boozyoldman wrote:SHALL WE LIST THE FACTS?
1. In PP there is a grotesque huge property bubble. It may burst or it may gently deflate.
Wait and see.
2. There is enormous energy in the provinces, even in the supposedly-poorest provinces.
Everywhere you look, there are piles of sand and a truckload of bricks awaiting
building work. In some places, you can't get a reputable builder's services for love
or money because they all have full order books.
3. It is claimed that 700,000 people (roughly 5% of the population) are genuinely
affected by, and suffering from, land and home insecurity. This is dreadful for them,
but most of the other 95% are either getting richer or - at worst - are no poorer.
4. The last thing this country needs is political upheaval and instability. Take this
from one who has actually experienced the thrills and excitement of running away
from a civil war.
5. Cambodia today is rather like post-1950s Spain under Francisco Franco - a rather
horrid government and growing prosperity simultaneously.
A property ''bust '' in my opinion is when everyone wants, or has to sell at the same period of time, and no-one wants to buy. If you were around ten years ago when they were building thousands of shophouse's, we all were saying who is going to buy them. Most of them were built by big contractors that never needed to go to the banks for the money, so they just sat on them and eventually as prices went up they were sold. This would not be possible in '' our '' countries, as rates/landtax , insurance and interest on mortgages would put a person further into debt. People with money in Cambodia don't put [ hide ] their money in a bank, they park it in the property bank.
Going by the amount of thousands of shop houses I have seen being built right now in some of these new development areas, along with the hi-rise condos ,we are heading for another big oversupply, and that time will be after next years elections, and the 2018 elections.
Here are a few examples of parking your money in property.
It's only two stories higher than planning permission was given for, so rather than pull them down the owner will just sit on it until ???? [ planning dept says it ok to proceed , for a small fee.]
EX Kiwi Bakery , Empty for 5 years ? . But why bother renting it if you don't need the money.
When I arrived here in 2003 this 180 ? room hotel was empty and stayed that way till it was demolished in this last year.
The owner of this building built this new penthouse on top about 9 years ago. There was a sign ''for Rent ' on it and tenants were in there for 3 months. Since then it has been unoccupied. Why rent it out and have all the hassle's when you don't need the money.