Borey Market Robust Despite COVID-19, Sale Prices Rise 8 to 13% in Q3

Despite the prolonged 20 February community outbreak incident, the Borey market in Cambodia remains robust, with sale prices up by 8 to 13% in Q3 from the previous quarter.

According to a report by CBRE Cambodia on 12 October, 22 new projects were launched and 3 projects were completed in this quarter, bringing the total supply as of Q3 to almost 93,000 units, a 0.5% q-o-q.

With this trend, by the end of 2021, the total supply is expected to reach 274 projects, or equivalent of over 98,000 units.

However, due to the pandemic crisis, some projects may face construction delay but should not be more than 8 to 12 months, as the developers still want to maintain the trust from buyers.

Compared to other subsectors in real estate, the Borey market is still relatively stable, particularly for the mid-range and affordable types. In Q3, flat house, link house, and shophouse prices increased by 11.4%, 13.4%, and 8%, respectively compared to the previous quarter.

The price increase is stemmed from the new launches of innovation projects in various good locations that creating more excitement for buyers. Besides, most of the projects belong to reputable developers, which also increases buyers’ confidence.

The upward trend is also contributed by the slight slowdown in community transmission in the late Q3, which gives the opportunity for developers to launch their projects after holding on for a while since Q2.

According to CBRE, infrastructure development projects are still the magnet and the driving factor attracting project development. Meanwhile, investment in Borey is still the trend and safe heaven for local investors.

Source: https://www.construction-property.com/borey-market-robust-despite-covid-19-sale-prices-rise-8-to-13-in-q3/