# Exit — Asia-Pacific

> Part of [Exit — universal contract](../exit.md). Cross-region patterns + liquidity heatmap live there.

## 🇯🇵 Japan
- **DOM**: Tokyo 23-ku ~60-100 / Osaka ~80-120 / Kyoto ~100-150 / Sapporo/Fukuoka 90-150 / regional 150-365+ / akiya rural often unsellable
- **Commission**: **chukai tesuryo 仲介手数料 capped at 3% + JPY 60,000 + 10% consumption tax** (Takken-gyo Law) — typical structure: each side pays own agent (often same agency = both fees collected)
- **Contract**: 専任媒介契約 (senin baikai keiyaku) exclusive 3 mo standard; 14-day cooling-off
- **MLS**: **REINS (Real Estate Information Network System)** — broker-only MLS, mandatory listing for exclusive contracts; consumer-facing fragmented (SUUMO + HOMES + AtHome)
- **Discount**: 3-8% off asking Tokyo prime; rural deeper; akiya near-zero
- **Sell-side**: **CGT split: short-term <5 yrs = 39.63% (incl. local + recovery); long-term ≥5 yrs = 20.315%** (national 15% + local 5% + recovery surcharge); primary residence JPY 30M deduction; commission 3%+JPY 60k+CT each side
- **Liquidity**: 🟢 MEDIUM-HIGH Tokyo 23-ku prime (Minato/Shibuya/Chuo); 🟢 MEDIUM Osaka/Kyoto core; 🟠 MEDIUM Sapporo/Fukuoka; 🔴 LOW regional cities; VERY LOW akiya / rural
- **Quirks**: **Akiya (空き家 abandoned house) crisis** — ~9M vacant homes (2023 census), structural depopulation makes most rural inventory functionally unsellable; **JPY weakness 2022-2026 fuelled foreign-buyer demand** (Tokyo prime + Niseko ski) — material to USD-priced exit timing; building depreciation aggressive (wood ~22 yr, RC ~47 yr useful life for tax) compresses resale value vs land; earthquake compliance (Shin-Taishin 1981+ standard) gates buyer pool

## 🇹🇭 Thailand
- **DOM**: Bangkok (Sukhumvit/Sathorn/Silom) 60-120 / Phuket 90-180 / Chiang Mai 90-150 / Pattaya 120-250 / Hua Hin 120-200
- **Commission**: 3-5% seller-side typical + 7% VAT; up to 5-6% on luxury / longer hold
- **Contract**: agency agreement 3-6 mo; foreign condo quota 49% binding
- **MLS**: no MLS; DDproperty + Hipflat + FazWaz
- **Discount**: 10-20% off asking; Pattaya/Phuket secondary deeper
- **Sell-side**: **specific business tax 3.3% of sale price if held <5 yrs** (else stamp duty 0.5%); withholding tax sliding 0-35% on gain (corporate sellers different); transfer fee 2% (often split); **foreign sellers can repatriate via FET (Foreign Exchange Transaction) form** — required to bring USD in originally to repatriate cleanly
- **Liquidity**: 🟢 MEDIUM-HIGH Bangkok Sukhumvit/Sathorn/Silom (CBD); 🟠 MEDIUM Phuket/Chiang Mai/Hua Hin; 🔴 LOW Pattaya secondary; VERY LOW upcountry
- **Quirks**: **49% foreign-quota cap on condos** — buildings near cap mean future foreign buyer pool blocked; foreigners cannot own land freehold (leasehold 30yr+30yr or Thai-company structures); **FET form is THE document for clean USD repatriation** — without it, baht-only exit; oversupply Pattaya/Hua Hin from 2014-2019 buildout still digesting

