ItWasntMe wrote: ↑Fri Sep 10, 2021 9:13 am
Also isn't the whole "own a condo" thing based on a loophole in the law?

No, Strata Titled properties are the only property type which foreigners are legally allowed to own, no loophole.

PSD-Kiwi wrote: ↑Fri Sep 10, 2021 11:20 am

ItWasntMe wrote: ↑Fri Sep 10, 2021 9:13 am
Also isn't the whole "own a condo" thing based on a loophole in the law?

No, Strata Titled properties are the only property type which foreigners are legally allowed to own, no loophole.

Noted. Thanks for clearing that up.

I heard out of context about the no ground level rule and figured it was some juridical creativity at work but I can seen now that's just part of their deal, fair enough!

Kammekor wrote: ↑Fri Sep 10, 2021 10:52 am

Bongmab69 wrote: ↑Fri Sep 10, 2021 10:47 am whats the interest rate in PP at the moment, i have seen strange things before, it looked cheap, but later i found out they speak in % per month, and not per year

Yes, it's common to advertise interest per month on loans, so be careful. Interest rates here are extremely high compared to the West, for savings as well as loans.

If you can get 6-7% on your savings, you can make an estimated guess how much they will charge you for a mortgage loan.

Sathapana bank are one of the few that spell out the terms and requirements for a home loan in detail on their website. https://www.sathapana.com.kh/personal-l ... home-loan/

PSD-Kiwi wrote: ↑Fri Sep 10, 2021 11:20 am

ItWasntMe wrote: ↑Fri Sep 10, 2021 9:13 am
Also isn't the whole "own a condo" thing based on a loophole in the law?

No, Strata Titled properties are the only property type which foreigners are legally allowed to own, no loophole.

Just to add, I think it must also be a building after a certain year and have a certain minimum % of units Khmer owned. Sorry, can't remember the detail off the top of my head.

clutchcargo wrote: ↑Fri Sep 10, 2021 12:11 pm Just to add, I think it must also be a building after a certain year and have a certain minimum % of units Khmer owned. Sorry, can't remember the detail off the top of my head.

Correct...

Strata Titles can only be granted if the property in question satisfies these criteria:

- Only applicable to buildings constructed in 2010 and beyond.
- Foreigners can only own 70% of the total surface area of the building or property.
- Strata Titles cannot be issued for properties on the ground floor and/or underground.
- Strata Titles cannot be issued for any property within 30km of the nearest land border.

Seems like a terrible investment to me, even if you had the cash to purchase without a mortgage. There are thousands of new condos either still under construction or completed and sitting empty. And hardly any foreigners able to enter the country to rent them.

PSD-Kiwi wrote: ↑Fri Sep 10, 2021 12:42 pm

clutchcargo wrote: ↑Fri Sep 10, 2021 12:11 pm Just to add, I think it must also be a building after a certain year and have a certain minimum % of units Khmer owned. Sorry, can't remember the detail off the top of my head.

Correct...

Strata Titles can only be granted if the property in question satisfies these criteria:

- Only applicable to buildings constructed in 2010 and beyond.
- Foreigners can only own 70% of the total surface area of the building or property.
- Strata Titles cannot be issued for properties on the ground floor and/or underground.
- Strata Titles cannot be issued for any property within 30km of the nearest land border.

I hear the same about Strata Titles, and it would be someone in government who would own the remaining 30% that you are unable to own. Maybe it would be possible the contractor would own the remaining percentage, or even possibly you could get a local whom you had 100% trust. I am only presuming with the remander of ownership that has a forigner you are not allowed to own 100%. But you will be expected to pay your way 100% or even more, for example, utility bills and repairs, and taxes if you are working, also the government have very little bilateral agreements with other countries, so there could be a possibility if being a retiree that thay could end up in a situation of being double taxed.
It’s possible some would see this move with the Strata Titles as an improvement, since a forginer in most situations can own very little in this country and in other parts of Asia. But let’s not forget that the market is going that way to mainly accommodate mainly the Chinese market.
Personally, I would say others have given good advice, I would not want to put that kind of investment into something that the country says I can not own 100%, also being considered has a guest in the country, there’s no garentee that next years EOS will be given out so freely. The old saying in these countries “don’t pay what you can’t afford to lose”.

As I understand you would own 100% of your own condo but said condo together with all other foreign own condos in the building cannot occupy more than 70% of the total floor space.

Still sounds a bit sketchy to me because I wouldn't trust the that the rules are being followed and what happens to the owners when they are not?

I'm not sure whether the OP intends this for investment or to live in, or whether he meant living first and then rent out later. I think it matters a lot what the intent is for the OP's decision making.

Personally, I'm generally not a fan of condos and units pretty much anywhere. Unless they are exclusive or rare, they mostly make lousy investments relative to house and land..I found out the hard way from experience. Over time buildings depreciate whilst land generally appreciates. Technically, altho not in KOW, you own only a fraction of the land with a condo. But, unfortunately that is the only way to invest in your name in KOW as a foreigner unless you use other dubious 'loophole' methods to buy other types of property.

OTOH Warren Buffett once said that it is wise for investors to be “fearful when others are greedy, and greedy when others are fearful” and when there is so much doom and gloom around here with pandemic restrictions, businesses closing and no tourists, now might logically be a very good time to drive a hard bargain and snap up a great deal. But boy, I reckon you'd have to do a lot of research around real estate values in the areas you intend to buy. I presume you can't look up a register online of previous sales as you might in another country. Contrast that with many western countries where prices of real estate have gone through the roof and arguably expensive and could be due for a correction. OTOH some may say for example that prices in PP were already too high to begin with before covid so I dunno. Nevertheless, I do think there's a lot of potential for growth longer term here.

The other thing I'd be wary of is that you pretty much don't have long term certainty about residency here. You are a guest in the country and cannot become a permanent resident. If the authorities decide to crack down on the visas and associated extensions for foreigners that could be a deal breaker. Depends on your situation though coz myself being a retiree with a good source of income from my home country and not a burden on society lol, I daresay I may have more surety than most but still an issue as far as committing money investments here imo.

ItWasntMe wrote: ↑Fri Sep 10, 2021 2:09 pm As I understand you would own 100% of your own condo but said condo together with all other foreign own condos in the building cannot occupy more than 70% of the total floor space.

Still sounds a bit sketchy to me because I wouldn't trust the that the rules are being followed and what happens to the owners when they are not?

Exactly, who maintains and updates the register of owners in the building? Or does your solicitor have to search through all the titles of condos in the building at the time you buy? And what happens after that when titles change?