Find your perfect condo for sale in Phnom Penh
If you are seeking desirable Cambodia real estate for sale it is a wise idea to turn to the capital’s condo market, especially expatriates.
There has been a surge of new developments in recent years. As of the second quarter 2020 there were more than 21,000 completed condo units in Phnom Penh.
Phnom Penh condos cover a wide range of quality and styles. Typically they are classified as high-end, mid-tier and affordable, based on various criteria including location, price, facilities, design, build quality, accessibility and exclusivity. Around two thirds are mid-tier and one-third are high-end. Unfortunately, if you are looking for a cheap apartment for sale in central Phnom Penh there are minimal “affordable” condo options available.
Condos are the best real estate option for foreigners investing in the Phnom Penh property market
Any foreigner or expatriate looking for an apartment for sale in Phnom Penh has to purchase a condo, as this is the only type of property they can legally own. Foreigners can buy a condo in a property built since 2009, but only where the building has been legally registered as a strata property. You should ensure this is the case before purchasing your condo.
Most are sold off-plan but re-sale units can also be purchased.
Off-plan Condo for Sale in Phnom Penh
One of the benefits of buying off-plan is that you have your own choice of units and often option of furniture and fittings.
You can even pick up a bargain if you get in early during the planning process. Some condos for sale in Phnom Penh have guaranteed rental yields of around 7% for two years in order to entice investment buyers, even if the unit is not rented out.
Potential purchasers can also benefit from very attractive financing options with many condos in Phnom Penh available from as little as little as $200 per month with either no or minimal down payment.
A drawback of purchasing an off-plan condo in Phnom Penh is that you have to wait until it is completed before you can move in. This puts you at risk of a late completion or in the worst – and very rare – case scenario the condo not being completed at all.
We recommend you carry out due diligence and purchase your condo from a reputable developer with a good track record, especially as common areas can fall into disrepair due to lack of maintenance if your fellow homeowners fail to pay their annual fees.
Resale Condo for Sale in Phnom Penh
If the above is a concern, it might be more prudent to consider purchasing a resale condo in Phnom Penh.
One clear advantage of this approach is that you can visit the actual completed, lived-in product, and check the level of maintenance as well as how the fittings have fared. Also, if looking to purchase a condo in Phnom Penh as a rental investment, you can check how much similar condos are raising on the rental market.
As you do not have to wait for the condo to be completed, you will minimize your risk and can move in immediately.
Naturally, there are downsides on purchasing resale condo units. For one thing, you will have to pay the full fee upfront, which might necessitate bank financing, especially for a first-time buyer.
You will also be limited in your choice of condo to that available on the market when you elect to purchase.
Where to Buy a Condo in Phnom Penh
Roughly a third of condos in Phnom Penh are in Chamkarmon district, with the majority of the rest spread between Sen Sok, 7 Makara, Chroy Changva, Boeng Keng Kang and Toul Kork. There are also a few condos in the Daun Penh or riverside area.
Up and coming areas for you to consider purchasing a condo in Phnom Penh include Sen Sok to the north, near Aeon Mall 2; and Chbar Ampov and Chak Angre to the south of Phnom Penh where the future Aeon Mall 3 will be built.