## 🇮🇩 Indonesia
- **DOM**: Jakarta (Menteng/Kemang/SCBD) 120-300 / Bali (Seminyak/Canggu/Ubud) 150-365+ / Surabaya 200-365 / Yogyakarta/Bandung 200-365+
- **Commission**: 2-5% (Bali expat market 5%; Jakarta domestic 2-3%) + 11% PPN (VAT)
- **Contract**: hak pakai (right-to-use) for foreigners 30+20+30 yr; HGB for entities; agency contracts 3-6 mo
- **MLS**: no MLS; Rumah123 + Lamudi + 99.co
- **Discount**: 15-25% off asking; Bali seller's market closer to flat 2024-2026
- **Sell-side**: **PPh Final 2.5% of GROSS sale price** (seller-side, withheld at notary) — Indonesia uses gross-revenue tax for resi; BPHTB 5% buyer-side; commission 2-5%+PPN; **foreign-seller repatriation restricted to original investment + accrued returns** (Bank Indonesia documentation required)
- **Liquidity**: 🟠 MEDIUM Jakarta prime expat zones / Bali Canggu-Seminyak-Ubud foreign hotspots; 🔴 LOW Bali secondary villages; VERY LOW Surabaya/Yogya/Bandung secondary
- **Quirks**: **Foreigners CANNOT own freehold (Hak Milik)** — only Hak Pakai (use, 30+20+30 yr) or via HGB nominee structures (legally fraught); Bali villa boom 2020-2024 + zoning tightening 2024-2026 (governor moratorium discussions) reshape exit pool; **PPh 2.5% gross tax = punitive for low-margin sales** (loss-making sale still owes 2.5%); BI repatriation rules + LCS (local currency settlement) reforms ongoing

## 🇲🇾 Malaysia
- **DOM**: KL (KLCC/Bangsar/Mont Kiara) 90-180 / Penang (Georgetown/Tanjung Bungah) 120-200 / Johor Bahru 150-300 / Kota Kinabalu 120-250
- **Commission**: **2-3% seller-pays (Board of Valuers/MIEA capped at 3% for resi)** + 8% SST on services
- **Contract**: SPA (Sale & Purchase Agreement) standard; agency 3-6 mo
- **MLS**: no MLS; PropertyGuru + iProperty + EdgeProp
- **Discount**: 10-20% off asking; KL/JB oversupply deeper
- **Sell-side**: **RPGT (Real Property Gains Tax) — foreigners 10% PERMANENT regardless of holding period** (citizens: 30%/20%/15% sliding by year, 0% after 5+ yrs); commission 2-3%+SST; legal fees ~1%; stamp duty buyer-side
- **Liquidity**: 🟠 MEDIUM-LOW KL prime (KLCC/Bangsar/Mont Kiara) — chronic oversupply; 🔴 LOW Penang secondary; VERY LOW Johor Bahru (Forest City + JB oversupply); 🔴 LOW Sabah/Sarawak
- **Quirks**: **RPGT 10% permanent on foreign sellers = major exit drag** vs citizen 0% after 5 yrs (asymmetric tax structure narrows foreign buyer-then-seller economics); **MM2H program reformed Sep 2024** (lower thresholds vs 2021 reform) — foreign demand returning slowly; **MYR 1M minimum foreign purchase price** (state-by-state varies KL 1M, Penang 1M-2M, JB 2M); KL CBD oversupply persistent since 2017

## 🇻🇳 Vietnam
- **DOM**: HCMC (D1/D2/D7/Thu Duc) 120-300 / Hanoi (Hoan Kiem/Tay Ho/Cau Giay) 120-300 / Da Nang/Nha Trang coast seasonal 150-365 / secondary 200-365+
- **Commission**: **1-2% seller-side typical** (informal market); +10% VAT where formal; agents weakly regulated
- **Contract**: SPA via công chứng (notary); foreigners limited to 30% of units in apartment buildings, 50-yr leasehold (renewable)
- **MLS**: no MLS; Batdongsan + Cho Tot Nha + Alonhadat
- **Discount**: 10-25% off asking; 2024-2026 deeper post-corporate-bond crisis
- **Sell-side**: **transfer tax 2% of GROSS sale price** (seller-side); foreign sellers withheld at source; commission 1-2%+VAT; **foreign-seller repatriation requires SBV (State Bank of Vietnam) approval** — material friction
- **Liquidity**: 🔴 LOW HCMC D1/D2/Thu Duc prime; 🔴 LOW Hanoi prime; VERY LOW everywhere else; 2023-2026 corporate-bond + Evergrande-style developer crisis hit liquidity hard
- **Quirks**: **Foreigners limited to 30% of units per apartment building (50% for villas in restricted zones)** + 50-yr leasehold (renewable, but renewal not guaranteed) — fundamental exit constraint; **SBV repatriation approval = process risk** for foreign sellers; off-plan/pre-sale fraud cases frequent; Pink Book (Sổ Hồng) is the title document — verify chain; corporate-bond crisis 2022-2024 froze developer pipelines, oversupply digesting through 2026+

