Condo In Cambodia For Sale & Rent

A condominium is a type of real estate similar to an apartment in the sense that both have a stand-alone space that is subdivided into a living room, sleeping area, kitchen, and bathroom.

The obvious difference between the 2 residential spaces is that a condominium is usually a unit located in a jointly owned building. Each unit is independently owned using a Strata title and common areas are jointly owned and managed by an association of the unit owners.

A condominium building is a type of structure that is divided into several units, each separately owned. The common areas surrounding the units are collectively owned.

Common areas would include hallways and walkways, laundry areas, common utilities like generator and security system and facilities like swimming pool, gym, multipurpose halls, and elevators.

Diving deeper into the Cambodian context, 2023 has been a pivotal year for its real estate market. Several compelling trends have emerged:

• Rising Property Values and Demand: The Cambodian property market has witnessed a surge in property values. This is largely attributed to the increasing demand as urbanization continues at a brisk pace. Modern living spaces, especially condos, are in high demand.

• Expats Are Investing: Cambodia isn't just for locals. Expats worldwide are seeing its potential, thanks to friendly property regulations and a stable economy.

• Condos Are Trending: They're stylish, affordable, and in prime locations. It's no wonder condos are the hottest property in Cambodia right now.

Why Cambodia? It's more than just numbers. It's about the culture, the strategic location, and the promise of growth. And when it comes to property, and condos for sale in Cambodia or mid-rise condos stand out as the smart choice.

Reasons to Buy a Condo in Cambodia

Affordable Real Estate

• Compared to many Western countries, Cambodia offers affordable condo prices, making it an attractive option for investors and retirees alike.
• However, if you're torn between options, here's our comprehensive guide on Condo, Apartment, and Serviced Apartment: Which One is For You? 

Growing Economy

• Cambodia has been experiencing steady economic growth, which can lead to potential appreciation of property values over time.

Tourism Boom

• With its rich history, beautiful landscapes and best place to retire Cambodia's tourism sector is on the rise, increasing the demand for short-term rental properties.

Foreign Ownership Friendly

• Unlike some countries, Cambodia allows foreigners to own condominium units, making it easier for international investors to enter the market.

Cultural Experience

• Living in Cambodia provides a unique cultural experience, blending ancient traditions with modern living.

Strategic Location

• Situated in the heart of Southeast Asia, Cambodia is well-positioned for business and leisure travel within the region.

Emerging Expat Community

• The growing expatriate community in cities like Phnom Penh and Siem Reap offers a supportive network for newcomers.

Potential Rental Income

• With the increasing number of tourists and expats, there's a rising demand for rental properties, offering Cambodia condo owners a potential source of passive income.

Developing Infrastructure

• Cambodia is investing in its infrastructure, including roads, airports, and utilities, which can enhance the living experience and property values.

Relaxed Lifestyle

• The laid-back lifestyle, combined with the country's natural beauty and warm hospitality, makes it an appealing destination for those looking to settle or invest.

Favorable Climate

• While it's tropical, Cambodia offers a pleasant climate for most of the year, attracting those from colder regions.

Diverse Investment Opportunities

• Beyond condos, the Cambodian property market offers a range of investment opportunities, from commercial spaces to land plots.

Ease of Doing Business

• Cambodia has been making efforts to simplify business processes, making it easier for foreigners to invest and operate businesses.

Rich History and Heritage

• Owning a condo Cambodia provides easy access to the country's UNESCO World Heritage sites, like Angkor Wat, and other historical landmarks.

Potential for Long-Term Growth

• As Cambodia continues to develop and integrate with the global economy, there's potential for long-term growth in the real estate sector.

Characteristics of a Condominium

Separate Units

• A condominium is basically separate units and common areas in a shared land.

Ownership

• Ownership is only within the walls or boundaries of the units.

Strata Title

• The division of the space is specified in the Strata title that the developer will provide the unit owner.

Personal Modifications

• The ownership will include the walls around the condo. The specific owner can make personal modifications that should not affect the common areas.

Common Areas

• Anything beyond the boundary is considered common area and jointly owned by the collective owners in the building.

