Housing market sees slight drop as construction development activity still continues

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By: Ra Neth
Phnom Penh: Despite the current situation facing the outbreak events of February 20, the construction and development of housing projects in the suburbs continue, while the flow of sales decreased slightly compared to the end 2020 or the beginning of the first two months of 2021.
Mr. Tith Thearith, Marketing Director of RITH Realty, said this morning, March 12, 2021, that since the outbreak events of November 23 until now, sales of housing projects have decreased slightly compared to the end of 2020 and in January 2021.
“I can only say that the project I am holding in the Prek Kampus area at the moment, sales are down a little bit because there are not as many people coming to see the project as before,” he said. “At the end of 2020, despite facing Covid-19, people came to see the project and buy some housing, but since the event on February 20, it has been quiet, even the contact through social media or Facebook is less.”
“I think not only the project I am holding, it is quiet, but other projects are also quiet, because when people reduce their outings and are afraid to talk to people like before, but even though sales were really quiet, construction on the project was still going on, just not as fast as before,” he added.
Mrs. Ann Sothida, Country Director of CBRE Cambodia, said that for the housing market, whether for now or for the next five to 10 years, demand remains the same.
“In the real estate sector, housing is a leading target and there is a long-term market demand because people are looking for housing and this demand continues to grow and supply growth is still insufficient,” she said.
“Currently, in line with the construction activities of both high and medium-sized housing developers for CBRE Cambodia, there are a number of projects that are exclusively for sale, including Borey and condominium projects,” she said. “Co-ownership housing projects, or so-called condominiums, while both types of housing market can still maintain the best conditions today.”
In addition, she also claimed that the demand for housing in Borey is still good because most of the project owners are attracting local customers. Meanwhile, the development is still under construction and some Boreys have already given the keys to some customers.

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