## 🇵🇭 Philippines
- **DOM**: Metro Manila (Makati/BGC/Ortigas) 120-250 / Cebu City 150-300 / Davao 200-365 / resort areas (Boracay/Palawan) 200-365+
- **Commission**: **3-5% seller-pays** typical (PRC-licensed brokers; PAREB) + 12% VAT
- **Contract**: Deed of Absolute Sale via notary; foreigners cannot own land (condo only, 40% foreign-quota cap)
- **MLS**: no MLS; Lamudi + Property24.com.ph + DotProperty
- **Discount**: 10-20% off asking; Manila condo oversupply deeper
- **Sell-side**: **CGT 6% of GROSS sale price OR zonal value (whichever higher)** — flat for residential; **DST (documentary stamp tax) 1.5%**; **LTT (local transfer tax) 0.5-0.75%** (Metro Manila 0.75%); commission 3-5%+VAT; total seller-side ~10-12% common
- **Liquidity**: 🔴 LOW Makati/BGC/Ortigas prime (oversupply 2020-2026); VERY LOW Cebu/Davao secondary; VERY LOW resort areas off-season
- **Quirks**: **Foreigners CANNOT own land** (1987 Constitution) — condo-only with 40% per-building cap; **Manila CBD condo oversupply 2020-2026** (POGO exodus + remote-work cooling); CGT 6% on GROSS sale price = punitive on low-margin / loss sales; **BSP repatriation documentation (registration of original FX inflow)** required for clean USD exit

## 🇸🇬 Singapore
- **DOM**: Districts 9/10/11 (Orchard / River Valley / Bukit Timah) ~30-60 / Districts 1/2/4 (Marina / Sentosa) ~45-90 / OCR (Outside Central Region) 60-120 / non-prime mass-market 90-150
- **Commission**: **2% seller-pays + 1% buyer-pays typical** (CEA-regulated); GST 9% on commission (Jan 2024 rate)
- **Contract**: exclusive estate-agency agreement 3-6 mo (CEA-regulated under EAA 2010)
- **MLS**: **partial MLS via CEA agent platforms (PropertyGuru + 99.co + EdgeProp)** — high portal transparency but no formal national MLS; URA private-residential transaction caveats publicly searchable
- **Discount**: 2-7% off asking; new launches narrower; prime resale closer to flat
- **Sell-side**: **NO CGT in SG**; **SSD (Seller's Stamp Duty) 4-12% sliding if sold within 3 yrs** of acquisition (residential); **ABSD applies on BUYER side** (60% non-resident, 30% PR, 20%/30% Singaporeans on 2nd/3rd home — Apr 2023 cooling-measure rates); commission 2%+GST seller-side
- **Liquidity**: 🟢 HIGH CCR (Districts 9/10/11) — global UHNW demand; 🟢 MEDIUM-HIGH RCR; 🟠 MEDIUM OCR mass-market; chronic structural undersupply on private resale; HDB resale has separate rules (eligibility-gated)
- **Quirks**: **ABSD 60% non-resident** (Apr 2023 cooling-measure) restructures any non-PR purchase economics; **Restricted Residential Property Act** bars foreigners from landed homes (strata/condo only without SLA approval); **HDB (public-housing 80% of stock)** has eligibility rules excluding non-residents; **English universal in admin/contracts**; SGD MAS-managed-float; **GST 9% Jan 2024** affects new-build pricing

