Chairman of the Board of Directors of WorldBridge Group, a well-known real estate tycoon in Cambodia, Mr. Sear Rithy claims that the Cambodian real estate sector still has a good sign of growth. But some property buyers are facing financial problems.
The tycoon’s remarks came as he was the guest speaker at a forum attended by more than 1,000 realestate dealers in Phnom Penh, April 2019.
Tycoon Sear Rithy divides property buyers into two groups: profiteers and buyers for living or business or rent or buy for other business.
Mr. Oknha said that some people have problems with cash flow after paying off apartments, plots, or housing loans. The tycoon said that if you buy a house or buy land to rent or run a business is smart thinking, but if you buy and keep it make a profit (selling later) It is not a smart business. He made it clear that buying real estate is not easy to lose if people consider three key points.
The three factors are: 1) the buyers’ affordability, 2) know clearly the project owner, and know a lot of information about real estate market
Tycoon Sear Rithy recommends that all middle-income people who want to pay in installments to check and see if they can afford it to pay for long period of loans.
How much income do you have? How much do you pay? What if there is a risk of losing your job or getting sick, can you afford to pay? Can the property be resold for cash?
If possible! If you think clearly, you should decide to buy, but things are up and down. It is not clear. You better should try to save money to invest later. But if you have a decent income that can be affordable, but it is okay.
On the other hand, people should remember that if you buy land or a house that can be rented for money is better than buying a house or a plot of land to keep it for sell for a profit.
Know the project owner clearly
Knowing the owner of the project means that we know for sure that the project has land, have real houses built on legal land, houses or lands not involved in disputes, lawsuits in court, etc.
The tycoon also noted that today some people disappointed alot because they were cheated by the land sellers or real estate agents.
Real estate market Information
Tycoon Sear Rithy gave the highest value to the information of real estate. He said that if we know a lot of information about real estate, have a lot of knowledge of it, it is easy not to be deceived.
He encourages people to follow the news, read books, watch TV or listen to the radio to get the latest information to consider. Normally, all newspapers more or less cover the Royal Government’s investment projects, from development policies. He is optimistic that regular news watchers will find it easier to make a profit than real estate agents.