During the past decade, Phnom Penh has seen unprecedented urban growth due to Cambodia’s rapid economic growth. This economic growth is leading to more people moving to the city to grab opportunities, thus increasing the demand for real estate. People are buying properties to live in and turning them into great investment opportunities. Phnom Penh has so much to offer regarding real estate, from modern high-tech condos to beautifully renovated traditional condos. The city has a large ex-pat population, so there are many condos for rent in Phnom Phen for foreigners working on long-term contracts here and locals relocating for work. In Phnom Penh, most condominiums that are available for rent are mid-tier and high-end.
So if you are also among the people who want to buy or rent a condo in Phnom Penh but are wondering whether you can afford it or not, then your answer is in this blog. You can also contact us at IPS Cambodia, and we will assist you with all your queries and help you buy a suitable condo.
Essential Features of a Condo in Phnom Penh
A few mid-tier developments and all of the high-end developments will either have a fitness center or a wellness center. Both are gyms where you can exercise or work out, and how equipped the fitness center depends on how luxurious the development is. Mid-tier developments will have a basic gym if any.
All high-end properties and some mid-tier properties have swimming pools as part of their range of amenities so that you can beat the summer and relax at your facility. High-end developments usually have premium swimming pools, but mid-range developments are hit-or-miss.
Most of the residential units in Phnom Penh come with their already-provided Wi-Fi. The connection bandwidth will be shared, making it less secure and slow than personal Wi-Fi. We suggest getting your own if you require a more secure connection and a dedicated bandwidth because of your work.
In Phnom Penh, parking on the side of the road is becoming increasingly complex and inadvisable as the city becomes more crowded each year. Thus having parking spaces in development is crucial. Fortunately, most developments today have parking spaces for cars and motorcycles. Almost every building development includes motorcycle parking for its residents, at the very least.
Common Residential Unit Fixtures
Most apartments and condominiums in Phnom Penh are designed with tenants in mind, especially with a healthy ex-pat population moving around the city yearly. Therefore, almost every development in Phnom Penh is quite generous with fixtures. Some of the most common fixtures included in condos in Phnom Penh are:
In Phnom Penh, Cambodia, all low-end to high-end apartments have washing machines in their units. Fortunately, most apartments and condos have places where you can hang your laundry to dry, so you don’t have to stress about that part either.
All the condos in Phnom Penh have air conditioning units. The cost of electricity in Phnom Penh ranges from 0.20 to 0.25 USD per kWh, which makes it quite expensive.
Some condos include this fixture; you could even negotiate it as part of your rental agreement. A landlord will likely oblige if they can close a deal with this.
Bidet / Bum Guns
It is prevalent throughout Indochina; even in public restrooms, it is almost like a standard. Most Cambodian condos have Bidets in their washrooms. A lot of western expatriates loved the wonder of bidets. Some even said, “Bidets have ruined toilet paper for me.”
Television (with basic cable access)
Some condos in Phnom Penh units have flat-screen TV. In most cases, cable channels are included, so if you’re a tourist/ex-pat, you’ll find something to keep you entertained. Landlords do this to make their properties more appealing to potential tenants.
Also Read: 5 Steps to Make Real Estate Marketing Plan in 2021
Eligibility to Buy a Condo in Phnom Penh?
If you have Khmer nationality, you are eligible to buy any piece of land in Cambodia. If you are a foreigner, you cannot have freehold land in Cambodia. According to the 2010 Law on Provision of Ownership Rights, foreign nationals are allowed to own certain properties. The rights, however, are not available to buildings that lack a strata title, which newly completed apartment buildings can only obtain. Co-owned apartment buildings allow foreigners to fully own the units above the ground floor, up to 70% of the total units. Although foreign nationals cannot own land freehold outright, they have several options for holding interest over land.
Setting Up A Land Holding Company: A foreign national can own land by establishing a legally recognized company where a Cambodian citizen owns 51% of the shares. It is the least risky for foreign investors. Since setting up a company can be expensive and subject to tax on profits, foreign investors generally choose this option for high-value properties.
Leasing: Another way for a foreign national is to lease land long-term. A lease agreement signed with Cambodian shareholders allows them to develop the land and gain construction permissions. The maximum validity for long-term leases is 50 years which you can extend for another 50 years.
Cambodian Citizenship: Citizenship applications from foreigners are considered by the government when significant investments are being made in the country’s development. You can also get citizenship by getting married to a Cambodian citizen.
Through A Cambodian Nominee: A Cambodian representative can hold the deed on the foreigner’s behalf. You would, however, be violating the Constitution’s prohibition on foreigners owning property directly. Therefore, it is illegal and highly discouraged by legal support in Cambodia.
