Land and condominiums in Cambodia pique the interest of domestic and foreign buyers
More Cambodians say properties are more affordable now (82%) than they were in 2016 (59%)
In 2022, land is still the most popular type of property type.
The Cambodia Real Estate Consumer Sentiment Survey 2022, an annual study made by Realestate.com.kh, concluded that Phnom Penh’s property market would be picking up, as domestic and foreign buyers are showing renewed interest.
The survey, which had more than 2,300 participants, was conducted from 14 January to 28 January of this year. The respondents were a mix of Cambodian nationals (47 percent), as well as those born in other Asian countries (29 percent) and Western respondents (23 percent).
Condominiums come in second, followed by villas, shophouses, and linkhouses, which are all popular rental choices. In the aftermath of the pandemic, average sale prices for condominiums in the suburbs — Chroy Changvar, Por Sen Chey, and Meanchey are lower than in other outer districts, as reported by The Khmer Times.
For example, Chroy Changvar has been a hub of new developments and is frequently recommended for suburban living. As of early 2022, the district’s median condo price is roughly USD100,000, which will offer buyers a 90 sq m two-bedroom unit.
The neighborhood is home to the enormous WorldBridge Sport Village (WBSV) — the first of its kind in Cambodia. The SEA Games 2023 and ASEAN Para Games 2023 will be held at his venue. This property is also close to the newly completed Morodok Techo National Stadium and its sports facilities, making it an excellent choice for active homebuyers. Peninsula Private Residences is also located near the district, which is a multi-awarded development.
More: Nowhere but up: Top trends that will shape Cambodian real estate in 2022
As local demand for suburban homes intensifies, Phnom Penh’s outward growth will undoubtedly continue. Developers are scrambling to satisfy this demand, with the Ministry of Economy and Finance (MEF) announcing earlier this year that approximately 4,000 projects worth more than USD10.4 billion were approved in the first 11 months of 2021, with 90 percent of them being residential developments.
According to the survey, more Cambodians say properties are more affordable now (82 percent) than they were in 2016 (59 percent). However, because wages have increased since then, it makes sense that property in Cambodia is now more affordable to buyers.
The Property Report editors wrote this article. For more information, email: [email protected].
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