More condo projects enter capital’s housing market
EIGHT more condominium projects have been completed and placed onto the housing market in the first half of t his year, bringing t he tota l condominium supply in Phnom Penh to over 16,000 units, according to a report by propert y firm CBRE Cambodia.
The report showed t hat i n t he first half of t his year, eight condo development projects with 2,480 units were completed and placed on t he market, bringing t he tota l number of completed condominiums to 16,657 units as of t he first half of t his year.
By t he end of last year, t he tota l was 14,177 units.
Among the 16,657 condominium
units, 51 per cent were classified as affordable, 24 per cent mid-range and 25 per cent high-end, according to t he report.
Affordable units are va lued at around $1,500 per square metre, mid-range $2,500 and high-end $ 3,200.
Rental price increase
The report showed t hat renta l prices have increased slight ly, wit h high-end units renting at an average of $14.6 per square metre per month, up 2.8 per cent compared to t he end of last year.
CBRE Cambodia director Ann Sot hida said t he capita l’s condo market is still healt hy, especia lly t he af fordable units.
“The trend of condominium developers nowadays is mainly to capture domestic customers, differing from the past, where condo investment mostly focused only on foreigners,” she said.
The report estimates that by the end of this year, the number of condo units in Phnom Penh will reach 31,100 if none of t he projects which are scheduled to finish by then are delayed.
Cambodian Va luers and Estate Agents Associat ion president Chrek Sok nim sa id invest ment opportunities abound i n t he Kingdom’s current condo market, t hough sa le a nd renta l fees remain relat ively unchanged compared to la st yea r.
“The [market for] affordable condominium units will continue to increase f urt her in t he f uture,” he said.