This is a question for young Cambodian couples looking to move in
together and raise a family.
Dr Beng Hong Socheat Khemro, Deputy General Secretary of Council for
Land Policy at the Ministry of Land Management Urban Planning &
Construction, says: "they are supposed to rent the places." He
confirm that government is considering Residential National Policy,
but youth should learn the value of saving if they want to own their
property.
Phann Chandara expressed his concern. "My salary is about US$300 per
month, so it's impossible for me to be able to buy a house, Of course
it would require a lot of financial support from different parties,
like my family and or the government," he said.
Cambodia faces many problems regarding economic growth. Challenges
include the widening gap between rich and poor, low wages, increasing
price of goods, and high unemployment rates – all of which are
unresolved issues. Housing prices are high across Phnom Penh. These
challenges are enormous barriers for the future of young Cambodians
looking to prosper in the new economy by owning their own property.
Cambodia's bank sector is developing rapidly to satisfy people's needs
when facing these problems. Oum Chan Mony of ANZ Royal Bank, said
they have a special promotion: if customers buy a home between $50,000
and $100,000, the bank will provide 60% of the loan upfront and the
customer can pay back the money monthly over 20 years.
Although it sounds good, there are specific requirements to qualify.
"Before customers can qualify for the loan, they must earn at least
$850 per month, they will have to leave their passbook in the bank,
and will have to pay 20% of their gross salary monthly," Oum Chan Mony
explained.
ANZ's bank rate is high and those who make an average salary don't
qualify. If you borrow $30,000 to buy a property at a rate of 10%, and
need to pay it back over 20 years, a short calculation shows that you
will end up paying the bank $60,000. That's double the original loan.
According to Dith Channa, a realtor, "It is obvious that it is quite
hard for our youth to own a house own their own."
