Rising land transactions buoy remittances from Cambodians
The volume of land transactions continues to grow in Phnom Penh’s satellite areas and is attracting Cambodians working abroad, a survey from real estate brokerage firm Easy Property Investment Co Ltd shows.
Its CEO Mam Sereypanha told The Post on Wednesday that this year, the number of overseas workers – most of whom are in South Korea – sent more money home to buy land compared to last year.
Although there are no official data on this, she said: “Since the beginning of this year, the number of workers abroad who sent money to their relatives to buy land for them has increased by more than 20 per cent.”
The Ministry of Labour and Vocational Training’s Annual Results Review Meeting 2018 report shows that 1.23 million Cambodians worked abroad last year, of which 1.14 million were in Thailand, 49,099 in South Korea, 9,194 in Japan, 3,011 in Malaysia, 831 in Singapore, 54 in Hong Kong and 16 in Saudi Arabia.
Land transactions have gradually risen in most areas in the capital – particularly in the north and west.
The most common size for land plots in the capital’s satellite areas is 5m by 20m, with prices ranging between $8,000 and $25,000.
Sereypanha said these prices are not an issue for workers abroad as they receive higher salaries than they would at home.
He said the number of cases of land buyers who have been swindled by developers has dropped to near zero. “To ensure that no problems will arise, all transactions must be made through a licensed agent or real estate company,” she said.
Besides Phnom Penh, land transactions have been on the rise in provinces with economic potential – such as Kandal, Preah Sihanouk, Kampot, Siem Reap, Kampong Speu and areas along the borders.