In a word, yes. Foreigners have full rights of ownership over condo units, subject to the 2010 Law on the Provision of Ownership Rights, known as “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.
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.
According to the strata title regulation, foreigners cannot acquire a ground-floor unit legally, and any foreign ownership allocation is limited to a maximum of 70 percent of the units in any one co-owned building. The other 30 percent must be owned by Cambodia citizens.
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 recognized 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 four percent 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.
Before buying any condo or apartment in Cambodia, find out whether your strata title is guaranteed is by the owner and ideally seek sound legal advice.
Want to learn more – go to realestate.com.kh today, the best source of information for property buyers in Cambodia.