February 16, 2022
Phnom Penh: Due to mindset of Cambodian starting
to be interested in living in condominiums, this market will remain stable in
2022.
Mr. Khon
Kongkea, CEO of ERA Cambodia, told the Property Area by telephone on the
afternoon of February 14 that there are a number of factors that will improve
the demand and supply of condominiums in Cambodia in 2022.
He said that
the condominium sector in Cambodia is growing, which is due to the turnover of
living and income sources of the people have improved. Awareness made them live
a modern, civilized life with a good income, and change lifestyle from a house
to a condominium.
At the same
time, the Royal Government’s good prevention of the spread of Covid-19 has also
contributed to the stability of the Cambodian economy. The reopening of the
country is a re-enactment for foreign investors to start flying back to
Cambodia gradually, which is a favorable opportunity for the condo market to
have a steady stream of sales.
He added that
on the other hand, Cambodians who used to live abroad and return to Cambodia
are also interested in living in condominiums. This is the reason why the
Cambodian condominium sector is also starting to have more and more Cambodian
customers buying and staying in condominiums, unlike the initial development
where most or almost all of the condominiums were foreigners.
He added that in addition to the mindset of the people, the traffic on the road
is also an important factor that makes people do not want to live in a house located
on the outskirts of the city far away from work, so some of them bought Condo
in the city center near the workplace.
“If people
want to buy a house in the center of the city, they have to spend a lot of
money because the land in the center of the city is very expensive and there is
no construction of a house for sale,” he said. “So only buying condos in the
city center will allow them to stay close to work.”
The condo market in 2022, both development and sales are expected to be more local, and foreigners will be able to return to Cambodia gradually after the crisis has eased.
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