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Year-end inventory:
2022-01-27 427 阅读

There are so many unforgettable events in 2021. Although it was not very peaceful, the year is still full of hope and love.

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The effect continued until the beginning of November, when the country reopened its borders again. All walks of life were officially restarted, and everything began to move forward along the right track.

Therefore, as an important part of driving the country's economic development, how was the Cambodian real estate market perform in 2021?

The Definitive Guide to Overviewing the Cambodian Property Market in 2021 

1000+ of apartments were added throughout the year

Recovery is expected to be in the second quarter of 2022

As of the end of 2021, as the pandemic has slowed supply growth in the Cambodian apartment market, during the whole of 2021 there were only four new apartment developments, which added around 1,000+ new units (1).

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As far as the whole market is concerned, the total supply of the apartment market is sufficient throughout the year. With over 30,000 apartments sold in the market, with an average price of about $3161/㎡, of which the unit price of economical apartments is about $1500/㎡; the unit price of mid-range apartments is between $2000-$2500/㎡; and the unit price of high-end apartments is around $2700–$3200/㎡.

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In 2021, Cambodia’s new condominium projects are mainly distributed in Phnom Penh and Sihanoukville, especially in Phnom Penh, where the supply accounts for 89% of the total market, with an average price of units for sale of about $3305/m2.

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According to the statistics of Compass Real Estate, in the rental market in 2021, the supply of apartments will exceed half, at about 69%, and other rental formats will account for less than 10%.

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The supply of rental apartments in 2021 will remain at around 3,518 units, with rental prices ranging from $1,785/month to $1,811/month.

According to a local real estate expert in Cambodia, the apartment rental market in 2021 dropped by 5% or 10% compared to 2020, but with the reopening of Cambodia, the market will begin to show signs of growth. He expects the apartment rental market to recover in the second quarter of 2022. 

Townhouses start at $200K/unit, with an average rent of $1338/month

Villas start at $1.2 million/unit, with an average rent of $3567/month

In 2021, there were more than 250 projects of landed real estate offering new houses in the market, among which flat houses are priced below $200K/unit; townhouses are about $200K-$300K/unit; and single villas are the most expensive, between $1.2 million and $1.8 million per unit (1).

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In 2021, domestic large-scale construction projects (borey) were mainly distributed in Phnom Penh, accounting for 81% of the total market.

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In terms of the rental market, according to Compass Real Estate’s data, the rent of a villa is about $3567/month, of which 33% are 4-bedroom units, and the monthly rent is about $1871.

As for the listings of townhouses, the average rent is $1338/month, and the most occupied are 4-bedroom listings, which is 30%, and the monthly rent is about $937.

Shophouses start at $400K/unit, with an average rent of $3590/month

While 2021 is a year of uncertainty, it is also a time of opportunity for those who are ready to invest.

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Shophouses, the representative buildings of Cambodia’s commercial and residential integration, are a favorite in the eyes of local and foreign investors. In the new housing market, shophouses are mainly distributed in Phnom Penh, accounting for about 82% of the country’s shophouses.

Secondly, the average selling price of Cambodian shophouses in 2021 will be about $400K–$500K per unit (1).

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In terms of leasing, shophouses account for a relatively small proportion of the total, with an average rent of about $3590/month and mainly located in the Chamkarmon District.

Over 88,000 square meters of retail space were added throughout 2021

In 2021, a total of more than 88,000 square meters of retail space in Cambodia was completed, with an occupancy share of about 67% (1).

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New retail space properties are mainly distributed in the capital, Phnom Penh, accounting for 92% of the total market, with an average rent of $5805/month.

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In terms of rental, the retail space in Phnom Penh is mainly located in the Chamkarmon District, where the supply volume has reached 43%, with an average monthly rent of $6,488. In addition, Doun Penh, the cultural and business center of the capital, has a rental supply of retail space with an average monthly volume of about 20% of the total market, with a rent of $4,894/month.

Added 240,000 square meters of office space

By the end of 2021, 21 office space projects has been completed in Cambodia, with an approximate area of more than 240,000 square meters (1).

In the last year, the total supply of total net rentable office space in the housing market reached more than 800,000 square meters, with an occupancy rate of about 68%.

In 2021, office space in newly launched properties or large-scale projects is priced at $3011/m2.

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In terms of rental, rental offices are mainly distributed in Phnom Penh's business district, Chamkarmon. The supply of this area accounts for 65% of the total market in Phnom Penh, and the average rent is $4298/month.

Conclusion

According to the data released by the Ministry of Land Management, Urban Planning and Construction of Cambodia, the government has approved a total of 4,303 new projects, with a total construction area of 13 million square meters and a cumulative registered capital investment of 5.3 billion US dollars during 2021.

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At the same time, according to the "Macroeconomic and Banking Progress in 2021 and Outlook 2022" released by the National Bank of Cambodia, the construction and real estate industry are expected to progress slowly in 2022 based on the growth of Cambodia's domestic income and the increase in international direct investment.

While 2021 was still a stressful year for all of us, as the new normal of life evolves and most countries around the world begin to reopen their doors, the future is still full of possibilities, and the recovery will take place in 2022.

The real estate industry, as one of the important industrial structures for the development of Cambodia, will definitely get out of the downturn and gradually return to the level before the epidemic.

 

Note: Part of the data comes from CBRE Cambodia

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