Summary of the four major real estate market conditions in the third quarter
October 17, 2020
The property market in Phnom Penh in the third quarter of 2020 continues to be under pressure from the Covid-19 outbreak, but has seen a significant improvement, especially compared to neighboring countries.
CBRE Cambodia Real Estate Agent summarizes and analyzes the following four major real estate market conditions:
Condo
The supply of condominiums increased by 3.97% compared to the same quarter last year. This quarter, there is only one completed project that adds 828 units to the supply market. Separately, there are three new projects for sale: Urban Village 2, Arakawa Phase II and Yuetai Harbor Bay, which will add at least 2,000 units to the market after construction.
The selling price is reduced by 1% for high price condos, 1.4% for medium price condos and 1.2% for affordable condos. Rental prices, meanwhile, fell slightly by 2.88% for high-end condos and 1.71% for mid-range condos. This decline is due to the decline of foreigners in Cambodia.
The report also outlines a four-step strategy to revitalize the condo market, including 1) focusing on local buyers through new marketing strategies, 2) changing prices more appropriately and building to suit demand, 3) reshaping units. New and more innovative and 4) waiting for international buyers to come back.
Borey
Borey is the only sector that remains strong despite the Covid-19 crisis, seeing prices rise steadily. This quarter, 18 new projects were opened and 4 projects were completed.
Compared to the first quarter of 2020, sales prices increased from 3.4% to 12.5%, 5.4% for business houses and 9.2% for twin villas. In particular, although prices continue to rise, individual project owners are still rushing to market to attract customers.
In addition, CBRE also introduced recovery strategies for developers, including continuing to provide promotions, accelerate construction, and focus on developing affordable and affordable housing.
Office
The office market remains under pressure from the Covid-19 crisis, with supplies of more than 50,000 square meters postponed until 2021. There are no new sales openings this quarter, but three completed projects that add 30,000 square meters to the market. The three projects include TK Central, The Point and Sayon Phnom Penh.
Single-office office rental rates fell 8.9% compared to the same quarter in 2019. Rental prices decreased by 6.3% for urban locations and 9.4% for suburban locations.
Separately, the co-ownership office has two projects that have just been announced for sale: Duan Benrich Tower and Odom Tower.
Marketing strategies for project owners include flexible contracting with tenants, diversifying supply, modernizing market trends and improving the local environment. Office.
Retail market or supermarket
Supermarkets remain the hardest hit by the Covid-19 crisis. According to Google Mobility Tracker (February 17 to August 20), the current market situation is 11% below the base level. The vacancy rate was 10.97%, an increase of 0.77% compared to the same quarter last year.
Two new projects have been completed, 312 Quayside Mall in Daun Penh and The One Mall in Chamkarmon, in addition to the existing supply of more than 21,800 square meters, an increase of 6.1%. Rental prices, on the other hand, are stable or fall slightly depending on the type of market.
The strategy for restoring the market is to improve the marketing strategy at an early stage and increase new experiences and unique options for future customers after Covid-19 calms down.
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