Homeowners Association (HOA)

• Most condos have an HOA that manages the maintenance and rules of the condominium complex.

Maintenance Fees

• Owners typically pay monthly fees to cover the maintenance of common areas and other shared amenities.

Security

• Many condominium complexes offer enhanced security features, such as gated entrances, security personnel, and surveillance cameras.

Amenities

• Modern condos often come with a range of amenities, such as fitness centers, swimming pools, party rooms, and more.

Bylaws and Restrictions

• Condominiums usually have specific rules and regulations that owners must adhere to, which are set by the HOA.

Close Community Living

• Due to the proximity of units, condo living often fosters a closer community feel.

Resale Potential

• Depending on the location and amenities, condos can have good resale value and potential for rental income.

Location

• Condominiums are often located in urban areas, close to workplaces, shopping, and entertainment.

Variety of Sizes and Styles

• Condos come in various floor plans and styles, from studio units to multi-bedroom suites.

Insurance 

• Condo owners typically need a specific type of insurance that covers the interior of their unit, while the HOA covers the exterior and common areas.

Advantages of Living in a Condominium

A condo for sale in cambodia offers their owners enough space to live in style, high-quality furnishings to live comfortably and the convenience of not having to worry about security. The additional amenities in condos being offered is also beneficial. Owners do not need to pay extra for swimming pools and gym memberships which makes condominium a good investment.

Some buildings also offer laundry facilities, concierge services, cleaning services, internet, parking spaces, and guards to ensure security. However, these amenities may be added to the management fee that owners need to pay.

Our listing features properties in Phnom Penh, Sihanoukville, and Siem Reap. We partner with the developers to ensure that we feature the latest available properties in the market. Descriptions of condominiums for rent and sale will specify the property features, included furnishings and available amenities of the property that you wish to lease or acquire.

Depending on your budget, the number of rooms, quality of the furnishing and additional amenities, our listing can cater to your specific needs.

Mixed-Use Condominium Building

Some condominium buildings are considered mixed-use real estate properties. These types of structures usually have retail stores on the street level and then residential spaces on the upper floors. They share common spaces like the gym, swimming pool, lobby, reception desk, and building security.

Similarly, condominiums can also be used as offices, short-term accommodations or AirBnB, hotel rooms, bank offices, housing facilities for the elderly or staff dormitories, retail shops, and restaurants.

There is also a common practice of condo unit owners leasing their units to tenants thru lease or monthly rental agreements. Although still categorized as a condo unit, it then already functions as an apartment space.

Condo in Cambodia

In Cambodia, condominium buildings are available in Phnom Penh, Sihanoukville, and Siem Reap. Most of these buildings are pretty new, considering that the Law on Strata titles had only been passed in 2010.

• Phnom Penh is the main economic center of the country. The demand for this type of real estate is higher in the city and there had been a steady stream of condominium buildings being built in the last decade. This property is ideal for expatriates working in the country long-term and foreigners who decided to stay in the country for good.

• Sihanoukville also has a big supply of condominiums catering mostly to the Chinese community. They are mostly located in mixed-use buildings wherein the street level spaces are dedicated for retail stores and restaurants/bars and the upper floors are allocated for residential spaces.

• Siem Reap is slowly catching up to the trend and its first condominium is scheduled to open in 2020.

How IPS Cambodia Can Help to Buy an Condo in Cambodia?
Document Services

• IPS streamlines the property transaction process by meticulously handling all legal documentation, ensuring a hassle-free investment experience.

Property Management

• Beyond just property acquisition, IPS offers comprehensive management services, ensuring optimal maintenance and tenant relations for condo owners.

Valuation & Advisory

• With a team of expert valuation officers, IPS provides accurate property evaluations, guiding both buyers and sellers to make informed decisions in line with market trends.

Step-by-Step Guide on Buying a Condo in Cambodia

Step 1: Understand the Cambodian Real Estate Market

• Cambodia, especially its capital city Phnom Penh, is emerging as a high-growth frontier market for real estate investment.
• The city is drawing international attention due to its development, lively street markets, stunning French architecture, and historic temples.
• Foreign investors are particularly interested in condominium units due to their ease of ownership and maintenance.

