Condominium market keeps slightly increasing in Q2

According to real estate firm CBRE Cambodia, the condominium market has become less active than before after being impacted by COVID-19 for more than two years. In Phnom Penh, more than 3,000 condominium units were completed and put on the market in the second quarter of 2022, an increase of 9,5% when compared to the first quarter, while the cost of buying and selling condos all increased slightly. CBRE Cambodia's  research report (Phnom Penh Market Insights Q2) released in early September shows that macroeconomic improvement through high rate of vaccinated locals against COVID-19, increasing in exports to international market, arrival of international tourists (without quarantine) and construction of new infrastructure in the real estate market, including the condominium market in Cambodia, is beginning to show positive signs gradually.

According to the report, Phnom Penh will have four condominium building projects with a total of 3,204 units completed and on the market by the second quarter of 2022. These projects are all of a mid-range and affordable price. More than 36,000 condominium units will be present in Phnom Penh by the end of the second quarter of 2022.

Reports add the sale and rental price of condominiums in the second quarter of 2022 saw a slight increase compared to the first quarter of 2022. High-end condominiums' average price is $2,671 per square meter (up 1.5 percent), mid-range condominiums were priced at $2,096 (up 2.7 percent), and affordable price was at $1,412 (up 0.7 percent) from the first quarter of 2022.

Separately, high-end condos are now renting for an average of $11 per square meter per month, an increase of 2.3 percent. The mid-range is $7.9, up 1.2 percent, and the affordable was $9.6, up 3.3 percent.

It is worthing to mention that if the economic and political situation in Cambodia and the world is stable by the end of 2022, the number of condominiums completed and marketed in Phnom Penh will increase to more than 45,000 units and in 2023 will increase to more than 65,000 units, forecasts by CBRE Cambodia.