Cambodia’s real estate sector experienced strong growth in the first half of the year. (Photo: khmertimeskh.com)Phnom Penh (VNA) - Cambodia’s real estate sector experienced stronggrowth in the first half of the year, with robust market absorption for landedhousing and condominiums.
Phnom Penh’s Property Market Update H1-2019 notes that 13,900 landed housingunits from 82 projects were launched, including residential link-houses with about65 percent or 9,100 units, and purpose-built shophouses with 21 percent ornearly 3,000 units, according to the latest report from VTrust Appraisal.
The report said that market absorption for landed housing was 10 percent in thefirst half of 2019 (12 months for supply to be sold), while it was only 8percent in the first half of 2018.
Besides, the condominium market saw 6,600 new unit launches in the first sixmonths of the year, with the market absorption of 3.7 percent.
Also in the first quarter, office supply of all types in Phnom Penh totalledmore than 638,000 square metres. The standalone office segment had the largestshare with 36 percent, followed by large office (29 percent), small office (18percent), and medium office (17 percent).
Hoem Seiha, VTrust Appraisal director of research, said the strong marketabsorption rate is a sign of the sector’s health. The condo market in Cambodiais strong and demand is starting to grow, particularly among local buyers.
Chrek Soknim, president of the Cambodian Valuers and Estate Agents Association,said the real estate sector in Cambodia will continue its robust growth in thenext five years, particularly in Phnom Penh, Sihanoukville, Kep, Kampot, SiemReap, Battambang, and Koh Kong./.
VNA
