Logo of Phnom Penh Post newspaper Phnom Penh Post - Land prices in central Phnom Penh stay level amid rise in the suburbs



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

Content image - Phnom Penh Post
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.

MOST VIEWED

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • 'Pursue your goals, reach out to me': Young diplomat tapped as envoy to South Korea

    Chring Botum Rangsay was a secretary of state at the Ministry of Foreign Affairs and International Cooperation before being designated as the new Cambodian ambassador to South Korea. According to her official CV published on the foreign ministry’s website, she started her first government

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.

  • Covid jab drive for 6-11 age group to begin Sept 17

    Prime Minister Hun Sen has permitted Covid-19 vaccinations for over 1.8 million children aged 6-11 across the country from September 17 in order for them to return to school after a long hiatus. Hun Sen also hinted that vaccinations for the 3-6 age group will follow in

  • No ‘Crown Prince’ exists to buy France football club: ministry

    The Ministry of the Royal Palace has denied media reports that a Cambodian “Crown Prince” had purchased the AS Saint Etienne football club of France’s top-flight LIGUE 1 at the cost of €100 million ($117 million). In a press statement on September 19, the ministry stressed that Cambodia