Demand for housing in Phnom Penh continues to grow with Cambodia’s returning economic outlook. Realestate.com.kh, Cambodia’s largest real estate classifieds portal, recently provided some insight into the Kingdom’s property market in early 2022.
According to the Real Estate Survey 2022, demand for property in Phnom Penh shifted from central locations to its outer districts. Out of over 2,300 respondents, Chroy Changvar has become the most preferred location among homebuyers. The peninsular district has increased its appeal to property seekers from 12% in 2017 to 21% in 2022. This is largely in part due to present condominium developments in the south of Chroy Changvar, boreys opening in the north, and the opening of other commercial properties such as a new Makro opening in the district.
The sale prices of condominiums have also increased since the start of the year. Median sale prices of condominium units in the city have surged from around $100,000 at the tail-end of 2021 to now over $130,000 as of April 2021, according to Realestate.com.kh’s Market Trends. While it is not yet clear whether prices will continue to surge, interest in the area has been on the rise based on the website’s traffic data.
While the peninsular district’s potential as a new property hotspot builds, central locations such as Daun Penh, 7 Makara, Toul Kork, and Chamkarmon have not entirely been left behind. These areas make up a total of 27% when it comes to preferred locations when buying property. These areas still hold the most economic activity as well as home to high-end renters, a section of the market starting to come back with Cambodia’s easing of entry requirements.
The sale prices of western-style condominiums in these areas have largely held at $130,000 to $150,000, save for modern condos in Daun Penh which soar well above $200,000. When it comes to rental prices, renters are looking at a ballpark of $700 to $800 as median prices for modern apartments and condominiums in central areas.
Realestate.com.kh is home to thousands of residential and commercial property listings as well as partnerships with banks and insurance companies for loans and coverages. Cambodia’s premier property show, the EXPO 2022, organized by Realestate.com.kh, is where home buyers and investors can find properties offered at special rates along with exclusive deals from banks and insurance companies all in one place - this coming July 2nd and 3rd at the Premier Centre Sen Sok.