Cambodia has oversupply of housing market

Nominal house prices down 1.1% y-o-y in Q3 2019.

The average price of high-end condominium units in Phnom Penh fell by 1.1% y-o-y to USD 3,190 per sq. m. in Q3 2019, based on figures from CBRE Cambodia. On a quarterly basis, high-end condo prices fell by 1.9% in Q3 2019 from the previous quarter.

Phnom Penh’s apartment market is expected to cool this year, mainly due to the oversupply of apartments in the city, according to local real estate experts. According to CBRE Cambodia, about 850 condo units were completed in Q3 2019 – increasing the total supply by 5.1% from the previous quarter. An additional 5,130 units were launched during the latest quarter.

Recently, the World Bank recommended that the Cambodian government should closely monitor the construction and real estate boom in the country by developing policies that could help reduce speculative activity.

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