{"id":38867,"date":"2024-08-20T17:24:54","date_gmt":"2024-08-20T10:24:54","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=38867"},"modified":"2024-08-20T22:03:52","modified_gmt":"2024-08-20T15:03:52","slug":"phnom-penh-office-and-retail-markets-face-challenges-in-2024-plus-more-updates","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/phnom-penh-office-and-retail-markets-face-challenges-in-2024-plus-more-updates\/","title":{"rendered":"Phnom Penh office and retail markets face challenges in 2024, plus more updates"},"content":{"rendered":"
\"\"
Ou Chantha\/Shutterstock<\/figcaption><\/figure>\n

For PropertyGuru\u2019s real estate news roundup, Phnom Penh’s office and retail sectors experienced declines in rent and occupancy rates in H1 of 2024. In other news, the top three residential developers will launch 73 projects worth a combined TBH93 billion in Greater Bangkok. Lastly, Vietnam\u2019s PM urges ministries, sectors, and localities to effectively implement the Land Law, Housing Law, and Real Estate Business Law.<\/p>\n

Phnom Penh’s commercial office and retail markets face slowdowns in 2024<\/b><\/p>\n

In the first half of 2024, Phnom Penh’s commercial markets faced a downturn, as global property consultant CBRE reported in The World Property Journal<\/a>. The office and retail sectors experienced declines in rent and occupancy rates in H1 of 2024.<\/p>\n

Prime office rents fell to USD27.0 per square meter, with an occupancy rate of 61.8 percent, while prime retail rents decreased to USD22.1 per square meter, with a 58.7 percent occupancy rate. The residential market also showed signs of slowing, with only two new landed property projects and three condominium projects launched during this period.<\/p>\n

Despite these challenges, Phnom Penh offers strong investment opportunities for those who want to sink money into Cambodia\u2019s property market.<\/p>\n

Condominium prices in the Central Business District are competitively priced at USD2,500 per square meter, yielding an attractive rental return of 5.3 percent. The city’s investment appeal is further enhanced by its affordable pricing and the provision for freehold foreign ownership in co-owned buildings.<\/p>\n

Thailand\u2019s top developers to launch projects worth TBH93 billion in H2<\/b><\/p>\n

The top three residential developers \u2013 AP Thailand, Sansiri and Supalai \u2013 are maintaining their plans to launch 73 projects worth a combined 93 billion baht in Greater Bangkok and the provinces during the second half of this year, following a strong performance in the second quarter.<\/p>\n

Tritecha Tangmatitham, managing director of Supalai Plc, said the company plans to launch 20 new projects worth TBH27.3 billion in the second half, as projected earlier this year.<\/p>\n

“The market was gloomy for the first 4-5 months of the year, but gradually improved from late May,” he said in a Bangkok Post<\/a> report. “We are bullish about the second half due to the decline in new supply launched in the first half. Despite decreasing demand, the reduction in new supply presents a significant opportunity for us to launch new projects.”<\/p>\n

Vietnam PM urges effective implementation of land, housing, real estate business laws<\/b><\/p>\n

Prime Minister Pham Minh Chinh has signed an official dispatch directing ministries, sectors, and localities to effectively implement the Land Law, Housing Law, and Real Estate Business Law, all of which came into force simultaneously on 1st August, according to VietnamPlus<\/a>.<\/p>\n

To ensure that these new laws are well applied in practice, driving socio-economic development and fostering a favourable business climate for enterprises and citizens, the PM has outlined several immediate tasks in the official dispatch.<\/p>\n

Accordingly, the Ministers of Natural Resources and Environment, Construction, Finance, Home Affairs, and Labour, Invalids and Social Affairs were instructed to urgently guide and train local authorities on the new policies stipulated in these laws and documents regulating their detailed implementation, serving the effective enforcement of these policies and integrating them into daily life. These ministries were also tasked with overseeing, inspecting, and guiding the issuance of detailed regulations as authorised by the laws and their related decrees, and reporting progress to the PM by 20th August.<\/p>\n

The Property Report editors wrote this article. For more information, email: <\/i>propertyreport@propertyguru.com<\/i><\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Phnom Penh markets on downturn, Thai top developers\u2019 launches, Vietnam PM pushes law application<\/p>\n","protected":false},"author":12,"featured_media":38868,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[3940,3802,1154,3803,638,3106],"class_list":["post-38867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-housing-laws","tag-news-roundup","tag-office-market","tag-property-laws","tag-real-estate","tag-retail-property-sector","news_country-cambodia","news_country-thailand","news_country-vietnam","news_author-property-report"],"acf":[],"yoast_head":"\nPhnom Penh office and retail markets face challenges in 2024, plus more updates | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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