PHNOM PENH: Many local investors have been developing more affordable housing in recent years, but many people have also purchased plots of land for future use.
According to Oknha Sam Sok Noeun, President of the Global Real Estate Association (GRA) discussed with AMS reporter, as the country grows, more and more plots of land will disappear, and if the government and private companies collaborate to develop more affordable housing, the people’s standard of living will rise. The land market will shrink even further as long as there is proper infrastructure and orderly living.
Oknha added that most buyers of plots of land in Cambodia, particularly on the outskirts of Phnom Penh, want to own the house because they come from the province as factory workers, construction workers, and workers in Phnom Penh, and they cannot afford to live in the city. Instead of purchasing a house, a plot of land is another option. People in need of housing will be able to afford more housing and monthly installments if investors become more involved in affordable housing development.
Investors should begin investing at low prices and selling to people in need of housing in the suburbs to help people working near or in the city. However, some plot developers have shifted their focus from plot development to residential development.
According to Phon Soonden, Head of Sales and Marketing at KH Land, his company is now developing homes for sale to customers because there is a high demand for housing in the suburbs. However, rapid growth, combined with numerous other opportunities, necessitates the development of housing, particularly low- and middle-income housing.
He continued, “We want customers to have the option of buying a house or a plot of land for housing; customers can also buy these properties and pay the same installment, either land or house.”