Categories: News

Buy Condos in Cambodia: Ensure a Safe Purchase

Yes. Foreigners based in Cambodia have full rights of ownership over condo units, subject to 2010 Law on the Provision of Ownership Rights – a.k.a “the Strata Law”.

These rights, however, are restricted to buildings that have obtained a “strata title” – which is available only to buildings built after 2010 and should not be within 30 kilometers of any national border. It therefore relates almost exclusively to the new condo projects shooting up all over Phnom Penh and other major cities. Older or smaller apartment buildings are unlikely to be strata title guaranteed.

Co-owned buildings are defined as a building in which several owners reside, consisting of some parts that are the exclusive ownership of each co-owner (private units) and some other parts that are common spaces for the common use of co-owners (common areas). Strata title has also recently been extended to commercial buildings, and in particular shared office complexes.

Strata titles are recognised at the Ministry of Land Management, Urban Planning and Construction – and are as safe as any other hard title in Cambodia.

Expect a transfer cost for the title of 4% of the value of the condo unit. There is also a public service fee for each individual strata title to be issued in the buyer’s name. Given there will be a “common area” within the building, also expect to pay maintenance fees throughout your ownership.

If you are planning to Buy Condos in Cambodia or an apartment, find out whether your strata title is guaranteed is by the owner, and ideally seek sound legal advice.