Residential rental market resilient amid new COVID-19 fears

Jan. 21, 2021, 9:46 a.m.

Phnom Penh’s rental market remained broadly unaffected by the renewed fears caused by the country’s first local transmission. According to Realestate.com.kh’s Market Trends, recorded apartments for rent in Phnom Penh are showing consistent median rental prices across the spectrum.

Key highlights of properties for rent in Phnom Penh:

  • 1-bedroom apartments’ median rental price remains unchanged at $600
  • 2-bedroom apartments’ median rental price saw a 5% decrease to $900
  • 3-bedroom apartments’ stabilized at a median rental price of $1,800
  • Sen Sok offers the lowest median residential rental price in Phnom Penh

Market Trend values are median prices found across Phnom Penh and are designed as a guide to navigate price ranges. Realestate.com.kh advises interested buyers to visit the properties for rent in Phnom Penh page for the specific price of projects they may be interested in.

Local demand played a big role in buoying the affordable and mid-range sector from economic pressures caused by the global pandemic. The 1-bedroom and 2-bedroom apartment selection Phnom Penh, in particular, experienced minimal changes for most of 2020. Though it has to be noted that the events of the November 28 incident are yet to be fully seen.

Large apartments like 3-bedroom selections have had their prices fluctuate as they mainly housed expatriates. The onset of COVID-19 resulted in this market shrinking as international travel restrictions went into effect. The expatriate market will likely continue to play a smaller role relative to its pre-COVID-19 state.

According to Market Trends, Sen Sok offers the lowest median rental price for condominiums at $600. Given that this is the median price, interested renters have a good chance of finding cheaper accommodations within the fast-developing district.

Cambodia’s first local transmission reignited scares of new economic pressures. Fortunately, health authorities have been quick to control the local outbreak and consequently stemming renewed fears from immediately affecting market confidence.

The government recently announced a stamp duty tax exemption deadline extension for property worth less than US$70,000. The new deadline has been set to December 2021 and was made to encourage developers to offer more attractive prices to property buyers.

Overall, Cambodia’s real estate sector is still suffering a slump due to the limited number of foreign investments. The recent COVID-19 cases have shown that the country is still vulnerable to outbreaks. And without a working vaccine in commercial circulation, it may take additional time for the property market to recover to pre-pandemic levels.

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