Prices and Supply of Residential Properties Continue to Decrease

Due to Covid-19 Infection in Cambodia has relieved, many residential buildings continue to be built according to their plans, while some of the suspended projects have resumed operations. However, the figures of the report are still limited compared to 2019, a year without infectious diseases.

According to CBRE Cambodia's quarterly research report, three condominium projects were completed in the fourth quarter of 2022 with more than 1,500 units supplied. The price also depends on the order of each type of condo, affordable range condos are on average $1,400 per square meter, mid-range condos are around $2,000 per square meter, and for high-end condos, the average price is about $2,600 per square meter. The average rental price is between $9 and $11 per square meter.

Looking at landed properties, compared to 2019, there are more than 160+ projects, and by 2022, housing projects have increased to more than 340 projects. With the volume of supply in the total market, there are 39% of affordable range projects, 53% of mid-range projects, and 8% of high-end projects.

The data also shows the selling price of each type of house, including flat houses is about $600 per square meter, link-house is $750 per square meter, the shop house prices at $1,000 per square meter, twin villa costs about $1,100 and a single villa probably costs $1,200 per square meter which drop 40 percent, 11 percent, 9 percent, 23 percent, and 46 percent, respectively.

CBRE also forecast that the real estate market in Cambodia will improve only slightly in 2023, still not catching up to pre-Covid-19 levels, while real estate prices and rents remain stable, the same as prices in 2022.