Realty prices around Central Market on the rise, but political unrest clouds future

Property prices continue to rise in the vicinity of the Central Market.
Property prices continue to rise in the vicinity of the Central Market. Vireak Mai

Realty prices around Central Market on the rise, but political unrest clouds future

Land prices in the vicinity of Central Market in the heart of Phnom Penh – an increasingly actively commercial zone – have continued to rise in 2013, despite ongoing political unrest.

CL Realty manager Sear Chailin said property prices around Central Market increased by 20-30 per cent in 2013 compared to the same period in 2012.

Land prices in the area currently range from $7,000 to $10,000 per square metre, with properties ranging on average from $700,000 to more than $1 million, he added.

“As I see it, land prices are reaching the point that make it difficult for some property buyers to buy in,” he said.

Khat Sovann, general manager of CamTop Property Group, said 2013 land prices in the area were up around 20 per cent year-on-year. Factors in the increases included high rentals and property being put to premium commercial and business uses, he said.

The property expert said that land prices around the market were between $5,000 and $8,000 per square metre for house-shops, adding that apartments in the area had reached $1 million and more.

With ASEAN economic integration around in the corner in 2015, Sovann said he is optimistic about property in the Central Market area.

The Kingdom is scheduled to enter the ASEAN Economic Community (AEC) in 2015. The move involves 10 Asian nations forming a single market, with the aim of achieving regional competitiveness with other regional markets such as the European Union.

“ASEAN economic integration will attract more visitors, leading to a more active market and stronger property prices,” he said.

Meanwhile, Po Eavkong, general manager of Asia Real Estate Cambodia, said Central Market was a central area with commercial potential.

But he added that while land prices in the area remained strong and ASEAN economic integration was a good thing, the current political instability was an issue that shouldn’t be discounted.

“The political and economic situation are closely interrelated, and if we end up in a political deadlock, it will affect the property sector,” he said.

Central Market was erected in 1937 during the French colonial period.

In its earlier days it was one of the biggest markets in Asia.


  • Phnom Penh authorities ban march for Human Rights Day

    Phnom Penh authorities have banned a planned march as local NGOs and workers’ unions gear up to celebrate the 70th anniversary of the signing of the Universal Declaration of Human Rights on Monday, with a youth group leader saying they would march nonetheless. The UN

  • Government deports 235 Chinese scammers

    THE Immigration Department of the Ministry of Interior on Thursday deported 235 Chinese nationals, 35 of whom were female, via the Phnom Penh International Airport for their part in a Voice over Internet Protocol (VoIP) online money extortion scam. The deportees were arrested on November 26 over the

  • Phnom Penh’s Jet’s Container Night Market shuts down

    The famous Jet’s Container Night Market in central Phnom Penh has shut down due to the high cost of the land rental, company representatives claim. Jet’s Container Night Market is the largest such market in Phnom Penh. It operated for just over two

  • International buyers snap up new locally produced watch

    A Cambodian entrepreneur has launched a stylish high-end watch, hoping to promote the Khmer creative talent and increase demand for the Kingdom’s products abroad. Designer Seth Pitu launched his brand PU a mere 60 days ago, and hopes to combine traditional Khmer art with sleek