Land Prices up 4.8%: CBRE Phnom Penh Q1 2016 MarketView
Land Prices up 4.8%: CBRE Phnom Penh Q1 2016 MarketView
CBRE’s Phnom Penh Q1 2016 MarketView has just been released!
Chris Hobden, Manager of Research, Consulting & Valuation Services at CBRE Cambodia said that, “The Phnom Penh property market witnessed a significant increase in development activity over the first quarter, with investment in construction and residential project launches up 267% and 61.6%, year-on-year, respectively. Land prices appreciated by an average of 4.8% over the first quarter across Phnom Penh’s six principal districts. Notably, prices in Chroy Chang Va district rose by 8.8%, bringing its total land price appreciation to 208% since Q1 2010, driven by a combination of infrastructure improvements, local development activity and the continued expansion of the city’s core.”
In summary:
- Land prices across principal districts appreciated by an average of 4.8% over the first quarter, with land prices in Chroy Chang Va and 7 Makara districts rising by 8.8% and 8.3% Q-o-Q, respectively.
- A total of 4,158 condominium units, across 8 projects, announced over Q1, representing a Y-o-Y increase of 61.6%.
- Average sales and rental prices broadly appreciated over Q1, with the exception of shopping mall rents, due to challenges faced by ageing retail stock in the context of upcoming supply.
- Limited new supply came on-stream over Q1, with 3 office buildings collectively adding 17,260 sq.m of leasable space to modern Phnom Penh stock.
- US$1.65bn invested in construction over Q1, compared to US$448m in Q1 2015, representing a significant Y-o-Y increase of 267%.
Find out more: Download the full report!
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Source: News – Real Estate Cambodia