Discover the latest sentiments and trends in the Cambodian property market by participating in the 2024 Cambodia Real Estate Survey. Realestate.com.kh is offering property buyers, investors, renters, and professionals in the Cambodian property sector the opportunity to gain valuable insights into the market.
Unveiling the Pulse of the Market
The 6th edition of the Realestate.com.kh Cambodia Real Estate Survey revealed significant trends within the Cambodian property market. Despite the challenges posed by the global pandemic, the overall sentiment remained positive for the first full year of recovery.
With over 2,000 respondents, including Cambodians and foreigners, the survey provided personal experiences and insights on rental and purchase demand, spending power, consumer preferences, and preferred locations in Cambodia.
Your Opinion Matters
Complete the 2024 Cambodia Real Estate Survey and stand a chance to win a Samsung Galaxy S23 Ultra. Realestate.com.kh believes in the power of collective opinions to shape the local property market. Your contribution will play a vital role in enhancing the Cambodian real estate industry.
The survey covers essential aspects such as property pricing and market expectations until the end of 2024. For renters, it delves into topics like budget, property preferences, ideal locations, and renting timeframes.
Insights from 2023: Phnom Penh Takes the Lead
In the previous survey, Phnom Penh emerged as the most popular area in the Kingdom for property buyers. Siem Reap and Sihanoukville also garnered significant interest.
Within the capital, the top three areas in demand for property purchases were Chroy Changvar, Chamkarmon/BKK, and Sen Sok.
The survey revealed a notable number of respondents who were eager to buy but uncertain about the timing. This year, we aim to compare the data and assess any improvements in sentiment over the past 12 months.
Buyer preferences have shifted, with a growing demand for higher-quality projects. Condos continue to be a popular choice, particularly among foreigners. Furthermore, buyers now favor completed projects over off-plan purchases, showcasing a post-pandemic shift in mindset.
Considerations for buyers include return on investment, location, price, and low-interest rates. It will be interesting to monitor how these factors evolve against the backdrop of 2023's interest rates and loan dynamics, given the World Bank's concerns regarding potential overheating in the Cambodian real estate market.
The Cambodian Property Market 2023-2024
In 2023, Cambodia approved 20% fewer properties compared to the previous year. However, the construction sector is showing signs of recovery through large-scale developments, allowing the condo market to absorb existing supply.
In terms of condo pricing in Phnom Penh, high-end units average around $2,700 per square meter, mid-range units at $2,200, and affordable options at just under $1,500. Landed properties are priced between $800 and $1,200.
The capital now boasts over 8,200 serviced apartment units, with BKK being the most sought-after area. By 2026, the total cumulative supply of serviced apartments in Phnom Penh is expected to reach around 9,000 units.
With over 41,000 condo units in the capital, Chamkarmon takes the lead with 22% of the total supply, followed by Sen Sok (18%), Mean Chey (18%), Toul Kork (11%), and Boueng Keng Kang (9%). The projected total supply of condo units is expected to reach 83,023 units by 2028.
Secondary sales have also gained attention, alongside the growing demand for quality products. The southern region of Phnom Penh presents potential opportunities.
Show your support for the Cambodian property market today by completing the 2024 Cambodia Real Estate Survey. Share your insights and help shape the future of real estate in Cambodia.
