Study: 10 more condominium projects to enter the market by the end of this year


By Kong Soriya
Phnom Penh: 10 new condo projects with a total of 14,000 units will be completed and enter the market by the end of 2021 in Phnom Penh, according to a report by CBRE Cambodia.
According to the report, by the end of 2020, there were 100 condo projects in Phnom Penh with a total of 25,000 units, while in the full year 2020 there were 17 condo projects and a total of 10,000 units have entered on the market.
Mrs. Ann Sothida, country director of CBRE Cambodia, said last weekend that the current trend of Cambodians buying condos is to buy them for living rather than for profit or rent.
“Investment in condominiums has a lower return on investment than buying a home, and the return on investment has dropped from 7 percent to 5 percent,” she said. “As a result, the condo market is changing; most buyers are Cambodians today.”
Mr. Khorn Kongkea, CEO of ERA Cambodia, also said that the condo market is mostly focused on foreign customers for luxury projects, but most of the mid-priced condos are focused on the domestic market and sales are still slower because Cambodia faces the pandemic issue.
“However, condo investment now has a high profit opportunity due to special discount sales from project owners,” he said.

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