We report on an investigation into the radiation condensation (RC) instability of low-frequency (in comparison with the electron gyrofrequency) compressional electromagnetic waves in a magnetized plasma containing charged dust impurities. By using a two-fluid model, supplemented by the Faraday and Ampère laws, we derive a new dispersion relation. The latter is numerically analysed to examine the role of charged dust grains on the growth rate of the RC instability. The relevance of our investigation to density condensation in the next generation tokamak edges and on solar prominences is discussed.