By: Sotheary
Phnom Penh: A new study by the international company CBRE Cambodia found that the supply of condominiums last year and this year is expected to grow slow due to of Covid-19.
A report by CBRE Cambodia, released on 20 January 2022, shows that in 2021, Cambodia received only 4 new condominium development projects due to the Covid-19 crisis, which has hampered the entry of foreigners into the Kingdom. In particular, for 2022, new condo projects are also expected to remain low.
Ms. Kim Kinkesa, Associate Director of CBRE Cambodia, said that last year there were only four new condominium development projects, and in 2022, condominium development in Cambodia is expected to remain low.
“The factors that drive development at such a low level are not entirely due to Covid-19, but to economy affected from Covid-19,” she said.
“The world is still affected by Covid-19, especially the newly radiant Covid-19 virus, which makes it impossible for foreigners to travel in and out of the country to seek foreign investment,” she continues.
Ms. Kesa states that restrictions on some countries’ measures are still a barrier to the arrival of foreigners in Cambodia, as foreigners are the major developers of condo projects in Cambodia, so local developers are still important in contributing to condominium development.
Mr. Po Eav Kong, CEO of Advance Real Estate, also said that the development of the condominium sector in Cambodia may not be able to recover more than in 2021. The development activities and sales this year’s condo are just projects left over from last year.
He added that the number of new projects starting to hit the ground and be built in 2022 will be small in amount because the influx of investors into and out of Cambodia is still a difficult problem, and as we already know, most condo developers in our country and buyers are also foreigners.
“Some projects are sold abroad, but foreigners who want to buy a condominium project also need to visit the actual location before deciding to buy from any project,” he said.
