By: Sophary
Phnom Penh: Despite the severe impact in 2021, at the beginning of 2022, while some businesses resumed, the demand for rental real estate began to recover slightly.
Mr. Sim Samedi, Sales Manager of RENT KH, said that the demand for rental property in 2021 has decreased significantly, but the number of real estate tenants has increased.
“At that time, many companies suspended operations and closed their businesses, leaving the rental space vacant and re-renting property. However, it was difficult to find business owners to continue renting the property,” he said.
He added that at the beginning of 2022, the economic activity of businesses in Cambodia has improved, making the demand for real estate rental slightly higher than in 2021.
“At the moment, suppliers of rental property are not meeting the needs of tenants, which means that demand is high, and demand is lower than supply,” he said.
He added that the population of Cambodia has increased steadily, including married people and more. After getting married, some of them still cannot afford to buy a house to live in, so the best option is to rent a temporary house to save some money, then they buy their own house.
He added that real estate tenants are both foreigners and locals, and most foreigners are renting out condos and apartments, he said. For Cambodians, there is less need to rent this type of property, but they rent an apartment or rent a business location. If you rent a local business office, you can also rent a B or C level, while companies from other countries prefer a modern A level.
Mr. Chrek Soknim, President of Cambodian Valuers and Estate Agents Association, said that while Cambodia was relieved of Covid 19, the demand for office space was revived, which required investment in addition to office buildings, especially B and C offices.
