About CBRE Cambodia
What services does CBRE Cambodia offer?
CBRE Cambodia are a full service, international real estate service provider. Our specialist brokerage teams provide sales, leasing and acquisitions of residential and commercial properties, including; condominiums, villas, shophouses, offices, retail space, industrial and warehouse units, hotels and resorts and investment property. Our expertise also extends to research, consultancy, valuation, investment advisory, property management and project management.
We are further supplemented by our global network, which is the largest of its kind globally. If there is a service that you require related to real estate, CBRE Cambodia are here to help.
Why should I choose CBRE Cambodia?
CBRE Cambodia bring together local expertise and depth of market knowledge with international standards – circumstances which allow us to deliver leading insights and services to the Cambodian real estate sector. As an affiliate of CBRE Group, the world’s largest real estate service provider, we are thoroughly regulated and appropriately insured. We have been working in Cambodia full-time since 2008 and have an extensive history and network upon which to draw. What’s more, our teams are trained and overseen by experienced real estate professionals, many of whom have a significant depth of experience leading businesses in Cambodia and internationally.
How is CBRE Cambodia regulated?
CBRE Cambodia are subject to a variety of regulatory frameworks and follow each with rigor.
In Cambodia we are regulated by the Ministry of Economy and Finance https://mef.gov.kh/as well as being member of the Cambodian Valuers and Estate Agents Associate http://www.cvea.org.kh/.
Internationally, our senior management are members of the Royal Institution of Chartered Surveyors https://www.rics.org/asean/ and adhere to global best practice. Furthermore, we are subject to the stringent internal compliance standards applied by CBRE Group https://www.cbre.com.
We are audited annually by one of the ‘Big Four’ accounting firms to ensure we are fully in line with our ethical and financial obligations.
Where are CBRE Cambodia’s offices?
CBRE Cambodia’s head office is located at Keystone Building, Floor 10, #146 Norodom Blvd., Sangkat Tonle Bassac, Khan Chamkarmon, Phnom Penh. You can find us here: https://goo.gl/maps/JjPrz9Sw2pBsH3Q69
We also have offices across the city operated by our proprety management and brokerage teams. Contact us to find out more.
What hours do CBRE Cambodia operate?
Our head office is open from 8am to 5:30pm Monday to Friday, and from 9am to 1pm on Saturdays. We are closed on Sundays and during public holidays. However, we will always endeavour to assist you at a time that suits you, so just let us know and we will do our best to find a time that is suitable for you.
What sort of property do CBRE Cambodia deal with?
In short, pretty much anything. We work with individual residential units to whole buildings, and from small land sites to huge agricultural holdings. In each case our teams will always endeavour to provide the highest standards of service.
How can I contact CBRE Cambodia?
There are lots of ways you can get in contact with CBRE Cambodia. Our office telephone number is +855 23 964 099 and our company email address is [email protected]. You can also contact our management team via the contact details on our ‘About Us’ page [internal link].
When was CBRE Cambodia established?
We started working in Cambodia in 1994 and established our office in Phnom Penh in 2008.
Is CBRE Cambodia hiring?
Probably, yes. Visit our careers page [internal link] to find out about current vacancies, or drop us your CV and a covering letter to [email protected]
How many countries does CBRE operate in?
CBRE have offices in more than 100 countries. Find out more on our corporate website: https://www.cbre.com/about
What are CBRE’s values?
At CBRE Cambodia we constantly strive to embody the RISE Values that form the core of CBRE’s global standards:
R – Respect
I – Integrity
S – Service
E – Excellence
Find out more here [internal link to About Us/Our Ethics].
Can foreigners own residential properties in Cambodia?
Yes they can. However, the type of real estate overseas buyers can purchase is limited to co-owned buildings, which include condominiums and strata-title commercial space, as well as purchases via long-leases of up to 50 years.
To own land or a ‘freehold’ property the buyers must have at least a 51% Cambodian shareholding. Buyers of ‘freehold’ properties commonly use a range of different structures to make their purchase. CBRE’s Capital Markets Team are well placed to advise you on the available approaches.
What should I consider when buying a condominium in Cambodia?
There are a lot of things to think about when buying a condominium in Cambodia, it’s best to work with an experienced agent who can guide you through the process and help you get the answers you need. CBRE’s team of professional agents are available to help.
As a starting point, you should identify your budget, the reason for the purchase and where in the city you might want to purchase – the answer to these questions will help to guide your buying decision. You should always consider the developer’s track record, particulaly their previous work in Cambodia. Ask to check the developers construction permit and sales license – these documents are legal requirements in Cambodia.
