In 2022, the epidemic situation in Phnom Penh has not been completely controlled under the ravage of Omicron. Considering the economy and epidemic situation, Cambodia chose to coexist with the virus. The number of confirmed cases per day remained in the range of 300 ~ 700 in February and March, and all economic activities are still going on as usual.
In terms of the leasing market, from the Christmas to the Chinese New Year holiday, it was originally the off-season for changing houses. Coupled with the impact of the epidemic, it was difficult to enter and leave the country. Under this double blow, the market, which was already off-season, was even colder. Besides that, the “blood slave case” and “telecommunications fraud” have led to a wave of Chinese returning home. In addition, China’s stricter entry and exit control have made it more difficult for the Chinese people who originally planned to go abroad, making the Cambodian investment market desolate due to the epidemic worse.
According to the Cambodia real estate survey, the proportion of foreigners and locals living in apartments has increased significantly this year. Among all respondents (including Cambodians and foreigners), 31% are willing to rent apartments. Among them, 49.5% of foreigners are willing to live in apartments. If foreigners are divided into Chinese and Westerners, 60% of Chinese and 47% of westerners are willing to live in apartments, The second is the villa project. The highest rent budget is in the range of $501 ~ 1000 per month, accounting for 44.9%
資料來源： Cambodia real estate survey 2022
In the apartment rental market, foreigners account for the majority, and 60% of the Chinese are the largest. However, due to the epidemic and China’s domestic epidemic control, the number of Chinese in Cambodia has decreased significantly, which has also affected the rental rate and rental price in the Cambodian rental market. However, while the author is writing this article, the Cambodian government has asked China to strengthen a joint crackdown on Cambodian crimes in order to improve the public security problem in Cambodia. According to previous experience, it will take several months. Therefore, the author believes that Cambodia’s foreign investment funds should gradually return in the second half of the year.
After Prime Minister Hun Sen announced in mid-March that Cambodia would broaden of immigration control and determined the policy of coexisting with the virus, all walks of life are ready to go and usher in the dawn. At present, the situation in Cambodia is basically determined that there will be no restrictions due to the epidemic. After late March, a wave of foreign tourists began to travel to Cambodia, mainly from Singapore, Malaysia and other Southeast Asian countries. At present, the rental market is dominated by short-term rental housing for 1-3 months, what we can focus on is the store products, perhaps because of the broadened policy, or the store opening plan after the Chinese New Year, so the trading volume of the store products has increased slightly recently, and the chain brands have made use of the current low rent to vigorously display the stores, such as Pizza Hut, Texas Chicken and other catering brands.
With the openness of the world to the epidemic and the fact that Southeast Asian countries have begun to exchange needs and no longer adhere to the closed epidemic prevention policy, it seems that the real estate in Phnom Penh has a chance to rebound from the bottom. It is worth noting that due to the impact of the epidemic in the previous three years, the real estate in Phnom Penh is in a state of stagnation and regression, and the return of foreign immigrants and business people takes some time to digest, I think the real estate rebound will take the lead from the traditional hot areas, such as BKK area and Toul Tom Poung area, to the vicinity of Naga and Koh Pich, which will depend on the opening time of China’s policy towards Cambodia and the trust of the people.
At present, it may be the last opportunity to explore the bottom of the housing market in Phnom Penh. At present, in order to stimulate gas buying, most developers have a discount of 10% ~ 25%, plus easier payment methods such as interest free or loans, which greatly reduces the difficulty of starting. In addition, in terms of infrastructure construction, epidemic control and international policies, Cambodia’s major indicators are positive, If you want to buy investment or live by yourself, you can grasp the current opportunity.
He has lived in Cambodia since 2014 and served as
Current position: Sales Manager of Master Real Estate Services, deeply engaged in the real estate market in Phnom Penh, Cambodia, comprehensively analyzed from the perspective of business, living habits and cultural differences, and had a considerable understanding of Cambodia.
As the first Japanese property management company in Cambodia, C-Herald Property Service Co., Ltd. has developed rapidly in its five-year operation. At present, it has three service projects of hotel apartments in the business district of Phnom Penh, the capital of Cambodia.
C-Herald Property Service Co., Ltd. has received the entrustment management from many overseas landlords. Therefore, we decided to expand our business to individual assets management and reselling, and officially established a subsidiary company, Master Real Estate Service. Since then, C-Herald Property Services Co., Ltd. has completed the real 360° services provider. Master Real Estate can take over the follow-up services immediately for the landlords after the purchase which includes six major services: House Inspection, Renovation, Represent for unit handover, Leasing, Asset Management, and Reselling, making you truly realize your dream of becoming a “Sleeping Landlord”.
As a real estate service company that has worked deeply in the local area for many years, we have rich experience and professional human resources, can provide all kinds of real estate solutions and services, and provide multilingual services like Mandarin, English, Japanese, and Khmer to meet the needs of landlords and customers. We firmly believe that the core value of our company is to answer and solve customers’ problems.