Expert Plugs Eastside for Next Phnom Penh Boom

• 6 February 2018
• Property Focus
• 3569 Views

The future potential for Phnom Penh’s real estate market is expected to be based on the expansion and movement to the eastern side of the capital in next five to ten years according to real estate experts.

At an exclusive breakfast talk hosted by EuroCham Cambodia on February 1, industry experts gathered at Topaz restaurant for a discussion on the topic of ‘Real Estate Market Trends in Phnom Penh.

Presented by Mr Sorn Seap, one of the most knowledgeable real estate experts in Cambodia, in he shared the latest trends and figures, as well as his analysis on current property prices and forecasts in Phnom Penh.

City Development Movement, Source: Key Real Estate

“In the past 10 years, we can see that the real estate market expanded from Phnom Penh city centre to the west. While in the past five years, we saw a boom and expansion to the north. In the present day, the trend is moving to the south,” said Mr Seap, founder and director of Key Real Estate.

According to Mr Seap, the reason that the property boom hasn’t yet expanded to the east is because there is no bridge connecting the city centre to the other the side of the river.

“However, from my analysis, the east side of Phnom Penh is a good location. We can see a view of the whole of Phnom Penh city from that side, which is good for building condominiums, hotels and serviced apartments in the near future,” he explained.

“I guess in the next five to 10 years, especially when there is a bridge, the real estate trend will move to the east. The land prices will also go higher. I expect a big boom there,” he added.

Land Price in Phnom Penh 2017, Source: Key Real Estate

Regarding the current land prices in Phnom Penh, a survey done by Mr Seap for 2017 showed that Duan Penh is the district with the highest land price, followed by 7 Makara, Chamkarmon, Toul Kork, Meanchey, Russey Keo, Sen Sok, Chroy Changvar, Chbar Ampov, Por Senchey, Dangkor, and Prek Pnov.

The highest price is up to USD 6,000 per square metre for commercial usage and USD 4,000 for residential usage.