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More affordable condos needed in Cambodia: report

Focus on low-end tiers a step in the right direction, say analysts.

 

Plenty of condominiums are in the pipeline for Cambodia this year, but developers should target units in the low-end segments, leading market observers suggested.

The supply of affordable condominiums is poised to top 7,000 units in 2019, with total condo supply expected to rise by 120 percent, CBRE Cambodia reported.

Such influx of units will lead to a moderation of in rental rates. Monthly condo rents currently average around USD8.3 per square metre in Phnom Penh.

Although mid- to high-end condo projects will continue to be completed in Phnom Penh, future launches should lean toward more affordable pricing tiers, according to James Hodge, the consultancy’s associate director, speaking with Southeast Asia Globe.

“There needs to be one eye on the sustainability of affordable development, ensuring that supporting services and amenities are included in the developments aimed at the affordable market, and making sure that traffic congestion doesn’t cause too many issues around that development ground.”

More: 2019 PropertyGuru Cambodia Property Awards celebrates the kingdom’s most ambitious properties

Asking prices of affordable Phnom Penh condos currently average around USD1,473 per square metre or 73 percent higher than those in Ho Chi Minh City.

 

More of the article on the link

 

https://www.asiapropertyawards.com/more-affordable-condos-needed-in-cambodia-report/

 

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John_Galt

Some of the condo prices are ridiculous.  

One I saw the other day was 400k for 45 square meters... 

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andy
7 hours ago, John_Galt said:

One I saw the other day was 400k for 45 square meters

 

The quote you have made on the price is not out of the question, It's rental price maybe around the $1000pm. This is way off what is affordable to what is to be achieved, figures of the same size would have to be around $135pm.

It's a strange situation, property prices are common to be based around the people's earnings, or at least repayments are. Also in other countries there will be an average price, and probably that was so here until the investors arrived. Such has paddy land was mostly $3 m2 all around the country. Now it's upto what investors will pay.

A friend of mine 3 years ago bought a farm house and land for $6k he sold it at the end of last year for $45k.

 

The main market is the Chinese. They are the investors and the one who will buy, (foreign) Chinese  buyers of the rate of 70%

I seem to have read this in a recent thread or article. 

I would also not like to make a wild guess on whom the other 30% of buyer's would be or could afford. I would not have thought that the wealthy Khmer would buy, but than again rental investment is a possibility. I would have thought also it's out of the range of the working class, but with regards of the house and land price there is possibility.

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andy

Now let's see how some projects are moving along.

 

 

 

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John_Galt
13 hours ago, andy said:

The quote you have made on the price is not out of the question,

If it was beach view or ocean front but this one was 40 minutes from downtown PP.

 

Yes the Chinese are definitely the biggest buyers of Condos. 

 

I wonder if owning a Condo helps with getting a Visa? 

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andy
58 minutes ago, John_Galt said:

wonder if owning a Condo helps with getting a Visa? 

 

Best to look at it this way!

I do recall a minister quoting "just because" the foreigner bought a condo, we could always revoke his visa.

I think that it was his way of explaining that if you buy, it doesn't entitle you to have a privileged visa.

That to me would tell me not to do so with what is going on now. These people land grab from thier own. I don't think they would think twice about me or you.

Edited by andy
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dicey eye

A foreigner buying condo in Cambodia is a gamble. As Clint Eastwood said in Dirty Harry: "Do I feel lucky?' Well, do you, punk?"

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andy

I live on the other side of that road 1 bridge.

The opposite bank is Phnom penh city the riverside, and the sights. The Palace and Wat Phnom. The area I have marked in red is where I see Chinese and their business. I have never seen any westerners sat eating! That maybe the menus are only in their language, and there are many gangs walking on the road, yes not miss-spelling on the road, not pavement. Gangs of no less then 10 and age 20s. Little intimidating. It's not only speculation. I was in one restaurant and we hear loud voices, next a gang had followed a Khmer into the restaurant opposite the Chinese had hopped it, but the 50 something guy the staff struggling to put the bloody guy in a tuc-tuc.

Also now they are starting to venture into Tuol Kouk. There was a loud group of them in the Indian were dicey and I went. All the way tokoh pich they own business.

Screenshot_20190602-105650.thumb.jpg.94148d77b9183188491ec3b8f5cd6777.jpg

22 minutes ago, dicey eye said:

A foreigner buying condo in Cambodia is a gamble. As Clint Eastwood said in Dirty Harry: "Do I feel lucky?' Well, do you, punk?"

 

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andy
22 minutes ago, dicey eye said:

Well, do you, punk?"

 

You have done very well.

And your not on your own, some westerners have been in the business for this, opportunity at the right time and price. I know of one in particular, surprised he didn't join the list of Chinese lately bringing in large sums of cash. This guy is not new to the business and owns property around the world. But here he has been buying and building for resales. 

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dicey eye
2 hours ago, andy said:

You have done very well. 

I'm just an old barang with one foot in the grave - still have to work full-time at 72 yrs to make ends meet.

Don't have two shillings to rub together in my bank account........."that's the way the money goes, pop goes the weasel."

Edited by dicey eye
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