Demand for larger condominium units is poised to remain strong

• Sommana Yan
• 6 May 2022
• Local News
• 1795 Views

The property market is predicted to see steady strong demand for larger condominium units, despite the limited number of new condominium developments in the market, or higher prices for smaller units in new developments.

Consumers are now eager to purchase larger condominium units, which contain larger living areas with some space for a workstation or a larger kitchen area. ​In addition, most home buyers also express a need for a larger bedroom.

Condominium buyers are seeking bigger apartments in popular locations of Phnom Penh – Boeung Keng Kang 1, Diamond Island, or Tonle Bassac, these are the most popular areas for high-end condominium developments in Phnom Penh.

Consumers preferred spacious properties similar to the experiences of staying in a villa. Most of the buyers in these larger condominium units are end-users – purchasing a unit for their own use, rather than speculating for profit.

The main reason demand for larger condominium units in Phnom Penh increasingly comes from the evolving needs of residents, as most of the new developments are usually smaller, and noticeably more expensive per square.

Moreover, most home buyers are enthusiastic about having a home that offers them not only space but comfort, health, and hygiene.

These are undoubtedly essential requirements in the residential market sector for years to come. As a result, several real estate developers have launched large condominium units to meet the buyers growing aspirations.

The housing size which attracted the most attention is those with three bedrooms above 200 square meters, four bedrooms or more.

The value of the property is influenced by the building’s condition, power and water systems, and the building management, location, etc. to verify that will not degrade over time.

Any building qualified with these characteristics is more resilient than other buildings.

In the end, demand for large condominium units in Phnom Penh will lead the way as more and more home seekers continue to prioritize space and rise in demand for better living standards. Demand has been rising thanks to increasing earning potential, combined with a better awareness of space concerns among home buyers.

Eric Wong has extensive experience in the field of property consulting and development sectors, primarily within the emerging markets of Southeast Asia. From the property consulting perspective, he has led market research assignments inclusive of providing descriptive, exploratory market research and analysis reports within the office, residential, hotel, and retail segments in both quantitative and qualitative methods to determine suitable development types, scale, and product mix, and address property-related matters from project positioning to absorption rates, phasing, and pricing and marketing strategies, etc.