Thursday 23 November 2017

Phnom Penh property prices on the increase

Land prices in Phnom Penh have risen since Cambodia’s property boom and bust more than five years ago, but industry experts say a similar bubble is unlikely in the near future.

Phnom Penh property prices on the increase

Construction in Phnom Penh. Photo: AFP

April 21, 2014

A survey by VTrust Property Co Ltd found the average asking price for land in Phnom Penh was US$1,440 per square meter.

The average prices per sq m of land varied widely between Phnom Penh’s nine districts, with the most expensive at about $3,630 per square metre and the least expensive at $160.

In Daun Penh, the city’s central business district, the average price per sq m was $3,628. The minimum price was $1,042 and the maximum was $5,830.

According to the survey, Daun Penh’s highest average price was $4,200 in Chey Chumneah commune.

The most expensive districts by average included Daun Penh, Prampi Makara, Chamkar Mon and Tuol Kok.

While the results reveal a steady increase from the property crash in 2009, VTrust executives said that there should be little concern of another property boom and subsequent bust.

“As long as the economic and political situation is good, the prices will increase steadily,” said In Sitha, managing director of VTRUST Realty Co Ltd. “During the next five, 10, 15 years, the market price will continue to go up, but there won’t be a boom.”

VTrust’s survey was conducted with a sample of 660 correspondents via telephone and in-person interviews who at the time were selling their properties in the city.

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