Phnom Penh Condominium Market to See Sharp Change in 2019

• 7 January 2019
• Local News
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The Phnom Penh condominium market is set to see a sharp change in 2019 with supply now shifting towards the affordable segment, according to one of Cambodia’s leading real estate firms.

In a recent market review report on condominiums, CBRE Cambodia said that the delay in condominium completion in quarter 4 of 2018 will causes an upward trend in condominium stock within the first and second quarter of 2019 while supply types will focus on the affordable segment.

By the end of 2019, the supply of affordable condominium will increase to around 7,057 units from the current 3,530 units, the report said.

Speaking on the condominium outlook for 2019, Ms Thida Ann, Director of CBRE Cambodia said that the trend had now shifted from high-end to affordable.

“Three years ago, the market focused on mid-end and high-end. The demand for high-end reached its level [massive supply] and because most of them [unit] are invested in by foreign investors,” she said.

In addition, according to Ms Thida, condominiums for 2019 are now for end users, a change from the buy-to-let to buy and live in, especially there are more Khmer buyers.

“If Khmer buy a unit of property they want to live in it, unlike before when they bought and then put them out for rent,” she said.

According to Ms Thida, prices of affordable condominiums are less than US$1,600 per squares metre while mid-end is around US$2,500, and high-end is US$3,300 or more per squares metre.

• Analysis
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