By Kong Soriya
PHNOM PENH, A new research reports that end of 2018, eight condominium projects completed and 2234 units were ready in the market.
Last week CBRE Cambodia’s survey report showed 12000 units entered the market so far up to end of 3rd quarter and the amount now reached to nearly 15000 units by end of 2018. Same reports also stated new 8 condominium projects total about 2234 units were 18.9% increased between the 3rd and 4th quarter.
Number of construction projects approval dropped by 19% in 2018 with only 2867 investment project compare to 2017, 3052 projects.2018 investment valued $ 5200 million versus $ 6400 million invested in 2017.
CBRE country director, Ms. An Sothida believes the condominium market is still in the positive improvement although suppliers are increasing and because buyer trending has been changing much. They only prefer to invest in the condominium and construction projects which are completed or about to complete rather than the new born project.
Mr. Chrek Soknim, President of Cambodia Valuer and Estate Agent Association (CVEA) said condominium market grows slow and requires more time while condo living is unpopular yet to local people, but believe that in 5 to 7 years the market will be changed as more local people will turn to live in condo.
Another survey research by Urban Living Solution expect that in 2025, population in Phnom Penh city will be about 4.5 to 5 million, vehicle increased, traffic issue, high price real estate, better living quality technology and a better awareness of the people, condo will be the best option.
