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Land prices in central Phnom Penh stay level amid rise in the suburbs

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An aerial shot shows properties in the capital’s Tuol Kork district in 2015. Hong Menea

Land prices in central Phnom Penh stay level amid rise in the suburbs

Land prices in the central neighbourhoods of the capital remained unchanged in the first half of the year compared to the same period last year, a research report from Phnom Penh’s Key Real Estate Co Ltd said.

Obtained by The Post on Wednesday, the report shows that from early this year until the end of June land prices in four main districts in Phnom Penh have stayed level, with only minor increases.

The study found that prices in Chamkarmon district ranged from $1,500 to $9,500 per square metre, while in Daun Penh district, most rates were between $2,000 and $12,000. The prices in these two districts stayed level with last year’s figures.

However, land prices in Prampi Makara and Tuol Kork districts increased between five and 10 percent over the past six months, the report said.

Prices at Prampi Makara are between $2,200 and $7,500 per square metre while it is between $1,700 and $5,000 in Tuol Kork.

Key Real Estate Co Ltd founder and director Sorn Seap said price increases were probably due to new developments.

“Among the four districts, prices in Toul Kork increased because many areas there have development projects under construction,” he said, adding that citywide, average rates were trending upwards.

Seap says that despite the impending elections, property trading activities are still normal compared to last year. He expressed optimism that prices would continue to grow in the second half of this year.

“The land prices will increase further, but not much, as most investors take a wait-and-see approach as they assess the new government’s policies,” he said.

City Real Estate Co Ltd CEO Van Chanthorn contrasted the level prices of the central districts with prices further out, which were growing.

“The land prices in the city centre saw the smallest increase as trading activity is slow. This differs from properties in the suburbs, which are active now,” he said.

Meas Vichet, an informal land broker in Phnom Penh, said the sector was staying level, unlike in the run-up to the 2013 national elections.

Currently, demand for land in the centre of Phnom Penh is for large construction projects such as condominiums, apartments, offices buildings, hotels and commercial centres, he said.

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