Condominiums are undoubtedly one of the best real estate properties you can buy if you’re looking to invest in a city. Amid the numerous advantages it has that revolve around convenience, condominium buildings allow a lot of people to live in it which helps solve living issues in populated areas like Phnom Penh.
However, besides looking at the unit and building amenities, you have to consider if you will invest in a unit located within a low or high rise condo. This is because there are different amenities and benefits that you can get if you invest in either a high rise condo or a low rise one. Depending on what kind of renter you’re looking for or the kind of investor you are, both options can be great investments.
To ensure you make the right investment choice, we’ve curated the ins and outs of low and high rise condominiums in this article.
Low rise condominiums are any buildings that do not fall under the specific height requirement for high rise buildings. There is no specific number of floors required for low rise buildings but most of them have between four to five floors, with no elevators. This makes stairs the primary way to go to a different floor, emphasizing the nickname of low rise condos as a “walk-up” building.
Most low rise buildings have limited amenities that they offer since maximising the building’s space for rental units are prioritized. Amenities can include pools, clubhouses and parking outside the building. Parking lots inside the building are not common but some low rise buildings offer them. Additionally, gyms, saunas, and other amenities are rare unless the building is a luxury low rise condo.
Most low rise buildings have one security guard ensuring the security of the units. Someone is assigned to the front desk to handle concerns and more but only during the day. Due to this, when you invest in a low rise building, make sure you include high quality security equipment so your unit remains safe.
Due to the height of low rise buildings, seeing the surroundings from afar is difficult. The most common sight is the building right next to you and the street. However, even with limited picturesque sceneries, low rise buildings have other conveniences they offer.
Whether you have to bring appliances, furniture, or more, it’s possible to reach your unit quickly since it’s a low rise building. Additionally, you have easier access to the street and its stores.
Most low rise buildings are located in areas with less foot traffic and of nature, making it convenient if you want to enjoy the beauty of nature within the city.
There are many ways that a building can be classified as a high rise building but the average requirement is that if it has more than six floors and more. The minimum height for them can go from 35 metres up to 150 metres. It can also go higher depending on the developer to more than 300 metres in height. These buildings are often called “skyscrapers”. However, on average, high rise buildings around the world are 100 metres.
Most high rise buildings have numerous amenities that you can enjoy. Depending on the building, amenities can include the following:
- Rooftop, etc.
High rise buildings are more secure since there are a number of security guards and high quality security cameras installed in and around the building. Security runs for 24 hours, ensuring the safety of the units and tenants.
If you get a unit in a high rise building, the beautiful sceneries of the city you’re in is something you can look forward to all day long. Additionally, tenants prefer to rent condos that have a picturesque view since it promotes higher quality of living. This also means they are easily rented in part of this.
Not only do high rise buildings have many amenities, maintenance is easy to schedule since there’s a dedicated staff for it. Additionally, these buildings are located within the city, allowing for you to access anything you need.
Low-rise vs high-rise: Estimated cost
The condominium sector in Cambodia has been increasing in demand over the past few years, amounting to an average rental yield of 5.33% according to Global Property Guide. This is one of the highest rental profit among Asian countries, investing in condominiums in Cambodia is a strong financial move.
When you want to buy a unit in a low-rise building, you can usually find them outside the city or on the outskirts. Considering the location, average costs of units are below $100,000 according to InvestAsian. It has a general average cost of $2,600 per square metre. Units here are attractive but not as eye-catching as units in high-rise buildings located in city centres.
The cost of buying a unit in high rise buildings depends on its location but it can go from $200,000 and higher with an average of $3,250 per square metre. Despite the price, high rise units can grant higher annual profit because it’s relatively more in demand by tenants within the city. This means, if you’re looking for short and mid-term gains with high profits, investing in units in high rise buildings is the way to go.
Considering the perks of low and high rise buildings, you can now easily examine what to invest in. Cement your real estate portfolio and get the right property for you here in IPS Cambodia!