Ruessei Kaev’s landed housing market grew remarkably within the preceding five-year period from 2012 to 2016, with an average of 1,600 new housing units launched into the market each year. Well over 2,800 units were completed in 2016, and it is projected that well over 3,000 additional units will be finished off and ready for prospective occupants by 2017.
Fortunately, only 14 percent of the launched units are awaiting total completion recorded as of today, whereas 17 percent are still listed on the market inventory. In sum, albeit a slight market slowdown since the end of 2015, housing market stimuli initiated by developers has come to ignite the demand engine again, giving rise to a ‘slightly’ positive trend expected to continue over the course of 2017.
Ruessei Kaev District
Ruessei Kaev district (Khan Ruessei Kaev or Khmer: ខណ្ឌឬស្សីកែវ) is one of Phnom Penh’s 12 districts and administratively subdivided into 6 communes (Sangkat or សង្កាត់), namely Chrang Chamreh Ti Muoy, Chrang Chamreh Ti Pir, Kilomaetr Lekh Prammuoy, Ruessei Kaev, Svay Pak, and Tuol Sangkae. The district lies north and northeast of the prominent central business districts of Doun Penh and Tuol Kouk, having easy and quick access to the central city of Phnom Penh. As combined, Ruessei Kaev district is currently home to an estimated number of 180,000 residents.
The rapid growth in population, increasing traffic pressure, and rising property prices in the inner city center have all quickened the increasing rate of urban expansion to many different suburban parts of the capital, including many parts of Ruessei Kaev district. Thus, housing demand started to exist, especially in the suburbs, as a way to accommodate this rapid growing population.
Landed housing market began in Phnom Penh since 2002, when a few of supplies were on the market and some of the housing construction work was started for a few hundred housing units in some parts of the capital. Afterwards, Ruessei Kaev, one of Phnom Penh’s 12 districts, saw a gradual increase in cluster landed housing market since 2003, when Borey Rith development was first launched in Tuol Sangkae commune (in Ruessei Kaev district), supplying a rough number of 700 linkhouse units.
Housing Market Share
As of today, Ruessei Kaev district is home to a cumulative supply of 12,200 landed housing units (with 86 percent complete, while some under construction), clustering in different communes of the district.
Recorded as of 2016, Chrang Chamreh Ti Muoy shares 21 percent (about 2,544 units) of the total cumulative housing market supply; Chrang Chamreh Ti Pir, 4 percent (465 units); Kilomaetr Lekh Prammuoy, 25 percent (3,085 units); Ruessei Kaev commune, the largest market, up to 29 percent (3,574 units); Svay Pak, 5 percent (597 units); and Tuol Sangkae, 16 percent (2,004 units).
Market Share by ProjectAcross Ruessei Kaev district, a number of cluster landed housing projects have been positioned to offer residential options for home buyers from different parts of the capital.
The market share dominance as of 2016