Condominium or Condo is a type of living space similar to an apartment, however, it is easily sellable. Over time, condo living is gaining popularity. There are various reasons why many people love condominium living than any other. Here are some major benefits of living in a condo: less maintenance, security, amenities, and affordability.
If you are planning to buy a new condo, note that older condos are more expensive. And, before making the decision, it is advisable to read the governing documents carefully. In this post, we will talk about the benefits of buying a condo with strata title.
In Cambodia, strata title refers to the certificate of ownership for the individual unit in a co-owned building. Strata title is the most recent type of ownership, which allows foreigners to legally own property in Cambodia. Let’s take a look at some benefits of buying a condo with strata title:
1. The foreigner can buy property
There are different property ownership titles in Cambodia: soft titles, hard titles, LMAP titles, and strata titles. Among these four property ownership titles, foreign citizens can’t buy properties under soft, hard, or LMAP titles. If you are a foreign national who is interested in buying a condo in Cambodia, you will have to own the property under the strata title. So, one of the major benefits of strata title is foreign nationals can own the property.
As we have seen, condo property with strata titles in Cambodia can be owned by both, foreign nationals as well as Cambodian nationals. Most people love amenities with their properties. If you love different amenities such as a gym, beauty salon, swimming pool, etc., then it is a good idea to buy a condominium.
As a property owner, you want to buy a property that is risk-free and secured. If you are very much concerned about the security, it is good to buy a condo. Depending on the condo, it may have gated or locked entries, doorkeepers, or security professionals. If you are someone who lives alone, then security will be the most important aspect for you. Living in a condo will reduce the risk factor.
Another thing which makes condos better than single-family houses or other properties is their affordability. Condominium are usually priced lower than single-family homes. If your budget is not allowing you to get a single-family home, you can own a condo. According to NAR (National Association of REALTOR), the average selling price for a single-family home is around $260,000, however, the average selling price for a condo is around $248,200.
Another major advantage of owning a condo is appreciation. By comparing the historical prices of condos with the current price, you will find that the price is on the rise. Although the price for condos appreciates at a slower rate than single-family homes, still this can be a great investment option for Cambodian citizens as well as foreign citizens. According to The Washington Post, the market value for condos rose by 38.4% between the years 2012 and 2017.
If you are planning to buy real estate in Sihanoukville, Cambodia, Dragons Real Estate can help you. We have different types of condo for sale on our official website. If you want any type of Cambodia property for sell & rent, we can help you.