{"id":10042,"date":"2020-11-26T17:07:42","date_gmt":"2020-11-26T10:07:42","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=10042"},"modified":"2021-06-04T15:48:25","modified_gmt":"2021-06-04T08:48:25","slug":"cambodias-home-loans-increase-by-50-in-q3-2020","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/cambodias-home-loans-increase-by-50-in-q3-2020\/","title":{"rendered":"Cambodia\u2019s home loans increase by 50% in Q3 2020"},"content":{"rendered":"<p>Local demand fuels Cambodia\u2019s real estate market, increasing mortgage applications by 50 percent in the third quarter of 2020<\/p>\n<figure id=\"attachment_10043\" aria-describedby=\"caption-attachment-10043\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-10043\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/11\/shutterstock_294853496.jpg\" alt=\"\" width=\"1000\" height=\"667\" \/><figcaption id=\"caption-attachment-10043\" class=\"wp-caption-text\">Typical apartments in Phnom Penh, Cambodia. Dorason\/Shutterstock<\/figcaption><\/figure>\n<p>Alike everywhere else in the world, Cambodia\u2019s property market took a downturn after being hit by the COVID-19 pandemic. However, mortgage applications spiked by 50 percent in the third quarter of 2020 due to market recovery driven by local demand, reported <a href=\"https:\/\/www.realestate.com.kh\/news\/cambodia-mortgage-applications-soar-50-percent-q3-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">realestate.com.kh<\/a>, citing data from the\u00a0Cambodia Credit Bureau.<\/p>\n<p>Growth in Cambodia\u2019s real estate market slowed down significantly due to the COVID-19 pandemic, as global supply chains were disrupted, including international travels. This halted the customary expenditure from international investors and many development constructions had to reschedule.<\/p>\n<p>Consequently, prices of large apartment dropped immensely, as much as 30 percent, due to the cutback of foreign clients.<\/p>\n<p><strong><a href=\"https:\/\/www.asiapropertyawards.com\/en\/condominium-prices-in-cambodia-secure-after-covid-19-downturn\/\" target=\"_blank\" rel=\"noopener noreferrer\">More: Condominium prices in Cambodia secure after COVID-19 downturn<\/a><\/strong><\/p>\n<p>As prices remained steady all through 2020, affordable and mid-tier properties became increasingly popular among Cambodians, shifting property developers to focus on meeting local preferences. Boreys, or gated communities, are also in high demand among local buyers.<\/p>\n<p>The Credit Bureau reported that a total of USD9.11 billion was written down under consumer loans as of September 2020. An estimated USD4.6 billion (51 percent) is comprised of mortgage applications, while around USD4.3 billion (47.9 percent) made up personal finance. Only USD52 million (0.58 percent) was from credit card loans. The report also stated that by Q3 2020, 1.27 million loan accounts were made, in which 10.58 percent of those were mortgage accounts.<\/p>\n<p>Cambodia\u2019s real estate market is beginning to notice signs of recovery, as mortgage applications and local interests increase.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Local demand fuels Cambodia\u2019s real estate market, increasing mortgage applications by 50 percent in third quarter of 2020<\/p>\n","protected":false},"author":9,"featured_media":20836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[177,763,1005],"class_list":["post-10042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-cambodia","tag-home-loans","tag-third-quarter","news_country-cambodia","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cambodia\u2019s home loans increase by 50% in Q3 2020 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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