## 🇭🇰 Hong Kong
- **DOM**: Mid-Levels / Pokfulam / Stanley / Repulse Bay (Hong Kong Island prime) ~60-120 / Tsim Sha Tsui / Mong Kok (Kowloon prime) 90-150 / NT (New Territories) 120-250 / outlying islands 200-365+
- **Commission**: **1% seller-pays + 1% buyer-pays typical** (EAA-regulated under Ord. Cap 511) — agency fees relatively low globally
- **Contract**: agency agreement 3-6 mo (EAA-licensed); preliminary agreement → formal sale-and-purchase via lawyer-led conveyance
- **MLS**: NO MLS; **Centaline / Midland / Ricacorp / Hong Kong Property** dominate listings + **EPRC transaction caveats** searchable via Land Registry
- **Discount**: 5-12% off asking 2024-2026 (post-correction); 2024 high-tide partial recovery
- **Sell-side**: **NO CGT for individuals** (Profits Tax doesn't apply to personal capital gains); **Special Stamp Duty (SSD) 10-20% sliding if sold within 36 months** of acquisition; commission 1%+VAT seller-side; legal fees ~0.1-0.2%
- **Liquidity**: 🟢 MEDIUM-HIGH HK Island prime + Kowloon prime; 🟠 MEDIUM Mid-Levels mass-market; 🔴 LOW NT/outlying; partial post-2020 expat-outflow recovery 2023-2026
- **Quirks**: **BSD 15% non-PR + AVD up to 4.25%** (partial cooling-measure rollback Oct 2023-2024 — verify per IRD); **CIES reactivated Mar 2024** (HK$30M + ≤HK$10M residential) opens investment-track residency; **Article 23 (NSL) Mar 2024 sentiment factor** for some buyers; HKD-USD peg LERS 7.75-7.85 (HKMA Convertibility Undertaking); English co-official; condo-style strata is the dominant tenure

## 🇰🇷 South Korea
- **DOM**: Seoul (Gangnam-gu / Seocho-gu / Yongsan-gu / Mapo-gu) ~60-120 / Bundang / Pangyo (GG) 90-180 / Busan (Haeundae / Suyeong) 120-250 / Daegu / Gwangju 150-300 / regional 200-365+
- **Commission**: **0.4-0.9% each side regulated sliding by price** (under Licensed Real Estate Agents Act — 공인중개사법; max 0.9% above ₩1.5B for residential as of 2024 schedule) + 10% VAT; one of the lowest globally
- **Contract**: 매매계약 (mae-mae gye-yak — purchase agreement) via licensed agent (공인중개사) + notary; 전세 (jeonse rental-deposit) separate
- **MLS**: no MLS; **Naver Real Estate (네이버 부동산) + Zigbang + Dabang + Hogangnono** dominate portals; **MOLIT 실거래가 (actual transaction prices)** publicly searchable — high price-history transparency
- **Discount**: 5-10% off asking 2024-2026 (post 2022-2023 correction); Gangnam prime narrower
- **Sell-side**: **CGT separate 6-45% sliding by gain + holding period**; **multi-home owners face 종부세 (comprehensive real estate tax) 0.5-5% annually** + **multi-home top CGT rate up to 75%** (post-2020 Moon-era reforms; partial Yoon-era rollback under negotiation 2024-2026 — verify NTS); commission 0.4-0.9%+VAT
- **Liquidity**: 🟢 MEDIUM-HIGH Seoul Gangnam-gu / Seocho-gu / Yongsan-gu (chronic undersupply prime); 🟢 MEDIUM Mapo-gu / Songpa-gu; 🟠 MEDIUM Bundang/Pangyo (tech-cluster); 🔴 LOW regional metros; VERY LOW rural; aging-society secondary-region demographic headwind
- **Quirks**: **Jeonse (전세) rental-deposit system** unique structural risk for renters (post-2022 HUG fraud-crisis reforms — Bali jaja jeonse fraud); **comprehensive real estate tax 종부세** is among the most progressive multi-home regimes globally; foreigners can buy via Foreigner's Land Acquisition Act notification (open to most nationalities); **gigabit fiber norm** (KT/SK/LG); cold winters; aging society

