Land Prices Drop in Capital Districts

Land prices in the capital’s Sen Sok and Tuol Kork districts saw a slight decrease in the second quarter relative to the year’s first quarter, which was blamed on a stagnant property market from earlier this year. Land prices across Sen Sok district have been sluggish since the beginning of 2016, causing the list price ratio to drop slightly to 99 percent from the previous quarter, as property sellers try to determine a reasonable market price, according to the latest report from VTrust Appraisal Co. Ltd.

However, Sen Sok district has experienced rapid growth, especially in residential, commercial and infrastructure development. “Land prices in the whole district increased markedly over the last couple of years,” the report stated. “By the end of 2013, the average market price of land in Sen Sok was $380 per square meter. In the first half of 2016, the average market price in the district rose to $690 per square meter, with an average growth of 27 percent year-on-year from 2013 to 2015.”

Meanwhile, Tuol Kork district experienced a slight rise in land prices within the same period, from an average market price of $2,150 per square meter in 2013 to $2,530 per square meter in early 2016, growing at six percent year-on-year within the same period. “However, across Tuol Kork district, the Q1-to-Q2 2016 list price ratio dropped to 99 percent due to real estate market stagnancy since the start of this year,” the report read.  

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