Cambodia: Real estate market grows strongly in Q1

VNA
Cambodia’s real estate sector experienced strong growth in the first half of the year, with robust market absorption for landed housing and condominiums.

Cambodia’s real estate sector experienced strong growth in the first half of the year. (Photo: khmertimeskh.com)

Cambodia’s real estate sector experienced strong growth in the first half of the year. (Photo: khmertimeskh.com)

Phnom Penh’s Property Market Update H1-2019 notes that 13,900 landed housing units from 82 projects were launched, including residential link-houses with about 65 percent or 9,100 units, and purpose-built shophouses with 21 percent or nearly 3,000 units, according to the latest report from VTrust Appraisal.
The report said that market absorption for landed housing was 10 percent in the first half of 2019 (12 months for supply to be sold), while it was only 8 percent in the first half of 2018.
Besides, the condominium market saw 6,600 new unit launches in the first six months of the year, with the market absorption of 3.7 percent.
Also in the first quarter, office supply of all types in Phnom Penh totalled more than 638,000 square metres. The standalone office segment had the largest share with 36 percent, followed by large office (29 percent), small office (18 percent), and medium office (17 percent).
Hoem Seiha, VTrust Appraisal director of research, said the strong market absorption rate is a sign of the sector’s health. The condo market in Cambodia is strong and demand is starting to grow, particularly among local buyers.
Chrek Soknim, president of the Cambodian Valuers and Estate Agents Association, said the real estate sector in Cambodia will continue its robust growth in the next five years, particularly in Phnom Penh, Sihanoukville, Kep, Kampot, Siem Reap, Battambang, and Koh Kong.

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