By Vutha
Phnom Penh: The number of condo units in Phnom Penh will increase 35,000 units by the end of this year, a 120 percent increase from last year, according to a new study by CBRE Cambodia.
Ann Sothida, the director of CBRE Cambodia, in its inaugural report on Feb. 13, 2019, said the number of condominium units has risen by its types, but the strongest increase is medium-price condo because medium-price condo has increased as developers focus on middle-income earners and also, this condo type is bought and invested by Khmer people.
“For a condo of this kind of condo price of $ 1,600 per square meter, it allows average middle-income Cambodians to buy for living or investing by renting to foreigners,” he said.
These condos are in the old projects that have been built over the years and all these projects will be completed in 2019 and only injected into the market as on average, developers have sold about 60 percent of their project and only about 40 percent remaining, she added.
She emphasized that the condo market in Cambodia has no problems, but what the importance is leasing only because it is expensive and has a lot of supply. However, rental prices will drop in some area in Phnom Penh, and if the condo is located in good location at $15 per square meter and not good location, it is between $10 and $12 per square meter.
The president of Cambodia Valuers and Estate Agents Association Chrek Soknim said that the condo market in Cambodia is unchanged for 2019 and with the construction activity as well as the market will remain strong.
