Cambodia Real Estate – How Decentralised Affordable & Quality Lifestyle Condo Projects Are Booming in 2019.
Cambodia is one of South East Asia’s fastest growing countries with a robust GDP growth of 7.5% recorded by the World Bank[1] in 2018 and according to the Asian Development Bank[2] forecasted to be at a rate of 7% in 2019. Despite, this rather positive outlook in a time of worldwide trade wars and market instability, there seems to be concerns that the period of booming condominium property will soon come to an end, due to oversupply from Chinese projects.
According to Ross Wheble, country head of international realtor Knight Frank Cambodia, in an article published by Bloomberg[3] in Sept 2018 “The high-end condo market is certainly oversupplied and what we are seeing now are sales and rentals are slowing. There are only a limited number of Cambodians who can buy these condos and for a market to be sustainable there needs to be domestic demand.”
It turns out, there is domestic demand and it knows what to look for.
Cambodians and savvy investors are not looking to China-style luxury properties, that have flooded the market. More and more informed individuals whether expat or local are capitalising on condo projects that offer either affordability or quality from reputable developers. In the Q2 2019 real estate report published by CBRE[4], there has been a trend shift from mid to high-end condominiums towards affordable projects.
Over half of these projects are in de-centralized regions of Phnom Penh, including Sen Sok, Chroy Changvar and Mean Chey districts, which when combined accounted for circa 57.4% of total launched supply in Q2. The development in these districts have great potential to see investment returns that are greater than central locations in the years to come.
The Peninsula Private Residences is an award-winning lifestyle condominium project situated in the fast developing Chroy Changvar district in Phnom Penh. Winner of the Property Guru Asia Property Awards 2019 for Best Condo Architectural Design and Best Condo Interior-Design, the project is targeted towards people that care about quality living and comfort. For those that are looking to own an affordable boutique living or an investment with solid returns, come to the sales gallery and learn about The Peninsula Private Residences today.
You can contact The Peninsula Private Residences at 017 222 760 to schedule an appointment or find us on Facebook, The Peninsula Private Residences Facebook page.
[1] Cambodia Economic Update May 2019, published 7th May 2019
[2] Cambodia: Economy, Asian Development Outlook (ADO) 2019: Strengthening Disaster Resilience, published April 2019
[3] Chinese Money Is Driving One of Asia’s Fastest Property Booms, published 11 September 2018, written by Philip Hejimans
[4] Rainy Season Brings Flood of Affordable Condominium Launches, published 10 July 2019, written by CBRE CAMBODIA