Affordable Options For Condo in Phnom Penh
Here are some of the most affordable condos to buy in Phnom Penh:
1. Studio Condo- Chroy Changvar, Phnom Penh
The 26 sqm studio unit at the Bliss Mekong Residence is available for sale at $ 42,000. In addition to a compact kitchen counter with overhead and bottom cabinets, it has an en suite bathroom with a modern vanity counter, a large bedroom with air conditioning, a wall dresser, and a balcony where laundry can dry. Light wooden accents in the kitchen, doors, and off-white floor tiles make the unit easy on the eyes. The bathroom and balcony constitute mild earthen tones, with black accents on the windows and balcony door. The building offers facilities like a swimming pool/hot tub, gym/wellness, parking, and elevator.
Read Now: Kinds Of Luxury Real Estate For Sale
2. 1 Bedroom Condo- Toul Kork, Phnom Penh
The 35 sqm one-bedroom condo unit is available for sale at $ 60,000. It has creamy marble-textured tiles panning throughout, from the kitchen floor to the bathroom walls, which creates an elegant yet comfy atmosphere through the narrow hall. It has whitewashed doors and furnishings, bathroom fixtures, a kitchen counter, a bedroom with sliding glass doors, and an air conditioner. The view from its sophisticated compact balcony on the 19th floor is breathtaking. In addition to having an elevator and a swimming pool for tenants, the building is equipped with top-notch security.
3. 1 Bedroom Condo- Toul Kork, Phnom Penh
The 45 sqm one-bedroom condo unit is available for sale at $ 60,000. It is a cream-colored and marble-textured condo that opens into a compact kitchen space with a white laminated counter and a built-in sink and pantry.
As we go further, there is a small lounge area, with the bedroom and bathroom to the right. It has a narrow balcony with a view of the city from the 14th floor, which can also serve as the laundry area. The unit is semi-furnished and comes with a refrigerator and a washing machine. The building has a gym, swimming pool, elevator, and security services.
4. 1 Bedroom Condo- Chroy Changvar, Phnom Penh
The 70 sqm one-bedroom and two-bathroom condo unit is available for sale at $ 62,000. It has an L-shaped living room with a lounge at one end, overlooking the balcony, and a well-equipped kitchen at the other. Despite being offered unfurnished, it comes with a built-in cooker, range hood, sink, and pantry. There is an en suite bathroom, an air-conditioning unit, and a built-in sliding dresser in the bedroom, which will save you plenty of space when you move in. The unit also includes a balcony, which provides a great view of Chroy Changvar District and the Mekong River from the 14th floor. Moreover, the owners can access the parking spot, the building gym, and a large outdoor pool.
5. 1 Bed Studio Condo For Sale – Hun Sen Blvd, Phnom Penh
The 38 sqm one-bedroom and one-bathroom condo unit is available for sale at $ 62,298. The apartment lies on the 33rd floor and has a kitchen, bathroom, balcony, full air conditioning, and a bedroom in a private corner. Besides the compact utility counter with a built-in sink and cooker with an exhaust that doubles as a dining table and divider between the living area and kitchen, it comes unfurnished. A balcony and laundry area are located on one side of the lounge, and a bedroom and bathroom with an external sink are on the other. The bedroom has a wide wall dresser and a glass-enclosed shower in the bathroom.
Best Real Estate Agent To Help You Buy Condo in Your Budget—IPS Cambodia.
Independent Property Services (IPS) is Cambodia’s leading real estate company. IPS has been successfully working since 2009 and has two offices in Phnom Penh and Siem Reap. IPS understands the need of the client and show them properties accordingly. IPS agents have vast experience in international and Cambodian real estate and are dedicated to finding you the right property. They have strong local connections and knowledge, which helps to cater to your every minor deal. Agents at IPS speak several languages, including English, French, Filipino, Vietnamese, and Khmer. IPS offers the best prices and sources for the most suitable condo for you to buy. They do not hide any information from you, keep their dealings transparent, and charge no hidden fees. IPS also helps ex-pats buy a condo for them via any of the above-mentioned methods. With IPS, you are in the right hands.
Other Alternatives To Look Out For
You can always buy directly from the property developer. Still, it is not advisable as you will face language barriers, government bureaucracy, and shady developers, making it harder for you to lend a good deal. Foreigners, therefore, should hire real estate agents in Phnom Penh. A realtor can translate and deal with the local government on your behalf, which can be difficult if you do not speak Khmer or understand local customs. You should carefully research the developer whether or not you use an agent. It is better to buy from those with a proven track record of high-quality work.