Buying a condo
- ផោមក្លិនស្អុយ
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Buying a condo
If buying a new condo, what other fees is the buyer liable for (apart from purchase price)?
Is there any registration required at Sangkat level?
What about tax?
Would seller typically do any admin (deeds etc) on buyers behalf or is it all buyers responsibility.
I know there would be plenty of ongoing charges; parking, management fee etc. I’m just wondering about any ‘hidden’ fees which a buyer would need to account for.
Cheers for any input.
Is there any registration required at Sangkat level?
What about tax?
Would seller typically do any admin (deeds etc) on buyers behalf or is it all buyers responsibility.
I know there would be plenty of ongoing charges; parking, management fee etc. I’m just wondering about any ‘hidden’ fees which a buyer would need to account for.
Cheers for any input.
There's a new tax like stamp duty but I don't remember the details.
If I were you I'd check with IPS or maybe rooftop and report here.
If I were you I'd check with IPS or maybe rooftop and report here.
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Cheers Logos,
I found a couple of articles online
https://www.realestate.com.kh/news/intr ... king-news/
this says stmp duty is 6-8USD per metre squared
http://propertyinvestment88.sg/cambodia ... nqvnaiWbIU
This says 4% of price. And also mentions rental tax but i thought it only kicked in above a certain threshold ($350 per month?) - this article suggests there is no threshold.
I'd heard transfer tax mentioned but wasn't sure if that was in addition to stamp duty. Seemingly it is the equivalent.
I still would like to hear any other posters experience - is it consistent with articles above?
I found a couple of articles online
https://www.realestate.com.kh/news/intr ... king-news/
this says stmp duty is 6-8USD per metre squared
http://propertyinvestment88.sg/cambodia ... nqvnaiWbIU
This says 4% of price. And also mentions rental tax but i thought it only kicked in above a certain threshold ($350 per month?) - this article suggests there is no threshold.
I'd heard transfer tax mentioned but wasn't sure if that was in addition to stamp duty. Seemingly it is the equivalent.
I still would like to hear any other posters experience - is it consistent with articles above?
- ផោមក្លិនស្អុយ
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The website for the department of Taxation is pretty helpful:
http://www.tax.gov.kh/en/dl.php?id=9
http://www.tax.gov.kh/en/dl.php?id=9
You do know that you will also be responsible for 'common area fees' and that those fees can and will fluctuate dramatically. ie repaint building, new roof, grounds, plumbing , electrical...etc
The problem is that contracts are not like in the west decisions will go to the deepest pockets
The problem is that contracts are not like in the west decisions will go to the deepest pockets
Ι'м тнє σиє ωнσ нαѕ тσ ∂ιє ωнєи ιт'ѕ тιмє fσя мє тσ ∂ιє ѕσ ℓєт мє ℓινє му ℓιfє тнє ωαу Ι ωαит тσ - ʝJιмι Нєи∂яιχ
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It’s early days of inquiries but yeah I understand about ongoing costs.Beaker wrote:You do know that you will also be responsible for 'common area fees' and that those fees can and will fluctuate dramatically. ie repaint building, new roof, grounds, plumbing , electrical...etc
The problem is that contracts are not like in the west decisions will go to the deepest pockets
There is a fairly steep management fee per sqm which I understand covers all of the maintenance costs.
But I know how things are here.
Unless the owners decide they want a swimming pool or a new roof or something. Sounds far fetched even ridiculous but taking anything for granted here is how people loose out here.ផោមក្លិនស្អុយ wrote:It’s early days of inquiries but yeah I understand about ongoing costs.Beaker wrote:You do know that you will also be responsible for 'common area fees' and that those fees can and will fluctuate dramatically. ie repaint building, new roof, grounds, plumbing , electrical...etc
The problem is that contracts are not like in the west decisions will go to the deepest pockets
There is a fairly steep management fee per sqm which I understand covers all of the maintenance costs.
But I know how things are here.
Rentals are so cheap hardly worth buying. ie. We rent a small 2 story house that would cost over $100,000. to purchase but for that price we could rent it for 83 years + we don't pay for upgrades or the grounds and we can leave when ever we want.
Ι'м тнє σиє ωнσ нαѕ тσ ∂ιє ωнєи ιт'ѕ тιмє fσя мє тσ ∂ιє ѕσ ℓєт мє ℓινє му ℓιfє тнє ωαу Ι ωαит тσ - ʝJιмι Нєи∂яιχ
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Fees you usually need to pay are the lawyer fee when signing contract (maybe like $200-$400), VAT 10% (not all condos pay vat but I would avoid those projects) and when ownership is transferred, there is a 4% stamp duty. That should be all.
When it's yours then there is annual 0,1% property tax and of course management fees that are in my experience in Cambodia something between $0,5-$4 per sqm each month and sinking fee $0,1-$0,5 per sqm each month + parking, electricity, water and some rare cases separate fees for pool and gym, but these are usually inlc. in management fee.
When it's yours then there is annual 0,1% property tax and of course management fees that are in my experience in Cambodia something between $0,5-$4 per sqm each month and sinking fee $0,1-$0,5 per sqm each month + parking, electricity, water and some rare cases separate fees for pool and gym, but these are usually inlc. in management fee.
If you buy a new condo all the fees are on the seller side, you don't need to pay anything more than the advertised sale price (and maintenance fees). Just inquire with the developer about the details.
If you buy a new condo all the fees are on the seller side, you don't need to pay anything more than the advertised sale price (and maintenance fees). Just inquire with the developer about the details.
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Thanks Jackrossi.jackrossi wrote:If you buy a new condo all the fees are on the seller side, you don't need to pay anything more than the advertised sale price (and maintenance fees). Just inquire with the developer about the details.
I kind of thought that there was a chance that this might have been the case.
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Buying Condos is not a good idea in Cambodia.
There are too many condos and not enough people want them.
Many bought condos stay empty.
No condo associations to give owners control of building.
Most Cambodian buy for investment not to live in. We like shop houses.
If you buy condo as investment it will be difficult to get your money back.
There are too many condos and not enough people want them.
Many bought condos stay empty.
No condo associations to give owners control of building.
Most Cambodian buy for investment not to live in. We like shop houses.
If you buy condo as investment it will be difficult to get your money back.
I personally recommend my clients to keep their condo investment limited to the low cost condominiums only at the moment. The demand for affordable apartments for the young middle class is growing, but the luxury condo market is definitely too crowded and in many cases the real ROI is just not attractive. Some interesting units can be found in second tier towns, like battambang or kampot mostly due to lack of supply.
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