Western Phnom Penh: your property values aren’t impressing anyone
Western Phnom Penh: your property values aren’t impressing anyone
(At least, not right now)
Land values in Phnom Penh’s western districts remained flat in the third quarter of the year compared to the previous quarter, an analyst with Cambodia-based real estate firm VTrust Appraisal told Khmer Times. Price growth in Por Senchey district, which takes up most of the city’s western area, fell short of expectations for most of the year to date.
“In three quarters of 2016, prices have been sluggish due to the overall slump in real estate prices, where the downward spiral began in late 2015,” said VTrust Appraisal research director Hoem Seiha.
While land prices in the district rose by 31 percent a year on average over the last three years, growth in 2016 has been middling at best. “Within those three years, 2014 and 2015 marked the strongest growth for land prices,” Seiha said.
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Two communes in Por Senchey bucked the trend and showed remarkable growth, while prices in neighbouring communes stagnated. The median price in Choam Chao grew from USD320 per square metre in 2013 to USD400 per square metre in the third quarter, while that in Kakab rose from USD380 per square metre in 2013 to USD490 per square meter.
Overall, the district has seen considerable land price growth over the last three years, with values standing at USD170 per square metre in the third quarter of 2016, compared with USD110 per square metre in 2013.
Phnom Penh’s western region is an especially populous portion of the Cambodian capital. Por Senchey alone is home to 30 percent of the city’s existing landed housing units that were completed between 2002 and 2016, the Times reported.
Por Senchey has become a lucrative area for land investment and speculation, due to its easy access to National Highway 4, good coverage of the capital’s arterial roads, and abundance of prime space for new developments.
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Source: Property Report