By Vutha
Phnom Penh – The sales of condominiums in Phnom Penh have recovered this year which make the environment of this market is a good sign, as a new study found that the number of condos increased by nearly 50,000 units.
According to Bonna Realty Group, which recently released its report found that condominium sales increased 60% to 61% by the end of the first half of this year, while the number of condos increased from 121 to a total of 43,604 units to 125 projects and 47,704 units in the first half of this year compared to the same period last year. In the first half of this year, the number of condos increased by only 4 projects, including three projects in Preah Sihanouk province and one in Phnom Penh.
The study also found that condominium prices also rose during the first half of last year, with average condominium prices per square meter ranging between $ 1939 and $ 2291 to $ 2085 to $ 2550 per square meter.
The study found that construction projects this year were about 17 percent up 1 percent over the same period last year and condominiums were completed in 2019 and 2020.
According to a recently completed study of Urban Living Solution found that the population growth in the city will reach 4 million by 2030, traffic congestion, increased technology for newer and younger generation’s lives, they will decide to live in more condos at that time.Okhna Sear Rithy, chairman of World Bridge Group, said that nowadays there are 3 million people living in Phnom Penh plus from other provinces, it is expected to rise to 5 million in 2030 by 2030. He continued that “I invest on condos’ development because I looked at the current trend of socio-economic development, when the country is more development and high land price, people would decide to live in condos due to traffic jams, rising land and housing prices”.
“I’m not worried about supply because when talking about a condo, it’s about the location and lifestyle, because my condo is selling lifestyle, not bedroom,” he said. “By bringing in more experienced and experienced investors, The Bridge is a model condominium that has been successful in just a few months,”. Mr. Sorn Seap, general director of Key Real Estate, said that there were concerns that the condo market surged but, given the trend and real demand in the market and the actual condo supply, the number of condos put into the market did not exceed the demand.
