Foreign Property News | Posted by Shwe Zin Win
Condominiums are arguably the hottest type of real estate in Cambodia. Less than a decade ago, however, there were only a few condo projects in the capital. Most of them were geared toward expat clientele.
Now, over a decade later, a new trend is emerging as Cambodia’s middle class are pushing the demand for property ownership.
Ouk Chandaravuth, Sale & Marketing Director for Seven Residence Co Ltd, has seen first-hand the growing desire for condo ownership among Cambodians.
Daravuth said that, previously, there was a gap in the market as the demand for property ownership grew among locals. Condos, he said, are meeting that new demand.
In fact, growing demand for condo ownership was a major factor that led Seven Residence to build The Seven Residence Condominium, an affordable condominium, located in Sen Sok district near Aeon 2 Mall. “More and more Cambodian people are buying condos, because they can get them for lower prices than previous high-end projects in the city,” he said, adding that The Seven Residence Condominium has sold nearly a third of its units since presales opened in January.
Nearly all of the buyers, he said, are Cambodian.
“In five years, Cambodian people will be buying more condos than landed properties [such as boreys]. If they want to buy landed properties the price is higher and the location is farther from the city centre. More will turn to affordable condos located near the downtown area,” he predicted.
The Seven Residence Condominium represents a new trend in the Kingdom’s real estate sector. More developers are shifting their focus towards local buyers. This often involves keeping construction costs low and choosing secondary locations.
Units in this segment are currently going for $1,400 or less per square metre. In other words, units usually clock in at around $50,000.
Ref: Property Report
