Condo supply to reach nearly 80,000 units in 2025

PHNOM PENH: By 2021, Phnom Penh’s market reached 95 condominiums or approximately 27,000 units. Condominiums supply in the capital is predicted to increase to 175, or 78,000 units, by 2025.

According to a report by a Cambodian expert company with the property area’s team and added that the number of condominiums supplied in Phnom Penh remains increasing year after year.

The supply of condominiums in Phnom Penh to rise to 78,000 units, or 175 buildings by 2025, while the condo market in Phnom Penh currently ranges between $ 1,300 and $ 1,400 per square meter, with monthly rents ranging between $ 8 and $ 14 per square meter.

According to an ERA study, the supply of condominiums in Phnom Penh in 2025 will focus more on the mid-range market, as middle-income Cambodians are more likely to buy condos from year to year.

“In terms of the condo market in Cambodia today, comparing the population and the number of condos we have is inconsistent,” said Khorn Kungkea, CEO of ERA Cambodia Real Estate. Cambodia’s population is tight to 17 million, and even if only 10% of them can afford to purchase condominiums, the supply will be exceeded.

Furthermore, he stated that there are still foreigners who come to work or invest in Cambodia, which will boost the market for condominiums in the future.

He went on to say that Cambodians who can afford to buy a condo can be individuals with earnings of about $1,000 monthly because condominiums enclose a good price of 50,000 to 60,000 US dollars, so they can only pay $ 500.

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