Bitte_Kein_Lexus wrote: ↑Fri Dec 24, 2021 8:10 pm

mannanman wrote:

Kuroneko wrote: ↑Fri Dec 24, 2021 10:04 am

phuketrichard wrote: ↑Fri Dec 24, 2021 8:12 am in a few years there will be a massive amount of empty /for sale condos and the prices for resale will drop.
better putting ur $$ in Prasac at 7.25 % return.

Exactly right, Ten years ago I was going to buy a new condo, but in the end I ended up renting fully furnished and serviced. In retrospect it was the best deal. All maintenance and replacements are included in the rent, and looking round there are a lot of nice condos now at good prices that would make my place a unattractive sale option. Buying a condo here is like buying a new car and expecting to sell it at a much higher price ten years later than you originally paid for it.

So how much is that condo worth now?

Likely much higher. If truly ten years ago, then he's making stuff up to make himself feel better about not pulling the trigger, or it was a really bad condo in a bad area or something. Truth be told, condos ten years ago weren't that great though. I'd say investing in the right condo is worth it.

Just seen your post and I find it quite offensive, but I assume its a reflection of the sort of people you associate with rather than my situation. Your statement that I would make something up and as to why you think I would make the story up is just ridiculous. I moved in to the Mekong Gardens when it opened in 2012 and I am unlikely to leave as it is a great location next to the Mekong and well serviced. There are many places in the world where buying a condo is a good investment but Phnom Penh is not one of them. I have owned properties in both Australia and the UK from the late 70's onward and even there, some areas can be sub optimal regarding an investment option.

I always chose properties I am going to live in based on good location and quality of the property. Here's some photos of where I live to give you an idea of what I go for.







As to cost:
Mekong Gardens Condo is a serviced residence, however, it is also available to buy, giving an excellent investment opportunity or for co-owner occupation. Prices range from $80,000 to $250,000. Bank funding will be provided through Canadia Bank all you would like is a 30% down payment. https://www.zillionhome.com/building/a092800000ZDBBQAA5

phuketrichard wrote: ↑Sun Dec 26, 2021 9:26 am 6% was actually under valued> Prasac is giving 7.25% on 1 year deposit>

when u buy a condo ur still liable for monthly or yearly fees, $100-300/month>
and as there building more and more all the time sales of "old" ones, even if never occupied, do not increase
plus if many of the local owners in the building dont pay their fees you will find the building does not get painted, repairs not made, improvements ... yea right....

buy land or rent a apt

In Cambodia in newish condo your monthly fees are never that high unless you have huge apartment. I think highest ones that I have heard have been $3/sqm/month when usually more like $0,5-$1/month.

And you can ask Kuronenko how is is the maintenance. 10 year building and at least on my last visit it looked still pretty nice there and all elevators working so pretty usual b/s again about maintenance being poor.

And it's just funny people keep bringing IMF interest rates in property thread. OP was asking about property, not term deposit rates. If one has money to invest, you probably are wise enough to diversify your investment. You don't put 100% of your money to some term deposit account or Cambodian property. It has been showed already that right property in Cambodia can as good investment as investing property in some other country if not better. For example in my home country rental property ROI is 4%-6% only (not counting appreciation though).

Land has been excellent investment in Cambodia but for some outsider who doesn't have a local wife or some other connection to the country or unlimited budget, it is not that interesting option to be honest. The risks and the hassle are even higher than in condo.

Kuroneko wrote: ↑Sun Dec 26, 2021 10:20 am Just seen your post and I find it quite offensive, but I assume its a reflection of the sort of people you associate with rather than my situation. Your statement that I would make something up and as to why you think I would make the story up is just ridiculous. I moved in to the Mekong Gardens when it opened in 2012 and I am unlikely to leave as it is a great location next to the Mekong and well serviced. There are many places in the world where buying a condo is a good investment but Phnom Penh is not one of them. I have owned properties in both Australia and the UK from the late 70's onward and even there, some areas can be sub optimal regarding an investment option.

I always chose properties I am going to live in based on good location and quality of the property. Here's some photos of where I live to give you an idea of what I go for.







As to cost:
Mekong Gardens Condo is a serviced residence, however, it is also available to buy, giving an excellent investment opportunity or for co-owner occupation. Prices range from $80,000 to $250,000. Bank funding will be provided through Canadia Bank all you would like is a 30% down payment. https://www.zillionhome.com/building/a092800000ZDBBQAA5

That area has not really been that ideal for investment in general but I'm fairly sure, if I remember right, the prices in that condo back started $5Xk. The under $60k price might have been off the plan price.

Kuroneko wrote: ↑Sun Dec 26, 2021 10:20 am

Bitte_Kein_Lexus wrote: ↑Fri Dec 24, 2021 8:10 pm

mannanman wrote:

Kuroneko wrote: ↑Fri Dec 24, 2021 10:04 am

phuketrichard wrote: ↑Fri Dec 24, 2021 8:12 am in a few years there will be a massive amount of empty /for sale condos and the prices for resale will drop.
better putting ur $$ in Prasac at 7.25 % return.

Exactly right, Ten years ago I was going to buy a new condo, but in the end I ended up renting fully furnished and serviced. In retrospect it was the best deal. All maintenance and replacements are included in the rent, and looking round there are a lot of nice condos now at good prices that would make my place a unattractive sale option. Buying a condo here is like buying a new car and expecting to sell it at a much higher price ten years later than you originally paid for it.

So how much is that condo worth now?

Likely much higher. If truly ten years ago, then he's making stuff up to make himself feel better about not pulling the trigger, or it was a really bad condo in a bad area or something. Truth be told, condos ten years ago weren't that great though. I'd say investing in the right condo is worth it.

Just seen your post and I find it quite offensive, but I assume its a reflection of the sort of people you associate with rather than my situation. Your statement that I would make something up and as to why you think I would make the story up is just ridiculous. I moved in to the Mekong Gardens when it opened in 2012 and I am unlikely to leave as it is a great location next to the Mekong and well serviced. There are many places in the world where buying a condo is a good investment but Phnom Penh is not one of them. I have owned properties in both Australia and the UK from the late 70's onward and even there, some areas can be sub optimal regarding an investment option.

I always chose properties I am going to live in based on good location and quality of the property. Here's some photos of where I live to give you an idea of what I go for.







As to cost:
Mekong Gardens Condo is a serviced residence, however, it is also available to buy, giving an excellent investment opportunity or for co-owner occupation. Prices range from $80,000 to $250,000. Bank funding will be provided through Canadia Bank all you would like is a 30% down payment. https://www.zillionhome.com/building/a092800000ZDBBQAA5

Sorry you found it offensive, though I'm not sure the people I associate with have anything with it. Perhaps I was off the mark, but you made a rather bold statement and didn't give much about your background and why you thought the way you did. I assumed you were an expat, but perhaps I jumped to conclusions. Apologies if I did, as the situation might be different for someone who just comes here 1 month per year or something.

That being said, I don't quite understand the rest of your response though and it doesn't exactly solidify your claims/opinion. You rent in the Mekong Gardens, and have been there (full-time?) since 2012? How has renting there been a good investment? It's definitely stress-free, but you claimed you wouldn't have made money had you bought ten years ago. So you're telling us that had you bought the condo you now (still) live in, it would have been a bad investment? Why? Has the value dropped significantly? What was the original asking price? How much money have you poured into renting this condo over these ten years? Literally everyone who's bought into the property market I know has made money, nevermind the 10 year timeframe you mentioned which is huge here, and usually equates to large returns. Sure, there are the odd horror stories (stolen property, etc), but that's what I meant. Your response makes me even more confused about your original claims.