## 🇹🇼 Taiwan
- **DOM**: Taipei (Da'an / Xinyi / Zhongshan / Songshan) ~90-150 / Taipei (Neihu / Tianmu / Beitou) 100-180 / New Taipei (Banqiao / Xindian / Tamsui) 120-200 / Taoyuan / Hsinchu (Science Park) 100-180 / Taichung / Kaohsiung 150-250 / regional 200-365+
- **Commission**: **2% seller-pays + 1-2% buyer-pays typical (NOT capped)** + 5% VAT; market practice varies (some buyer-only)
- **Contract**: 不動產買賣契約書 (real-estate sale agreement) via licensed broker (不動產經紀人) + notary; **STR-style "actual price registration system" (實價登錄)** since 2012 reform makes prices public
- **MLS**: no MLS; **591房屋交易 + Yungching + Sinyi** dominate portals; **MOI Land 實價登錄 (actual price registration)** publicly searchable — high transparency
- **Discount**: 5-12% off asking 2024-2026
- **Sell-side**: **House and Land Transactions Income Tax (HLTIT, 房地合一稅 2.0)** post-Jul 2021 reform: 45% if held <2 yrs / 35% if 2-5 yrs / 20% if 5-10 yrs / 15% if >10 yrs (resident individuals; non-residents 45%/35%) — among the most progressive holding-period regimes globally; **Land Value Increment Tax (LVIT, 土地增值稅) seller-side** sliding 20-40% on land-value gain (separate from HLTIT); commission 2%+VAT
- **Liquidity**: 🟢 MEDIUM-HIGH Taipei Da'an / Xinyi / Zhongshan core (chronic undersupply prime); 🟢 MEDIUM Songshan / Neihu / Beitou; 🟠 MEDIUM New Taipei prime + Hsinchu Science Park; 🔴 LOW regional cities; aging-society secondary headwind
- **Quirks**: **Reciprocity-list-based foreign-buyer eligibility** — nationality determines eligibility (verify BOCA list per nationality); **2024 Hualien M7.4 earthquake** material to seismic disclosure (post-1999 921 Chi-Chi standards); **"actual price registration system" (實價登錄)** since 2012 reform = public price-history transparency unusual for the region; gigabit FTTH norm (Chunghwa, Taiwan Mobile); HSR + Taipei MRT

## 🇲🇴 Macao SAR
- **DOM**: Macao Peninsula (NAPE / ZAPE / São Lourenço) ~120-250 / Taipa (Taipa Grande / Taipa Pequena) 150-300 / Cotai 200-365+
- **Commission**: **1-2% each side typical** (informal practice; broker law nascent) + 5% VAT
- **Contract**: agency agreement 3-6 mo; deed registration via Conservatória do Registo Predial
- **MLS**: NO MLS; **Macao Property Holdings + agency-network listings** dominate; thin portal coverage
- **Discount**: 10-20% off asking 2024-2026 (post-correction; Cotai oversupply)
- **Sell-side**: **NO CGT on personal property gain**; **Special Stamp Duty (SSD) 5-20% if sold within 24 months** of acquisition (anti-speculation regime); deed registration ~3-6%; commission 1-2%
- **Liquidity**: 🟠 MEDIUM Macao Peninsula NAPE / ZAPE / São Lourenço prime; 🟠 LOW-MEDIUM Taipa; 🔴 LOW Cotai (oversupply); thin secondary market
- **Quirks**: **Investment Residence SUSPENDED since 2007** — no residency pathway via property; **Talent Programme 2024 NOT property-linked**; gaming ~50% GDP (concessões 2022 renewed 10yr) creates high cyclicality; MOP-HKD-USD double peg (HKMA-linked stability); ~673k pop; Cantonese + Portuguese co-official + English in tourism; **post-Hato 2017 storm-surge resilience reforms** (verify with DSAMA); UNESCO heritage zones overlay critical for refurbs

