Estate estimate

LAND prices in the capital are continuing to fall quarter on quarter, according to Cambodia’s National Valuers Association.

The value of commercial and residential land prices dropped 2 to 3 percent in the third quarter this year, compared with the previous quarter.

Commercial land in Phnom Penh was estimated to be worth US$2,800 per square metre in the third quarter, down from $2,850 compared to second quarter this year. Residential land was estimated at $1,600 per square metre, down from $1,650 in the second quarter.

National Valuers Association President Sung Bonna said that there were more land transactions in the sector this year, but added that local and foreign investors alike remained tentative.

Seng Sopheak, valuation manager of Cambodia Properties Ltd, said land and housing prices had stabilised somewhat, but added that commercial and residential trade had increased by 5 to 10 percent over the first nine months. “A lot of banks have changed attitudes to providing property loans with low interest rates,” he said.

But David Simister, chairman of CB Richard Ellis Indochina, said yesterday the market had been characterised by a drop in transactions.