Estatedia

Local and foreign buyers can now apply for 100% mortgage via Prince Bank

PHNOM PENH: Less Solutions and Prince Real Estate, consistently provide products that result in a ‘lifestyle’ upgrade for its commercial and residential customers and have now signed a Memorandum of Understanding (MoU).

The agreement will make financing available to all local and foreign buyers. They can now obtain mortgage financing of up to 100 percent through Prince Bank, one of Cambodia’s leading digital-first banks.

Through their partnership with Less Solutions, they also offered secure purchases, which is a range of complimentary insurance solutions that will now come bundled with purchases (for example, home purchases come with free fire and home insurance).

Prince Real Estate is committed to providing convenient services to all customers. They can now take advantage of a variety of ancillary services offered at competitive rates by related business units, such as security services, property management services, and leasing services.

 

 

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Foreigners make up 70% of the country’s condo developers

 

PHNOM PENH: According to Mr. Chrek Soknim, president of the Cambodian Valuers and Estate Agents Association (CVEA), approximately 70% of condominium developers in Cambodia today are foreign investors, particularly Chinese investors.

He added that the development of condo projects in Cambodia is based on two main markets: the market for real estate developers, or so-called condo builders, and the market for end users.

According to a study by the Association of Condo Developers, the majority are foreigners, up to 70%, with local developers accounting for only 30%, implying that the market relies on foreign investors.

He also stated that Cambodia has successfully tackled Covid-19 and ranked number 1, in neighboring countries, including those in the region, but has not improved, causing the condominium project to continue facing construction and sales challenges.

“Most of the investors are also Chinese, and their country continues to face the risk of Covid-19, which has caused travel from China to the region and Cambodia to suspend, so they can’t travel,” he said.

According to Mr. Chrek Soknim, “if China opens up opportunities for investors to go abroad, Cambodia is one of the priority ASEAN countries in attracting investment in real estate because investors consider the income from investment. So, in Cambodia, land, and condos are still good investment options.”

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