By: Sophary
Phnom Penh: Cambodia’s population growth, especially urban and capital city population, has led to a steady increase in demand for housing to approximately 50k a year, according to the Ministry of Land Management, Urban Planning and Construction.
Mr. Ly Raksmey, Undersecretary of State of the Ministry of Land Management, Urban Planning and Construction, said in 2022 Real Estate Awards Ceremony on the evening of April 7, 2022, that population growth in some towns and cities, especially in Phnom Penh, the demand for housing has been steadily increasing.
According to the policy of the Royal Government, which has the Ministry of Land Management, Urban Planning and Construction, in the 15 years from 2015 to 2030, the demand for housing in Cambodia is about 800k houses, and on average per year approximately 50k to 60k units.
He added that the annual growth of more than 50k housing units has given housing developers in Cambodia, both domestic and foreign, the opportunity to develop to meet their needs and make the housing market more viable and continuous growth as well.
According to a report and study by CBRE Cambodia, in the last six months, despite Cambodia experiencing Covid-19 crisis, Cambodia has welcomed 39 housing development projects, including in Phnom Penh considered an area with more housing development and making Phnom Penh bigger and bigger.
Mr. Chrek Soknim, president of Cambodian Valuers and Estate Agents Association, said that Cambodian property market was still functioning, especially demand from locals, even though Cambodia had been facing the Covid-19 crisis for more than two years.
“Demand for housing from locals has led to the development of a series of new housing projects that keep the sector afloat,” he said.
