How do You check if you can legally own an apartment as a foreigner? Is there a cadastral office or other registry
that can give You a legally valid answer so You can avoid trouble later? But 2009 seems to be a rough indicator then.
Did the price of old apartments drop since they can't be owned by foreigners anymore?
My experience too. I first visited the borei where I now live many years before I lived full-time in Cambodia - 30-40% of the houses were empty and with a 'for rent or sale' sign. The situation remains the same today (and the same houses still vacant). They obviously don't need the money and have no incentive to sell.Marmite wrote:Condo prices in Asian markets like Phnom Penh and Bangkok never drop, because local owners refuse to sell in what we in the west would call a market downturn, instead holding on to them for years, even letting them lie empty.
It doesn't work like that here... you are going to ask and they are going to reply you... and then you think the answers they gave you are valid later on...??Dahon wrote:How do You check if you can legally own an apartment as a foreigner? Is there a cadastral office or other registry
that can give You a legally valid answer so You can avoid trouble later? But 2009 seems to be a rough indicator then.
Be very carefull what you do. There are so many cases of authorities said something about your construction or other things.. and later on they change..
You can not own the older properties anymore, some foreigners still have them on their name.. they can transfer to a khmer but usually they require some extra $ and they create some reasons of trouble..
If they just keep them on their name.. it is also possible what I have heard..
There is a cadastral office yes. located in an impressive building, but don't be fooled also they are heavily corrupt if you ask them to come look at the location they show up in cars while they only have 150$ salary and they will ask you $$$dolla
Lots of interestings things said here. One thing I need to confirm is that old apartmenst can be a drag because of the neighbors. They can be a pain in the ass. Check closely before venturing. Best is renting a flat for a while and seeing all the pros and cons. It can be a real jungle out there. Now there is a missing argument in the condo vs old colonial flat debate. Its' location. Condos are many, too much actually, they hardly fit the taste of some expats who look for places with an edge, think young hipsters with money. Also consider schools. Buying a house in the center close to a school like french Descartes school is a major asset. And this is where the parking thing becomes obsolete. Who wants to drive a car in phnom Penh seriously nowadays? People wanna live as close as possible to shopping malls, schools or work places to avoid the horrendosu traffic and this is not gonna get better. This is key element in buying a flat in Phnom Penh : location. So if your colonial flat has this very special features (two of mines have a mango tree in the back where the bedrooms are located), if you hired the good architect to do a posh project, you will always be on the winning side if you stick out. Sure we are in a bubble, but the fact that foreigners can't buy colonial flats anymaore also stalled the renovation projects, so there are less of them on the market, so don't hope the price will drop down anytime soon, the will just move up more slowly. As for condos I would not even think about it, this is gonna going to hurt, bubble wise I mean. Its just like buying bitcoins... Stay away from them just rent them cheap. My ten cents.
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What a load of nonsense.ClubBar wrote:It doesn't work like that here... you are going to ask and they are going to reply you... and then you think the answers they gave you are valid later on...??Dahon wrote:How do You check if you can legally own an apartment as a foreigner? Is there a cadastral office or other registry
that can give You a legally valid answer so You can avoid trouble later? But 2009 seems to be a rough indicator then.
Be very carefull what you do. There are so many cases of authorities said something about your construction or other things.. and later on they change..
You can not own the older properties anymore, some foreigners still have them on their name.. they can transfer to a khmer but usually they require some extra $ and they create some reasons of trouble..
If they just keep them on their name.. it is also possible what I have heard..
There is a cadastral office yes. located in an impressive building, but don't be fooled also they are heavily corrupt if you ask them to come look at the location they show up in cars while they only have 150$ salary and they will ask you $$$dolla
Prices have slowly been climbing on the older units. Location is the key, and dont overdo the reno. There are are workarounds to most hassles here. Just think where the new light rail to the airport is running and take a look in those areas for instance.
" Tho I am wise I have to wait like any other fool"
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