Editorial content

Over 650 new projects approved in first 2 months of 2022
Updated on: June 7, 2022, 5:10 a.m.
Published on: April 25, 2022, 7:03 a.m.

Over 650 new projects approved in first 2 months of 2022

Cambodia’s property market is off to a good start with over 650 projects approved in the first 60 days of 2022. Photo from Khmer Times.

While the COVID-19 pandemic was causing many businesses to struggle, property investors flourished. With many beginning to reintegrate pre-pandemic practices due to lesser restrictions, the property market has started re-establishing itself through various residential projects. 

More than 650 projects were approved by the government over the course of January and February this year with an estimated amount of almost $140 million. Many of these new projects join the market of developers trying to entice both local and foreign buyers into purchasing property through deals and discounts.

Given the difficulties brought by the pandemic, some of the new developments have focused on being able to provide amenities such as easy access to schools and malls for the convenience of potential residents.

Developers in Phnom Penh have also been offering property with furniture bundled in to give buyers more to consider. Having government loans and lower interest rates available, buyers can also be more optimistic about purchasing property without worrying too much about expenses. The pandemic has allowed them to have more bargaining power, especially towards more low-profile developments. 

The increasing desire of Cambodians to own property outside the center of Phnom Penh was also taken into consideration by developers, giving more attention to the suburban areas of the city. This also gives buyers an option to own a cheaper and larger home where they can better hold activities fit for their needs. Considering that acquiring property has always been oriented towards accommodating families and family inheritance, buyers with similar intentions can feel more reassured with making major purchases on residential developments.

Property investors must then be inclined to cater more to the needs of their buyers. The Cambodian market has yet to fully recover feet given the aftereffects of pandemic restrictions, and giving it more reason to purchase will definitely help the property market flourish even more.