Condo Prices & Rents in Q3 Drop by 1.8% to 7.8% Q-o-Q

• 13 October 2021
• Local News
• 1362 Views

The condominium market in Cambodia during Q3 of 2021 remains under pressure from the COVID-19 pandemic, with both sale prices and rental rates dropping significantly compared to the previous quarter.

According to a report by CBRE Cambodia on 12 October, sale prices dropped by 1.8%, 3%, and 2.1% for affordable, mid-range, and high-end types respectively. Meanwhile, rental prices also decreased by 7.8%, 7.8%, and 5.6%, respectively for the three types.

Oversupply, construction delays, lack of foreign buyers, supply chain disruption, workforce availability crunches, and cash slow stresses, are the contributing factors to the downward trend of the condo market, added the report.

During Q3, there are two new completions and two new launches, bringing up to over 30,000 units, or an increase of 5.6% q-o-q. By the end of 2021, supply of projects is expected to reach 35,000 units, but construction delays are expected.

Two major projects that were completed are The Peak and The Gateway, adding 1,586 units to high-end supply. Meanwhile, the two launches are Odom Tower and Residence H Sen Sok, with both set for completion in 2024.

• Analysis