## 🇨🇳 China (Mainland)
- **DOM**: Tier-1 (Beijing Chaoyang/Haidian, Shanghai Pudong/Xuhui, Shenzhen Futian/Nanshan, Guangzhou Tianhe) ~60-150 (post-2024 social-security overlay easing accelerated turnover) / Tier-2 (Hangzhou / Chengdu / Suzhou / Nanjing / Wuhan / Xi'an) ~120-240 / Tier-3 + western interior 240-500+ (developer-overhang) [verify with district-level 不动产登记中心 + city-level Housing & Urban-Rural Development Bureau]
- **Commission**: **2-3% seller-pays typical** (中介 — agency commission negotiable; Lianjia/Beike Tier-1 dominant) + 6% VAT on commission where applicable; some buyer-pays in oversupply Tier-3 markets
- **Contract**: 网签 online contract through district Housing Bureau → bilateral 房地产买卖合同 (Real Estate Sale Contract) → registration at 不动产登记中心 (Real-Estate Registration Center) → Real-Estate Title Certificate (不动产权证书) issuance; **HK / MO / TW residents broadly equivalent to Mainland citizens for residential purchase**
- **MLS**: NO MLS structurally — **Lianjia 链家 / Beike 贝壳 / 58.com / Anjuke 安居客 / Fang 房天下** dominate Tier-1+2; Lianjia/Beike platform ~50%+ market share concentration; per-property 房源核验 verification required pre-listing in many cities
- **Discount**: 10-20% off asking 2024-2026 in Tier-1 (post-Evergrande/CountryGarden default cycle digestion); **VAT cut to 3% for <2yr holds eff. 1 Jan 2026** + **Deed-tax restructure 1%/1.5%/2%/3% eff. 1 Dec 2024** materially reduce flipping-tax-stack and accelerate turnover; 30-40% off in Tier-3 oversupply zones
- **Sell-side**: **CGT (Individual Income Tax) 20% on net OR 1% deemed on gross** (tax-bureau choice — primary residence 5+yr exempt under PRC Tax Code conditions); commission 2-3%; deed-tax 1-3% (buyer-side) post-2024 restructure; LAT (Land Appreciation Tax) progressive 30-60% if developer-resale flag (rarely individual); **FX repatriation requires SAFE individual cross-border quota US$50k/yr** (SAFE Sept 2025 reform extended HK/Macao settlement nationwide + removed non-self-use residential restriction)
- **Liquidity**: 🟢 HIGH Tier-1 Beijing Chaoyang/Haidian + Shanghai Pudong/Xuhui + Shenzhen Futian/Nanshan + Guangzhou Tianhe (post-2024 social-security overlay easing reactivated turnover); 🟠 MEDIUM Tier-2 Hangzhou/Chengdu/Suzhou; 🔴 LOW Tier-3 oversupply (developer-overhang from 2021-2024 cycle); VERY LOW western interior + small-county Tier-4/5; **HK + MO + TW SEPARATE markets** with distinct liquidity dynamics
- **Quirks**: **Mainland-only framing** — HK SAR (Basic Law) + Macao SAR (Land Law 10/2013) + Taiwan ROC (Land Act + Cross-Strait Act §69 PRC restrictions) all SEPARATE legal systems with separate playbooks; foreigners must live, work or study in China continuously **≥1 year** (171号文 2006 + 2024 nationwide easing); HK/MO/TW residents broadly equivalent to Mainland citizens (港澳台居民居住证 reforms); **Civil Code Art. 359 LUR-renewal regime UNTESTED** at scale (70-yr residential — first major batches 2049+ to test "automatic renewal" wording — 30-yr-horizon DD risk); **Tier-1 social-security overlay eased from Sept 2024** (Beijing 1-yr citywide from 8 Aug 2026 / Shanghai 1-yr citywide / Shenzhen 1-yr with district unit caps / Guangzhou abolished); **NO citizenship-by-investment, NO golden-visa via real estate** (UNIQUE among major economies); R-visa high-talent fast-track + PR (中国绿卡) <30,000 grants total since 1985 — extremely selective; CNY managed-float against CFETS basket (PBOC daily central parity ±2% band); offshore CNH HKEX deliverable; SAFE Sept 2025 cross-border FX-reform; ~1.408B pop (first natural decline 2022); 6-digit postcodes; Mandarin Putonghua + Simplified Chinese