Fire safety standards are something to think about carefully in condominiums, as is the building quality and the regulations being followed by the developer.
Some further key questions to consider when buying a condominium; it’s also important to understand the handover condition, as well as the taxes which are included or excluded from the price. You should also ask to understand if there are any other costs payable to the developer of the condominium, as well as details of the service charge you will have to pay upon completion of the project.
Buying a condominium can be stressful if you aren’t experienced in doing so. Using a trustworthy and well trained agent can help you avoid any mistakes.
Can CBRE Cambodia help me find tenants for my property?
Yes. CBRE Cambodia have full-time agents dedicated to leasing property in Cambodia. We are specalists in leasing residential buildings, apartments, condominiums and villas, as well as having specialist teams engaged in leasing office space, retail and industrial properties. See our services page for more assistance.
Can CBRE Cambodia help manage my property for me?
Yes. CBRE Cambodia’s Property Management team are experienced in the operation of buildings in Cambodia. We have an established track record in the management of condominiums, serviced apartments, offices, retail and landed property projects. We manage property from single condominium units to whole township projects.
What happens if my tenant leaves during the middle of their lease agreement?
If your tenant leaves your property part way through their tenancy, you should carefully check the terms of their lease. In most cases the landlord will keep the tenant’s deposit and relet the unit, however it depends upon the specific circumstances and the type of property and nature of the tenant. For more guidance, contact your agent or our agency teams.
Can foreigners buy land in Cambodia?
Technically, no. However, there are a range of ways in which foreigners can control a plot of land or ‘freehold’ property in Cambodia. Sometimes foreigners use a landholding company to purchase the property, this involves setting up a company with 51% Cambodian shareholding. In other circumstances they will use a trust structure or take a long-term lease of up to 50 years. Control of land in Cambodia by foreigners is a complex issue and you should always seek specialist advice. Speak with our Investment Properties team to find out more and take the first steps to purchasing land in Cambodia.
What taxes do I have to pay when buying a property in Cambodia?
VAT is payable on the transaction of buildings in Cambodia, but not on land. VAT is charged at the rate of 10%.
Transfer tax (stamp duty) equivalent to 4% of the transacted value of the property is payable.
Tax on Immovable Property: Tax is imposed at a rate of 0.1% on the value of the property above 1 million Khmer Reil (approx. US$25,000) as determined by the Immovable Property Assessment Committee.
From 2022, capital gains tax is expected to be enforced for individual tax payers, whereas corporations are already subject to profit tax, which is payable on the profits derived from real estate transactions in the kingdom.
You should always seek detailed advise related to taxes payable on specific real estate transactions in Cambodia, as well as seeking clarity on additional administrative charges.
Who pays an agent’s commission in Cambodia? And how much is it?
There are a wide range of commission rates that may apply to a property transaction in Cambodia. Buyers rarely pay commission unless using an agent to locate a specific type of property on their behalf. Purchasers are usually responsible for commission payments and the rate can vary between 2% and 12%. Higher commission rates are payable when selling condominium property, whilst cheaper rates would usually be applied for larger transaction, particularly land sales. Villa property sales typically attract a rate of 4% to 7%. The typical market practice for commission payments vary alot, so make sure you take advice from a responsible agent and speak with your agent about what they will do for you before committing.
Where can I get more information about purchasing real estate in Cambodia?
There are lots of helpful guides available online, particularly from many of the law firms. You can access CBRE Cambodia’s Investment Guide here: [internal link to investment guide] or contact our agents for more assistance.
Do I need a lawyer to buy real estate in Cambodia?
CBRE Cambodia would always suggest that you engage a lawyer to assist you and make sure you get the best advice available, however, there is no legal requirement for you to use a lawyer and for many purchasers buyers choose not to, particularly for off-plan borey, villa and condominium purchases.
What currency is used when buying real estate in Cambodia?
In Cambodia the US Dollar is currently used for all real estate transactions and payments are made in US Dollars.
Can I get a mortgage when I buy a property in Cambodia?
Mortgages are available from commercial banks in Cambodia. The requirements applied to the buyer will vary depending upon the type of property and the bank involved. Normally the buyer would have to be based in Cambodia and have a source of income in the country. Expatriate buyers can usually only obtain a shorter term mortgage, whereas much longer terms are available to Cambodian nationals. Speak with our residential team today for more information and a to find out the best deals available [internal link to residential sales].
Is there a waranty period when I buy a new property in Cambodia?
The most common scenario is that a one year warranty period is provided on new properties in Cambodia, but you should always check the details with your agent and ensure the details are noted in the legal documentation of the sale.
