ERA Cambodia Unveils Plans to Boost Condo Market Further Next Year

• Sommana Yan
• 12 November 2022
• Local News
• 1844 Views

ERA Cambodia in its 4th annual business conference announced new action plans for next year, aiming to boost the potential of the condominium market in Cambodia.

The conference was held at Premier Sensok on 11 November 2022.

Khorn Kungkea, Chairman and CEO of ERA Cambodia said, “ERA Cambodia is a leading company in Cambodia’s real estate market when it comes to celebrating employees’ success, and we believe firmly that our member’s success is our success.”

A total of 83 awardees were acknowledged for their effort and success achieved in 2022. The awards are categorized into top achiever commissions, transactions, agents who reached one million sales in value, as well as top managers and recruiters.

Major Condo Developers and real estate companies such as R&F City, Wealth Mansion, and Time Square took part as sponsors—some even offered discounts and promotions to other participants at the conference.
On top of that, a leading real estate marketplace in Cambodia Zillennium Group and one of its digital investment platforms Z1 FINANCIAL also endorse the event.

ERA Real Estate is a world-class real estate company founded in the United States in 1972. Currently, ERA has gained its foothold, supporting about 40 000 salespersons in more than 2, 200 offices across 37 countries worldwide.

ERA Cambodia started its business in 2019, with Mr Khorn Kungkea representing as Chief Executive Officer. The company has thus far expanded its offices to three locations – Phnom Penh, Sihanoukville, and Siem Reap with more than 1, 700 professional and well-trained agents across the country.
Currently, there are more than 30 high-quality condo projects worth billions of dollars are being partnered with ERA Cambodia.

The condo transactions continue to increase, but the number is relatively low, in comparison to prior to the hit of the pandemic. However, the condominium is a co-ownership housing that has a huge potential in the real estate market. When the lifestyle of locals changes, the need for better housing tends to increase as well.

Phnom Penh is the city with the most condo development, with around 30,000 units, or the equivalent of 100 buildings. By 2025, this figure is expected to rise to 80,000 units.

According to studies from real estate companies, the selling price of a condo in Cambodia ranges from US$500 to US$3,000 per sqm, while the rental price stands between US$8 to US$15 per sqm a month. The price of condos is varied according to the type of the condo: affordable, medium, and high-end.

Khorn Kungkea stated that condo development is a long-term investment project, and a good housing option for both foreigners who are travelling or moving to the kingdom for employment, as well as for locals who are shifting to become middle-income earners. Furthermore, Cambodia is an emerging market with a high capital gain of 15% on average per year when compared to other Southeast Asian real estate markets.

“The current situation is a great opportunity to buy condos, as prices are lower and developers are offering favourable conditions and other promotions. We encourage investors to work with a real estate agent in order to make the right investment decision.” Said Mr Kungkea.

With well-trained and professional agents, ERA Cambodia has played an important role in the condominium market over four years of presence. The agency has successfully sold over 30 projects with an investment of thousands of dollars, creating jobs for more than 1,500 agents. In three years, the agency aims to employ up to 5000 agents.

 

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