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More condo projects enter capital’s housing market

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Eight more condominium projects have been completed and placed onto the housing market this year. Heng Chivoan

More condo projects enter capital’s housing market

Eight more condominium projects have been completed and placed onto the housing market in the first half of this year, bringing the total condominium supply in Phnom Penh to over 16,000 units, according to a report by property firm CBRE Cambodia.

The report showed that in the first half of this year, 13 condo development projects with 2,480 units were completed and placed on the market, bringing the total number of completed condominiums to 16,657 units as of the first half of this year.

By the end of last year, the total was 14,177 units.

Among the 16,657 condominium units, 24 per cent were classified as affordable, 51 per cent mid-range and 25 per cent high-end, according to the report.

Affordable units are valued at around $1,500 per square metre, mid-range $2,500 and high-end $3,200.

Rental price increase

The report showed that rental prices have increased slightly, with high-end units renting at an average of $14.6 per square metre per month, up 2.8 per cent compared to the end of last year.

CBRE Cambodia director Ann Sothida said the capital’s condo market is still healthy, especially the affordable units.

“The trend of condominium developers nowadays is mainly to capture domestic customers, differing from the past, where condo investment mostly focused only on foreigners,” she said.

The report estimates that by the end of this year, the number of condo units in Phnom Penh will reach 31,100 if none of the projects which are scheduled to finish by then are delayed.

Cambodian Valuers and Estate Agents Association president Chrek Soknim said investment opportunities abound in the Kingdom’s current condo market, though sale and rental fees remain relatively unchanged compared to last year.

“The [market for] affordable condominium units will continue to increase further in the future,” he said.

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