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300,000 Condominium Units Needed by 2030
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With the lifestyles of the capital’s residents witnessing the change of trends especially younger generation, as well as an increase in landed housing pricing in Cambodia, the demand for condominium will grow over the next 5-10years, commented by a property source.
Based on VTrust Appraisal report, estimated at least 300,000 condominium units will need to supply in Phnom Penh by 2030 due to change in market condition over the next ten years as city residents will face difficulty to afford a landed house. The city will no longer have more lands for developers to build affordable landed houses.
At present, over 20,000 condominium units are available in the market including those, which are still under construction.
Furthermore, First Vice Chairman of the Cambodia Constructors Association (CCA - Oknha Hann Kheang, echoed the remarks, saying that traffic congestion in the city, travelling time and the cost of condominium units being similar to landed houses located outside the city are the factors encouraging people to purchase condominiums in the city. Besides, more foreigners working in Phnom Penh will also stay in condominiums. Travelling around in the city is not easy, and he believe that demand for condos will increase due to their price being relatively affordable.
Chrek Soknim, president of the Cambodian Valuers and Estate Agents Association, mentioned that although now majority condominium buyers are foreigners, eventually when the local people increase in income, the demand for condominiums by Cambodians would increase, particularly among the young generation whom prefer their own privacy and ease of living associate with their work conditions in the city.
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