of the country, continually offering a vast array of opportunities to investors. A realtor, furthermore, plays a vital role in property trading, carrying a deep understanding of the market while knowing all the drawbacks and perks of property trading.
However, assisting yourself with an excellent real estate trader will yield maximum returns to the investors while updating them about all the recent market trends and values. So, connect with the best property experts now to get the ideal deal for your foreign investments.