## 🇰🇭 Cambodia

- **DOM**: Phnom Penh prime (BKK1 / BKK2 / BKK3 / Daun Penh / Chamkar Mon / 7 Makara central) ~120-300 / Phnom Penh secondary (Tonle Bassac / Toul Kork / Sen Sok / Russey Keo) 180-365+ / Sihanoukville (Preah Sihanouk) 180-365+ (post-2020-2021 ban-on-online-gambling crash overhang persistent) / Siem Reap (UNESCO Angkor) 180-365+ (highly tourism-correlated) / Battambang / Kep / Kampot 250-500+ / regional 365+ [verify with MLMUPC General Department of Cadastre and Geography GDCG provincial/municipal cadastral offices]
- **Commission**: **3-5% seller-pays typical** (informal market — Cambodia Real Estate Brokers Association nascent regulatory framework); 10% VAT on commission services where applicable; some buyer-pays
- **Contract**: bilateral Sale Agreement → notarial deed via Cambodian lawyer → registration at provincial / municipal cadastral office (សុរិយោដី / soriyodi); foreigners limited to **strata-titled units** (Foreign Ownership Law May 2010 — 70% per-building cap; NOT ground floor / 1st floor and below) OR **long-term lease 50yr renewable for another 50** (only registered term enforceable); **Hard / Soft / Strata title trichotomy** — Soft Title (commune/district-only) materially weaker provenance — AVOID for foreign-relevant transactions
- **MLS**: NO formal MLS; **IPS Cambodia + Realestate.com.kh + Camrealty + Phnom Penh Properties + Bonna Realty + CBRE Cambodia + Knight Frank Cambodia + JLL Cambodia (institutional)** dominate; foreign-targeted; emerging digital-listing transparency 2022-26
- **Discount**: 15-30% off asking 2024-2026 in Sihanoukville (post-2020-2021 ban-on-online-gambling crash + Chinese-capital exit cycle ghost-condo overhang persistent through 2026); 10-20% off Phnom Penh prime (BKK1 sticky); 15-25% Phnom Penh secondary; 10-15% Siem Reap UNESCO-tourism-corridor (post-COVID recovery); nominee-Cambodian-spouse + Cambodian-majority-company secondary stock carries statutory risk (Land Law 2001 Art. 9 voids contrary shareholder side-agreements)
- **Sell-side**: **Property Transfer Tax (Stamp Duty) 4% on sale value** + commission 3-5% + 10% VAT on commission where applicable + legal/conveyance ~2-3%; **CGT 20% on gain under Prakas No. 1130 MEF.Prk.GDT (31 Dec 2025, abrogating Prakas 346/2020) + Law on Taxation 2023 — immovable-property gains arising from 1 Jan 2027 onward (Art. 18(2)), after repeated deferrals since 2020**; gain computed by 80% standard deduction on proceeds OR actual costs; Art. 18(1) categories (leases, investment assets, goodwill, IP, foreign currency) live from 1 Jan 2026; **Tax on Immovable Property (TOIP) 0.1% on assessed value** annual holding cost; **Tax on Unused Land (TROD) 2%** on unused-land assessed value; **non-resident sellers face standard withholding** + repatriation rules
- **Liquidity**: 🟠 MEDIUM-HIGH Phnom Penh BKK1 prime (Chinese / Korean / Japanese / Thai / regional ASEAN + diaspora demand strong); 🟠 MEDIUM Phnom Penh BKK2 / BKK3 / Daun Penh prime; 🟠 MEDIUM Siem Reap UNESCO-Angkor tourism-corridor; 🔴 LOW Phnom Penh secondary; 🔴 LOW Sihanoukville post-2020-21 ban-on-online-gambling crash overhang persistent (cyber-scam-compound + organized-crime patterns 2022-26 affect liquidity narrative); VERY LOW regional + Soft-Title-only parcels; **Land Law 2001 Art. 9 voidance of contrary shareholder side-agreements** restricts the Cambodian-majority-company workaround
- **Quirks**: **Constitutional foreign-land-prohibition** (Art. 44 of 1993 Constitution) — only Khmer (Cambodian) natural and legal persons may hold ownership of LAND; foreigners CANNOT freehold land under any structure; clean pathways: (1) **Strata-titled co-owned units** under Sub-Decree 126 ANK.BK (12 Aug 2009) + **Foreign Ownership Law May 2010** capped at **70% of any single co-owned building's private units** + NOT ground floor / 1st floor and below (no land contact), (2) **long-term lease 50yr renewable for another 50** (only registered term enforceable as real right); **Trust Law 2019** over land — constitutionally untested; **Hard / Soft / Strata title trichotomy** — Soft Title (commune/district-only) materially weaker provenance — AVOID; **Land Law 2001** (RKM/0801/14) foundational; **Law on Taxation 2023** (NS/RKM/0523/004); **Bakong digital-riel rollout (NBC) + USD/KHR de-dollarization signal**; **Nominee structures** — a Cambodian-majority company may own land, but Land Law 2001 Art. 9 voids any contrary shareholder side-agreement, and Art. 8 provides for seizure without compensation where a foreigner falsifies nationality; **Sihanoukville cycle**: 2017-19 Chinese-capital boom → 2020-21 ban-on-online-gambling crash → ghost-condo overhang persistent through 2026; KHR + USD dual-currency — **USD dominates RE transactions ~80–90% urban**; ~17.4M pop / 5-digit postcodes / Khmer official sole; cadastral docs Khmer-only — sworn translation required; MLMUPC cadastral search via Cambodian-licensed lawyer non-negotiable

