Affordable Segment Leads Phnom Penh Condominium Market

• 10 April 2019
• Local News
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With construction investment estimated to have reached US$1.8 billion during the first quarter of 2019, the condominium sector saw an increase in supply of more than 7% q-o-q driven by the affordable segment, according to the first quarterly report from international real estate agent CBRE Cambodia.

CBRE Cambodia reported that three condominium projects were completed during the three-month period, adding another 1,091 units to the market, an increase in total supply of 7.69% q-o-q. The mid-range segment accounted for about 89.3% of the increase supply.

As a result of these project completions, more than 30,000 condominium units are now available on the market for 2019.

In addition, the sector also saw five new projects launched during the same period of which four projects are in the affordable segment such as the Phnom Penh Star, adding another 1,169 units to the supply pipeline. These new launches were mostly in Sen Sok district which is currently the location for the largest percentage of new residential projects. (Read more)

For prices and rents, the sector saw little changes, with prices of mid-range and high-end increases at 0.4% and 0.5% respectively.

Prices for mid-range condominiums in the first quarter of 2019 are about US$ 2,559 per square metre while rental rates for the high-end segment stands at US$14.2 per square metre.

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