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Property developers, investors enjoy promising start to 2022

Posted by Mizpah Grace Castro on May 21, 2022
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Within the first two (2) months of the year, the Cambodian government approved around $140 million’s worth in real estate and property development projects, over 650 in quantity. In particular, the borey market has remained strong compared to other subsectors, with 39 new launches between October 2021 and April 2022.

For these and other residential compounds, companies made it a point to incorporate basic amenities such as schools and malls for the convenience of potential residents. With a growing demand among Cambodians to own property outside the city centers, careful attention was given to ensuring they could enjoy the same modern luxuries as inner-city dwellers.

Suburban locations also mean being able to build and offer more spacious homes, thus many of the latest developments feature large, gated yards which were getting to be a rare feature among those in central Phnom Penh. As the city radius continues to enlarge, such home investments are also a sure family inheritance among buyers.

Another trend was the inclusion of furniture among properties for sale as a promotional bundle to persuade buyers, giving them the most value for their money. Coupled with government loans and lower interest plans available, home hunters and other property seekers now have more bargaining power, to which developers have responded quite well.

According to a CBRE Cambodia report released last month, the number of gated borey communities will continue to rise. More than 300 projects are expected to be finished by the end of this year, and almost 400 by the end of 2023.

Overall, Cambodia’s real estate and construction industry has stayed robust throughout the pandemic period despite setbacks interrelated with other sectors. Within the first 11 months of 2021, projects amounting to $10.35 billion had been approved.

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