Can I resell an off-plan property in Cambodia?
Normally yes you have the right to resell off-plan property in Cambodia, but this may be subject to some level of restriction, often tied to the sale rate of the project.
Do I need insurance when I take occupation of my property in Cambodia?
It is usual for a developer to require buyers to obtain home insurance for their property upon handover of the unit. You should ask your agent and make sure you check the details closely in the legal documentation of the sale.
What is the difference between Grade A and Grade B offices?
CBRE Cambodia’s office leasing guide will give you lots more information about this [internal link], but in principle Grade A offices are the best specified office buildings in the city. They will be purpose built and include centralised air-conditioning systems, raised floor, suspended ceilings, excellent fire and life safety standards and high-end finished. Grade B offices are well specified but lack some of the high-end finished of Grade A, they are considered to have sufficient fire safety provision but may be less efficient and will often have split air-conditioning and sometimes no raised floor or no suspended ceiling. Our specialist office leasing team are always happy to explain more about office grades, contact us today for more information [internal link to office services].
Apart from Rent, is there anything else that I need to pay?
Your agent should clearly state any additional charges, but in general there are a few extra charges payable on top of rent. What is payable will change depending on the type of property you are renting. Commercial space, including offices, retail and industrial property will be subject to service charges and VAT will also be payable on top of the rent. Residential properties can vary from property to property. Serviced apartments will usually include most costs within the rent, however, condominiums will normally charge for additional services. In almost all cases you will need to pay additional amounts for electricity and water use.
How much deposit do I need to pay?
The amount of deposit payable will change depending on the type of property that you are renting. For residential properties you should be prepared to pay between one and two months rent as a deposit. For commercial spaces, including office and retail, the general rule of thumb is that one months rent per year of the lease term is payable, usually with a minium deposit equivalent to three month’s rent. For commercial properties, service charge will often be included in the calculation of the deposit sum. Make sure you clarify deposit requirements with your agent during negotiations.
How much commission do agents charge, and who pays?
The commission payable on leasing deals varies by the type of property and the length of the lease terms. For a short term residential lease the commission would be equivalent to 1 month’s rent, or less. Longer terms can attract commission of up to 2 months rent.
Occuaptional commercial leases will attract commission of between 1 and 2 months gross rent (rent + service charge).
Commissions are typically paid by the Landlord, unless the Tenant has specifically hired the agent to act as their representative.
How much does fitting out an office cost in Cambodia?
A typical office fit-out costs between US$250 and US$600 per square meter, but can be as much as $1,000 per square meter if a high-end finish or lots of technology enabled fittings are required. Our specialist office leasing brokers work with tenants of all different budgets and can help find the best solution for your business [internal link to office services page].
For more in-depth advice, our Project Management team are available to help provide quotations for fit-out works [internal link to project management services page]
I have a pet, can I rent an apartment in Phnom Penh?
Some pet friendly apartments exist, but they are a bit few and far between. Be sure to tell your agent about your pet so that they can pre-screen options and identify the best solution for you.
Contact our Residential Leasing team today for a selection of the best pet friendly apartments in the city [internal link to residential leasing]
What is the difference between a condominium and a serviced apartment?
A condominium is part of a co-owned building, which means that the units have been sold to a number of different buyers and that the units are owned by separate investors. A serviced apartment is a building which is controlled by an operating company and leased out on a unit by unit basis.
Serviced apartments usually attract a higher rent per square meter as more services are included, often even laundry and cleaning. Typically these services cost extra within a condominium building.
How many car parking spaces will I get when I rent an office in Cambodia?
The typical car parking ratio for office buildings in Phnom Penh is 1 space per 150 square meters. Car parking is usually chargeable.
What is the length of the fit-out period I will get when renting an office space in Cambodia?
The length of the rent free fit-out period available for office space will vary depending upon the length of the lease term and the size of the office space taken. Most rent free fit-out periods are for between one and two months. Larger spaces and longer lease terms can often mean a longer rent free fit-out. The specifics will depend upon the negotiation and other benefits provided. Contact our office leasing team to find a great deal on your next office space here.
What is the difference between a centrally-owned and strata-title office?
Centrally owned office buildings are owned by a single company or person. They are leased to tenants by the owner.
Strata-title office buildings are co-owned buildings whereby the developer has split the property into multiple ownerships and sold some or all of the space on a unit by unit basis.
There are many more technical differences and implications between the two types of office buildings. Contact our office services team to learn more and understand which option is right for your business. [internal link to office services]