586 Construction Projects Worth Usd356m Approved in Q1 of 2018

• 19 April 2018
• Local News
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Construction in Cambodia. Source: World Bank

A total of 586 projects with an investment value of USD356 million have been approved during the first two months of 2018, according the Ministry of Land Management, Urban Planning and Construction (MLMUPC). However, this number is considerably lower than the same period from last year.

In response to the high number of projects, land prices in the main district of Phnom Penh itself in average were also recorded to rise by 1.2 percent quarter-on-quarter or about 4.2 percent year-on-year, according to a report by CBRE Cambodia.

Regarding the condominium market, the same report also shows that during the first quarter, two condominium projects have been launched off-plan, and an expected total number of 2,244 units will come onto the market in the next three years.

While the quoting sale price for mid-range and high-end condo have so far decreased by 2 percent q-o-q, and the quoting sale prices of affordable condominiums has risen by 7 percent. In contrast, the rental price of high-end and mid-range condo in prime locations dropped by 3.8 percent q-o-q, according to CBRE report.

To sum up, the real estate market in Cambodia during the first quarter of 2018 in overall has seen a slight movement in a positive way with a growth prediction of 6.9 percent GDP.

Condo Price in Phnom Penh. Source: CBRE Cambodia

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