Logo of Phnom Penh Post newspaper Phnom Penh Post - Growth in land prices subdued

Growth in land prices subdued

Content image - Phnom Penh Post
Average land prices in central Phnom Penh’s districts ranged from $5,500 to $5,000 per square metre. Hin Pisei

Growth in land prices subdued

Land prices in Phnom Penh have seen the slowest growth in a decade due to the Covid-19 pandemic, according to a survey by real estate firm CBRE Cambodia.

The CBRE Cambodia report said land prices in the city centre in the second quarter of this year remained stagnant and increased slightly in suburban areas.

Average land prices in central Phnom Penh’s districts ranged from $5,500 to $5,000 per square metre – $5,000 in Prampi Makara and $5,500 in Daun Penh, Chamkarmon and Boeung Keng Kang.

In Tuol Kork and Sen Sok districts, land prices increased by around two per cent to an average of $3,500 and $1,425 respectively.

Average land prices in Russei Keo and Chroy Changva districts stood at $1,250 and $1,150 per square metre respectively. In the more distant Dangkor, Meanchey, Chbar Ampov, Por Senchey, Prek Phnov and Kambol districts, average prices is between $150 and $500 per square metre.

CBRE Cambodia managing director An Sothida told The Post on Wednesday that the stagnant land prices in the capital was the result of Covid-19.

She said land transactions are stalled because the pandemic has led to a suspension of travel by large foreign investors to Cambodia. She said Covid-19 has also caused delays in some construction projects.

“It’s the slowest incease in land prices in the last 10 years,” she said.

She said land prices in the suburbs have seen a slight increase thanks to booming infrastrcuture develpment in the areas, which have attracted developers to invest there.

“Infrastructure development is gradually turning agricultural land in the suburbs into residential, commercial and industrial areas, where factories and enterprises are concentrated,” she said.

Lucky Realty CEO Dith Channa agreed that land prices in Phnom Penh have not changed significantly since the beginning of this year. He said there were three major factors influencing the market – a drop in Chinese investors, Covid-19 and global economic stagnation.

“Land prices in Phnom Penh did not increase much in the first half of this year, but there may be some growth in the second half as transactions have gradually resumed,” he said.

MOST VIEWED

  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Manet calls for Cambodia’s railways to get back on track

    Prime Minister Hun Manet has instructed the relevant authorities to expedite studies into upgrades to the Phnom Penh to Preah Sihanouk railway line. He suggested that the maximum speed on the line should be increased to 80km/h, in order to expedite the transportation of