Buying Condo in Snooky v. Phnom Penh

MikeD · Post by **MikeD** » Thu Jun 20, 2019 8:25 am

Hello,
I am looking for help from fellow expats. I am looking to buy a one/two bedroom condo either in Snooky or PP as a vacation home/investment. I am from New York. When I'm not there, I plan to rent part of it out or simply let someone stay at look after it. Is anyone here keen on which condo developments I should be looking at? Can anyone recommend an English speaking, trustworthy agent they know or have used? Feel free to PM me; I don't spend frequently visit this site. I have seen something like the D'Seaview in Snooky and Urban Village just minutes south of PP for $70k - that would be my price range. It would greatly appreciate it if someone could hook me up to get me some recent sales listings from NEW condo developments (or resales) or post the links and contact info here. Mike

armchairlawyer · Post by **armchairlawyer** » Thu Jun 20, 2019 11:46 am

MikeD wrote: ↑Thu Jun 20, 2019 8:25 am Hello,
I am looking for help from fellow expats. I am looking to buy a one/two bedroom condo either in Snooky or PP as a vacation home/investment. I am from New York. When I'm not there, I plan to rent part of it out or simply let someone stay at look after it. Is anyone here keen on which condo developments I should be looking at? Can anyone recommend an English speaking, trustworthy agent they know or have used? Feel free to PM me; I don't spend frequently visit this site. I have seen something like the D'Seaview in Snooky and Urban Village just minutes south of PP for $70k - that would be my price range. It would greatly appreciate it if someone could hook me up to get me some recent sales listings from NEW condo developments (or resales) or post the links and contact info here. Mike

I suggest you start by reading the National Bank of Cambodia's views on the real estate market. They are the central bank (equivalent of the Fed).
https://www.nbc.org.kh/download_files/p ... pr2019.pdf
In particular page 38 et seq

MikeD · Post by **MikeD** » Thu Jun 20, 2019 6:57 pm

Arm...do you expect prices to fall given the continued oversupply of condo projects. Would it ne reasonable to assume 80% of the buyers are from overseas, particularly from China, driving up the prices? What is the local mortgage rate for $75,000? Do most buyers take out loans from local banks?

armchairlawyer · Post by **armchairlawyer** » Thu Jun 20, 2019 7:53 pm

MikeD wrote: ↑Thu Jun 20, 2019 6:57 pm Arm...do you expect prices to fall given the continued oversupply of condo projects. Would it ne reasonable to assume 80% of the buyers are from overseas, particularly from China, driving up the prices? What is the local mortgage rate for $75,000? Do most buyers take out loans from local banks?

I don't know. The NBC clearly thinks there is a good chance of a fall in condo prices. The stats on the numbers of new units about to hit the market are pretty amazing. Loans can come from local banks or from the developer (the NBC comments on the risks associated with that). Rates are about 8-9% when from a reputable bank. Cambodians prefer to buy borey houses than condos. Given dollar shortages in China and difficulties in getting tenants for condos, sales to overseas buyers may be getting difficult.
There is another recent thread on Chinese investments in Cambodia.

MikeD · Post by **MikeD** » Thu Jun 20, 2019 10:20 pm

Let it fall to tbe ground!

rogerrabbit · Post by **rogerrabbit** » Thu Jun 20, 2019 10:29 pm

MikeD wrote: ↑Thu Jun 20, 2019 6:57 pm Arm...do you expect prices to fall given the continued oversupply of condo projects. Would it ne reasonable to assume 80% of the buyers are from overseas, particularly from China, driving up the prices? What is the local mortgage rate for $75,000? Do most buyers take out loans from local banks?

Most condos are bought with cash, not with loan money. Some boreys (landed houses in gated communities) are bought with loan money though, but condos no. Prices will only fall on projects that are in bad locations. Rental prices though will and have already started to fall even in central locations. But the rents have been really high in Phnom Penh earlier.

logos · Post by **logos** » Fri Jun 21, 2019 1:00 am

armchairlawyer wrote:Rates are about 8-9% when from a reputable bank.

You don't have a clue do you ? I hadn't read such bollocks in a long time.

armchairlawyer · Post by **armchairlawyer** » Fri Jun 21, 2019 2:19 am

logos wrote: ↑Fri Jun 21, 2019 1:00 am
armchairlawyer wrote:Rates are about 8-9% when from a reputable bank.
You don't have a clue do you ? I hadn't read such bollocks in a long time.

High on anger, short on data.

armchairlawyer · Post by **armchairlawyer** » Fri Jun 21, 2019 11:16 am

logos wrote: ↑Fri Jun 21, 2019 1:00 am
armchairlawyer wrote:Rates are about 8-9% when from a reputable bank.
You don't have a clue do you ? I hadn't read such bollocks in a long time.

I contributed data that I had researched by asking Canadia how much they charge and looking at ads by other banks. You contributed nothing. Either you know something useful but are too selfish to share it, or you have nothing to give except foul-mouthed negativity.

MikeD · Post by **MikeD** » Sat Jun 22, 2019 6:55 pm

I dont find 9% unheard of. My question is, can i make this kind of interest safely and who can i loan money to?

Buying Condo in Snooky v. Phnom Penh

Buying Condo in Snooky v. Phnom Penh

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Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

Re: Buying Condo in Snooky v. Phnom Penh

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Re: Buying Condo in Snooky v. Phnom Penh

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