Shifting in Cambodia’s Condominium Market

Cambodia’s condominium market is undergoing remarkable shift as demand for luxurious units is being saturated, according to local media report.

In the source, President of Cambodian Valuers and Estate Agents Association Mr. Kim Heang shared that with few condominium suppliers, a square meter could be sold between US$2,500 and US$4,000, before – which was a three or four-fold benefit.

Now, he added, as the number of suppliers is increasing and demand for luxurious units saturated, a square meter of condominium can be sold only from US$1,000 to US$1,500.

Mr. Kim Heang suggested that investor should focus on condominium markets for the middle-income population.

Secretary of State of the Ministry of Economy and Finance H.E. Vongsey Vissoth was cited in the same source with similar view, adding that the demand for high-class housing dropped since last year.

According to CBRE Cambodia, over 3,800 condominium units are currently in the market, and the number will be about 36,000 by 2019.

To date, 22 condominium projects of 8,592 units have officially launched their construction.

Source: Agency Kampuchea Press