Condominium market in Phnom Penh to flourish by 2020

Analysts believe that condominium living will be more favoured in the next five years

Former Buddha Stupa with Vattanac Capital in the background. OskarHellebaut/Shutterstock

Heom Seiha, research director at VTrust Appraisal Co. Ltd, claimed that condo living will become more popular in five years’ time as flat constructions move 20 to 30 kilometres from the city centre, reported The Phnom Penh Post.

“This trend [can] further boost the rise in number of [condominium] skyscrapers in the city centre. When [new] flats move farther away from the city, the younger generation may prefer living in condos because they can be built in the city centre,” he explained.

Based on the book Phnom Penh 2030s – 10 Predictions for the Real Estate Sector by VTrust Appraisal, the inventory of flats and condominiums will grow by 450,000 and 300,000 units respectively between 2000 and 2030.

“The influx of foreign investors to Cambodia, such as those from China, Japan, and South Korea, has generated very fast growth in the real estate industry in recent years,” added Seiha.

At present, there are 60,000 condo units either in the planning phase or under construction all throughout Phnom Penh. He said that this supply will grow by about 10,000 units every year.

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Such condo units under construction include Urban Village by Urban Hub (Cambodia) Co.,Ltd, the first local project to ever receive the Best Condo Development (Asia) award at The PropertyGuru Asia Property Awards Grand Final, as well as five other accolades at The PropertyGuru Cambodia Property Awards.

Since the start of 2000 up until the third quarter of 2019, the number of flats under construction grew to 150,000, while over 20,000 flats are being developed every year.

On the other hand, vice-president at Cambodian Valuers and Estate Agents Association Mann Chandy advised low- and middle-income earners to consider buying small plots of land instead of investing in a condo or a house.

“I think saving up to buy plots of land is better than saving at a bank. But we have to carefully look at whether the real estate company [which sells the land] is licensed or not. We have to do proper research to avoid being cheated,” said Chandy.

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