Condo supply to reach nearly 50,000 units this year and 70,000 units by 2023

PHNOM PENH: According to a report by an international company, there will be no new supply in the condo market in the third quarter of 2022, but the supply is expected to increase to nearly 50,000 units in 2022 and nearly 70,000 units in 2023.

According to the CBRE Cambodia report for the third quarter of 2022, Cambodia had no new condominium projects to build or supply in the market in the last three months. Following a previous break, more than 900 condominium units have resumed developing in the Cambodian market.

According to Kim Kin Kesa, senior manager of CBRE Cambodia, the currently under-construction condominium project was suspended or postponed during the Covid-19 period.

“The new condominium development in 2022 is not much because the Cambodian condo market is focused on foreigner buyers, and while they cannot come to Cambodia, condominium development is now fewer activities,” she added.

Condominiums for local buyers are less of a problem, according to Khon Kongkea, CEO of ERA Cambodia, but condos for the foreign markets or foreign buyers are a real problem for the market at the moment because we have observed that foreigners are not entering Cambodia as much as they were last year.

However, he stated that the condo developers and condominium agents continue with customer support and remain to have a steady flow of sales in 2022 compared to 2021.

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