What is a borey?
Essentially, a borey is a gated community of flat houses, twin villa houses and single villa houses, including public areas, gardens and full security services. Those who want to buy a borey home are looking for privacy, a safe place for their family to grow, areas where communities can develop, and a place where all modern amenities are assured. They are they prefered first home of newlywed Cambodian couples looking to start a new family. Not Cambodian? Not sure if you can buy a borey? Learn about foreign ownership laws here. Learn more about Phnom Penh Residential Space here.
Is it a registered borey you’re buying?
Before purchasing any “borey” home, or any gated community home which calls itself a “borey,” you must first ensure it is infact registered as a borey and has all the correct licenses. Ask your real estate agent, or the property owner, to provide all certification before considering purchasing the property.
Here is what you need to see:
Buying a registered borey home means due diligence has been done for you by the Government – at a national level – and you can guarantee that the correct construction and legal processes have been followed.
In comparison, Cambodia hosts many large developments of flat houses which look exactly the same as a borey community in their design, and sometimes even called a borey in their marketing. However, those developments have not been scrutinized or licensed. Developers avoid registering as a borey because of the additional expense and scrutiny over their construction and legal standards. To build and sell a flathouse development, not titled as a borey, means less licensing is required, and official permission for construction and selling is only needed at a Khan or Sangkat level. Your title may not be valid, and the quality of the house’s construction and its Sales and Purchase Agreement is not certain. Avoid unregistered flathouse developments, or risk investing in a insecure asset that may not match pre-sale descriptions.
Purchasing your rental property is just the start. Next, you need to think about managing the property and making improvements.
What you consider essential when buying a property to live in is different to what you need to look for…
What you consider essential when buying a property to live in is different to what you need to look for…