Condo supplies projected to grow at 55% in 2020: CBRE

• Proeksa Meas
• 17 January 2020
• Uncategorized
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CBRE, a leading commercial real estate services and investment firm, has projected growth of condominium unit supplies at 55% in 2020, thanks to strong growth in the construction sector in 2019 and the newly approved construction law which builds confidence in the future quality of buildings and condos.

CBRE’s report issued on 16 January stated that the affordable condo projects are expected to account for 30% (a 6% increase over 2019), while mid-range condos will grow by 46% (a 6% decrease) and high-end condos at 24% (a 1% increase).

Ann Sothida, Managing Director of CBRE (Cambodia), said that the growth in condo supplies in 2020 reflects strong economic growth, foreign direct investment, and particularly the increase in demand for affordable condos.

“Increasing affordable condo demand reflects high domestic customer growth through buying condos located in the city and on the outskirt of the city, due to more people moving to the city for work, new couples with new house lifestyle trends, and Cambodian people’s better income,” said Ms Sothida.

According to the same report, in 2019, 3,800 condo units were completed, pushing the total condo units in the market to reach 18,000 units, up 30% compared to 2018.

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