Yme Posted March 31, 2017 Share Posted March 31, 2017 This says property prices in Cambodia could fall by as much as 50% du t the constant release of new accommodation priced in the $100,000+ range. It points out a few projets that have stopped also. There does seem to be a lot of empty property according this. Possible? "Additionally 2016 saw 11,550 new units released for presale, with link type houses accounting for 89.1 per cent, or 10,290 units. However, only 51 per cent were sold. Of the 100,278 strata housing units available at the end of 2016, VTrust says only 67 per cent or some 68,190 had found buyers." "The view of a burgeoning oversupply in the Phnom Penh property market are echoed by Knight Frank in its Cambodia Real Estate Highlights H2 2016 report. In it the international property consultancy giant forewarns of an additional 1,053 more serviced apartment units coming online by the end of this year, adding to the existing recorded pool of 4,214 units available right now." Is The Phnom Penh Property Market Headed For a Massive Crash? Link to comment Share on other sites More sharing options...
Sheryl Posted March 31, 2017 Share Posted March 31, 2017 I think the big problem is that there has been massive construction of "luxury" condos/apartments for which there is no market. Ordinary house/flat rental prices have been pretty stable, are already pretty reasonable, and there is no glut of them - places are available but not huge numbers vacant. It is these new, overpriced things that are sitting empty. Link to comment Share on other sites More sharing options...
Yme Posted April 1, 2017 Author Share Posted April 1, 2017 19 hours ago, Sheryl said: I think the big problem is that there has been massive construction of "luxury" condos/apartments for which there is no market. Ordinary house/flat rental prices have been pretty stable, are already pretty reasonable, and there is no glut of them - places are available but not huge numbers vacant. It is these new, overpriced things that are sitting empty. Even the boreys didn't have a high clearance rate last year according to that article. But you are correct. All these $100,000+ condos in a country where the minimum wage is $150 a month. It's not like Phnom Penh has the infrastructure, entertainment, or commerce that Bangkok, KL, or Jakarta have. Not many lights on in those luxury places at night time. Must be pretty eerie being one of only perhaps 20 in a building designed for a couple of hundred. Link to comment Share on other sites More sharing options...
Sheryl Posted April 1, 2017 Share Posted April 1, 2017 Also from what I see, wealthy Cambodians aren't buying these places, they still opt for houses even if that means being on the outskirts of the city. Cambodians aren't accustomed to high rise living and it has not remotely caught on. There is also some doubt in many people's minds as to the quality/safety if construction...and who wants to be dependent on elevators in a city that power outages a few times a year? Link to comment Share on other sites More sharing options...
Yme Posted April 4, 2017 Author Share Posted April 4, 2017 Added to that, who wants to live on the 16th floor when the fire service ladder will only reach the fifth? Skilled workers and Cambodia, or compliance and Cambodia (and lots of other pairings with 'Cambodia') are an oxymoron. The last electrician we had totally dismantled an electric insect killer to change the globes (and then couldn't get it back together). Link to comment Share on other sites More sharing options...
elgordo38 Posted April 25, 2017 Share Posted April 25, 2017 On 3/31/2017 at 4:39 PM, Sheryl said: I think the big problem is that there has been massive construction of "luxury" condos/apartments for which there is no market. Ordinary house/flat rental prices have been pretty stable, are already pretty reasonable, and there is no glut of them - places are available but not huge numbers vacant. It is these new, overpriced things that are sitting empty. Greed Glut?? Link to comment Share on other sites More sharing options...
dotpoom Posted April 25, 2017 Share Posted April 25, 2017 100,000 dollar + houses would't affect the average buyer in Thailand I would imagine....would Cambodia not be the same? Link to comment Share on other sites More sharing options...
abab Posted April 25, 2017 Share Posted April 25, 2017 Incredible that everything is more expensive in Cambodia than in Thailand when labour is so cheap ! Link to comment Share on other sites More sharing options...
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