Step 2: Familiarize Yourself with Foreign Property Ownership in Cambodia

• Cambodia is one of the few Asian countries where foreign real estate ownership is relatively straightforward.
• Foreigners can legally own 100% of a Cambodian company and can easily purchase strata titles for condo units.
• However, for other property types, ownership might require partnering with a Cambodian citizen or setting up a land holding company.

Step 3: Budgeting and Pricing

• In Cambodia condos in Phnom Penh are relatively affordable for foreign investors. Mid-range units average around $2,200 per square meter, while luxury ones (being the best condo in Phnom Penh) can go up to $3,000 per square meter.
• Prices can vary significantly based on location in Cambodia, with Phnom Penh central areas like condos for sale in Daun Penh being more expensive than the outskirts and upcoming districts like 7 Makara.

Step 4: Choose the Right Neighborhood

• For the best investment prospects and livability, consider neighborhoods like 7 Makara, Daun Penh, or BKK1. Each of these districts offers a unique blend of amenities, lifestyle options, and growth potential.

Step 5: Understand Property Taxes and Fees

• Cambodia's property taxes are generally low. The annual real estate tax is 0.1% of the property's market value exceeding $25,000. Rental income is taxed at 10% for residents and 14% for non-residents, with potential deductions.

Step 6: Legalities and Documentation

• Required Documents for Cambodia Condo For Rent: Ensure you have all necessary documents, including identification, financial proofs, and any other required paperwork.

• Legal Considerations for Expats and Locals: Familiarize yourself with Cambodia's property ownership laws, especially concerning foreign nationals. The Cambodian government has policies that allow foreigners to own certain types of properties, but there are restrictions and specific processes to follow.

Step 7: Payment Processes

• Payment Terms and Conditions: Understand the payment schedule, any down payments required, and the terms of the sale agreement.
• Accepted Payment Methods: Learn about the accepted modes of payment, whether through bank transfers, checks, or other means.
• Financing Options and Mortgage Information: Explore available financing options, interest rates, and mortgage plans if you're considering taking a loan.

Step 8: Moving and Settling In

Moving Services

• Partner with reputable moving companies that specialize in international relocations to ensure a hassle-free transition.
• These companies can assist with packing, transportation, and even customs clearance if you're moving from abroad.

Checklist for a Smooth Moving Process:

• Inventory all items before packing.

• Label boxes clearly, especially if they contain fragile items.
• Ensure all necessary paperwork for the move is in order.
• Confirm moving dates and times with the moving company.
• Set aside essential items you'll need immediately upon arrival.

Setting Up Your New Home

• Utility Setup Guide: Once you've moved in, promptly set up essential utilities such as water, electricity, gas, and internet. Some condo for rent in Cambodia might have a centralized system, so check with the property management team for guidance.

Tips for Decorating and Optimizing Space:

• Measure rooms before purchasing furniture to ensure a good fit.
• Use multi-functional furniture to maximize space.
• Incorporate local art and decor to give your condo a touch of Cambodian culture.
• Use mirrors and light-colored decor to make spaces appear larger.

Step 9: Property Management Services Post Renting

• Contacting the Management Team: Establish a clear line of communication with the property management team. They can assist with various services, from security to facility maintenance. Ensure you have their contact details and understand their operating hours.
• Feedback and Reviews: Regularly provide feedback on the services offered. This not only helps improve the living experience for you but also for future residents.

Step 10: Maintenance and Repair

• Process for Reporting Issues: Familiarize yourself with the procedure to report any maintenance or repair issues. Some condos might have a dedicated portal or helpline for this.
• Expected Timelines for Fixes: Understand the typical response and resolution times for maintenance requests. For non-urgent repairs, there might be a waiting period, while emergencies should be addressed immediately.
• Annual Maintenance Checks: It's a good practice to request annual maintenance checks, especially for utilities like water heaters, air conditioning units, and electrical systems. This proactive approach can prevent larger issues down the line.