5 Reasons To Buy Condo in Cambodia
The popularity and need for Condo has grown remarkably as Cambodia's economy surged in the past decades. The expansion of the real estate market gains condominiums a huge notice due to its affordability in the commercial region especially Phnom Penh. The Condominium in Cambodia also has granted convenient luxury to the urban residents' lifestyles. Making it one of the best investment choices for middle income people or foreigners looking to settle down in the city.
The popularity and the aggregated demand for Condo has grown remarkably in the past 10 years in Phnom Penh, Cambodia - as the economy experience a surge with its healthy growing GDP. The expansion of the real estate market, especially in the condominium sector has gained great attention from the market due to its affordable price and the shift of the modern lifestyle in Cambodia’s commercial region, such as Phnom Penh. The rise of demand for Condominium in Cambodia also indicated the chase for urban lifestyles in Phnom Penh. With such a shift of lifestyle, condominium is currently one of the best investment choices for middle income locals, or foreigners looking to settle down in the city.
Comfortability and Luxurious
Unlike Villa or any other conventional houses, condominiums offer a luxurious living experience. Condominium owners can enjoy the convenience of commuting since most of the condo is located in the middle of the city, plus a healthy lifestyle with a swimming pool, gym and mart within a 5 minutes walk from your room. Being able to sleep soundly knowing that you are safe guarded 24/7 together with daily maintenance and clean to ensure safety and hygiene. Condo is the perfect comfort for retirees and hustlers in the busy city. Given its favorable state
of living experience and ease, condominiums are more preferable in terms of modern living.
Unlike villas, commonly known as borey in Cambodia, or other conventional houses - condominiums offer a luxurious living experience. Condominium owners get to enjoy amazing locations and commuting options, since most of the condos are located in the middle of the city. Apart from just being at a good location, homeowners can also enjoy amazing amenities such as a swimming pool, gym, mart and more within a 5-minute walking distance.
When choosing to stay in a condo, it is also guaranteed that homeowners are guarded 24/7 in a gated area, with daily maintenance to ensure the safety and hygiene of one’s lifestyle. With the aforementioned, it is guaranteed that Condo is now the perfect option for retirees and hustlers in a bustling city.
Low starting price
According to IPS Exclusive Cambodia Property, Cambodia's economy surged over the decades making residential and commercial lands value to triple from 2000 to 2019. Residential properties like condominiums are the perfect investment opportunities for home buyers on a budget while still able to enjoy their desired lifestyle. The lowest price can be up to $59, 000 for a one-bedroom unit in the center of commercial areas, according to realestate.com.kh's data. On the other hand, the costing for a single-family house could go over $150,000 in the same area. This is a great opportunity for people looking to invest in real estate at low prices or people downsizing their standard of living in the midst of the pandemic.
According to the IPS Exclusive Cambodia Property, Cambodia’s economy has experienced a surge over the past decades. Between 2000 - 2019, the value of residential and commercial lands has tripled - making condominiums the perfect investment opportunities for home buyers. Not only does it have a lucrative rate of return, becoming a homeowner for a condominium also enables a modern lifestyle with all the amenities.
For a condo, the lowest price starts from $59,000 for a one-bedroom unit when it is located in the center of commercial areas. On the contrary, a single-family house could go over $150,000 in the same area. This shows that a condo is a great opportunity for younger homeowners that are seeking out to invest in real estate.
Less Effort to Maintain
The Condominium comes with high-end compact facilities with quality interior, and exterior design. One more great thing of being a condo owner, every maintenance of your home will be taken care of by the condo association. Keep in mind, the maintenance service and other amenities like utility fee, swimming pool, parking service, elevator and gym usually come with a monthly fee offered by the building. Leaving homeowners one less problem to be stressed on any occasions while expediting focus for better living.
As mentioned, the aesthetics of a condominium is well taken care of by the property developer. Not only does it come with quality interior and exterior designs - being a homeowner of a condo means you are also taken care of by the condo association.
With a fixed monthly utility fees, homeowners get to enjoy well-maintained facilities. Plus, whenever homeowners meet any issues with their home, they can also contact the maintenance office for them to fix it - making it much less effort for a homeowner to maintain.
A sense of community
Living in condominiums enhance quality of life and foster community interactions. Common areas such as open spaces, gardens or parks will add value to the health by offering a place for the condominium to relax their state of mind in which none of the low-rise buildings offer. If the areas are enticing and functional, they will attract leisure activities and a sense of community interactions to everyone’s daily life. People can both enjoy the comfort of their unit individually or spend quality time with family and friends in the community. Even better, most condos display seasonal decorations to celebrate special occasions like Khmer New Year or Christmas bringing everyone together, creating a community. .
Apart from that, living in a condominium also helps to enhance and improve the quality of life by fostering community interactions. With the plentiful common areas like open spaces, gardens, sports halls and more - not only does it add value to homeowners’ healthy lifestyle, it also allows them to interact with other homeowners in the area.
That being said, homeowners will feel as though they are living in a community - which proves to relax one's state of mind, improving the mental health of an individual.
Return on Investment
Looking to own a home, investing in a condo at an early age is a great opportunity investment giving you a headstart in life. The asset will be more fruitful as more units are being occupied, simultaneously pushing its price higher. If moving in is not your main intention of your investment, renting also offers a high rate of return due to its popularity, affordability, and demographic location. During the pandemic, the Condo market is slightly affected in the second quarter of 2020, the rental price of a one-bedroom Condo will range from $400 to $600 for the mid-range condos, according to CBRE research. If you invest in condominium property, you can earn monthly rental fees as a passive income. Regardless of the pandemic, The figure shows that the market in Cambodia remains stable and potential for demand.
Lastly, investing in a condo is also a great investment opportunity for the younger generation. Not only that the assets are guaranteed to appreciate with the outlook of Cambodia, it also encourages the younger generation to save up as they will have to pay for monthly installment.
Condominiums are an excellent investment to consider for people who want to invest within a tight budget. An investment that can turn to a passive income by renting and sustainable plans for the long term. If investment is not what you are looking for, owners can still live a luxurious and comfortable lifestyle in the middle. Cambodia’s current development, economy and the population's growth make the Condominium the right fit for today's urban lifestyle.