The rise of condominiums in Cambodia, particularly in Phnom Penh, has certainly piqued the interest of local buyers, foreign buyers, and even the international media over the past half-decade. But as the Kingdom enters a new decade, you might be wondering, are condos still trending in Cambodia?The short answer is: Yes, they still are.
But are they worth the investment? This report will look at price trends and upcoming supplies of condominiums across the Kingdom of Cambodia to help you decide.
The trend of condominium development in each city will be further broken down into popular questions such as:
- What’s the right price to buy a condominium?
- What affordable price can I pay for a condominium?
- How much can I spend if I want a top-class condominium?
- How many more projects and units are coming?
- How much can I expect to earn if I invest in a condo today?
- Will condominium prices increase next year?
According to Realestate.com.kh’s Consumer Sentiment Survey 2019, 76% of property buyers within Cambodia are looking to purchase property in Phnom Penh. This isn’t too surprising as the city hosts the Kingdom’s seat of government and serves as the home to over 2 million Cambodians and a healthy expatriate population – making the capital not only the political centre, but at the same time, the primary economic hub of the country. This makes it the ideal place for buyers and investors looking for the widest selection of condominiums in Cambodia.
What’s the right price for a condominium in Sihanoukville?
For context, Sihanoukville saw a steep increase in real estate prices due to the influx of Chinese investors and workers. After the ban, prices began to fall and (as of Q1 2020) is seeing a slump due to the mass departure of Chinese nationals. If you’re looking to buy property near the beach, Sihanoukville might be worth considering now. Good thing beaches don’t fly away when the market slows down.
The starting sale price of condo units in Sihanoukville is ~$72,000 across the range of units available. To be more specific, 1-bedroom condominium units cost an average of ~$75,000 while the average cost of their 2-bedroom counterparts is ~$165,000. More spacious 3-bedroom options are available at ~$300,000.
What’s an affordable price for a condominium in Sihanoukville?
Sihanoukville’s residential development was made to attract Chinese buyers who often have high-class tastes. This makes affordable and good-value condominiums plentiful in Sihanoukville today.
A 1-bedroom unit in Sihanoukville can be bought for ~$55,000. Bigger units are also available such as 2-bedroom units which can cost as low as ~$90,000. Even bigger 3-bedroom units can be purchased from $240,000. Though keep in mind that some affordable options may be quite a distance from the much-coveted beaches of Sihanoukville.
How much can I spend if I want a top-class condominium in Sihanoukville?
While luxury properties in Phnom Penh offer big pools, luxury properties in Sihanoukville offer the sea. A luxury 1-bedroom unit in Sihanoukville can cost ~$150,000. While a top-class 2-bedroom unit can cost ~$250,000. Big 3-bedroom units can be purchased for $500,000. As for amenities, there is virtually little difference from Phnom Penh’s developments and you get the added benefit of easy access to the beach.
If you’re interested in high-end condominiums in Sihanoukville, you can start with Prince Golden Bay, Prince Tian Xi Wan, and Morgan the Pure Bay.
How many more condominium units are coming to Sihanoukville?
Sihanoukville will welcome several thousand units in the next few years. In 2020, we could see an additional 5,000 units entering the city’s condominium stock. In 2021, Sihanoukville will usher in over 27,000 new residential units. This is a figure almost twice the size of projected additional units to become available in the capital Phnom Penh. And in 2022, another 4,000 units will be added to Sihanoukville’s condominium stock.