## 🇻🇺 Vanuatu
- **DOM**: ⚠️ **NO official residential price index or DOM series** (`data not publicly available`); supply is **very thin** (Properstar showed ~13–17 active house listings nationwide in 2025) — every figure is listing/agency-derived (seller-controlled); illustrative asking (per listing): Port Vila harbour apartments ~USD 5,000–8,000/m², Port Vila 3-bed home from ~USD 300,000, oceanfront villa AUD 300k → AUD 1M+, trophy oceanfront to ~USD 3.9M; per local practice — verify ≥3 active listings same locality + **confirm lease years-remaining**
- **Commission**: **`data not publicly available` — verify per agency** (small thin-pool market; Island Property / Vanuatu Property (Alliance) / First National Vanuatu dominate listings; no commission norm or statutory tariff located)
- **Contract**: a "sale" is an **assignment of an existing registered LEASE** (Land Leases Act [Cap 163]) with **N years remaining** — NOT a freehold transfer; the gate is **registration + Lessor's Consent to Transfer** (+ Minister of Lands consent on certain leases) at the **Department of Lands, Survey & Registry**; **there is NO freehold — full stop** (1980 Constitution Ch.12 Arts 73–75 vested ALL land permanently in indigenous custom owners; only indigenous citizens hold perpetual title); apartments are **strata lots** sitting over a head-lease (Strata Titles Act 2000)
- **MLS**: NO MLS; **Island Property / Vanuatu Property (Alliance) / First National Real Estate Vanuatu / Properstar (aggregator)** dominate — all listing-platform/agency tier, seller-controlled; the load-bearing valuation input is the **registered lease** (years-remaining + ground rent + lessor) at the Lands Dept, NOT any price index
- **Discount**: ⚠️ `data not publicly available` — no published asking-to-sale gap; thin-comparables market (a single outlier skews any "average"); per local practice — verify
- **Sell-side**: **ZERO direct tax — NO CGT, NO income tax, NO inheritance/estate/gift tax, NO wealth tax, NO withholding tax** (there is no Income Tax Act — the absence is the evidence, VFIPA primary; CITABLE AS FACT) → **no exit tax on the gain**; on a lease assignment the buyer-side one-time costs are a **stamp duty (~2% est.) + government registration/title-transfer fee (~5% est.)** (agency-secondary, applied to purchase price — verify at the Stamp Duties Act + Land Leases Act [Cap 163] fee schedule); if acquired via **company-share transfer**, ~4% share-transfer stamp duty (est.) and the title stamp duty does NOT apply; seller-side commission `data not publicly available`
- **Liquidity**: 🟠 LOW-MEDIUM Port Vila / Efate oceanfront + harbour strata (Australian / NZ / regional buyer pool); 🔴 LOW everywhere else; **VERY LOW where the residual lease term is short** — a 50-yr lease from c.1980 has only ~4 years left by 2030 unless renewed, materially impairing both price AND mortgageability; **extreme natural-hazard exposure** (routinely ranked #1 in the World Risk Index; Cyclone Pam Cat 5 2015; Judy & Kevin Cat 4 2023; **M7.3 earthquake 17 Dec 2024 W of Port Vila**) makes catastrophe insurance + seismic-build diligence binding carrying-cost lines
- **Quirks**: **Declining-lease-term value is the #1 exit fact** — a "purchase" buys the REMAINING lease term + an annual ground rent to the custom-owner lessor, not perpetual title; **CBI (the Development Support Programme) is a DONATION, NOT property-linked** — buying real estate does NOT confer citizenship, and the CBI is reputationally/regulatorily contested (the **EU permanently revoked Vanuatu's visa-free Schengen access — Regulation (EU) 2025/11, effective 12 Dec 2024** — the first full EU revocation over an investor-citizenship scheme); residency-via-property is NOT primary-confirmed; **Vatu (VUV) runs a BASKET PEG** (USD/AUD/NZD/EUR, actively managed, **realigned under a new IMF-advised framework in 2025**) → moderate FX risk for a single-currency buyer (use a dated rate); **capital-controls/repatriation rule `data not publicly available` — do NOT assert "free repatriation"** (verify at the Reserve Bank of Vanuatu); cash-dominant market (limited non-resident mortgage lending; declining tenure constrains collateral); final court = **Court of Appeal of Vanuatu** (no Privy Council, republic since 1980)