In its latest Market View report, CBRE
Cambodia Research concludes that Phnom Penh has well and truly put the fallout
from the Global Financial Crisis behind it, and the city is now responding to
demand for Grade-A serviced apartments.
507 serviced apartment units came on line
in Phnom Penh last year, and a further 170 will arrive this year, with 20
condominium projects either completed or under construction.
The declining trend in condominium
developments in the aftermath of the 2007-8 economic downturn has now reversed
and confidence appears to have been restored to the market due the successful
implementation of off-plan developments such as De Castle Royal, which is
slated to open later this year and is already 90% sold out.
Significant interest from international
purchasers has helped to drive sales, with the ratio of domestic to foreign
buyers as high as 65:35 in some buildings.
Notable developments in Phnom Penh’s retail
sector are the imminent arrival of Aeon Mall, which is set to open in the
middle of this year, and Parkson City Centre, which will open early next year.
The next 12 months will see a wave of new
brands entering the Phnom Penh retail market. Both consumers and retailers
alike will benefit from a diverse mix of tenants in new, high-quality shopping
centres.
There has been an increasing demand for
luxury products, or at least mid-tier brands, in Phnom Penh and change is being
driven by a combination of positive GDP growth, an aspirational middle class
and a young demographic, with an increasing disposable income.
With continued year on-year GDP growth,
considerable levels of foreign investment and a domestic population whose
disposable income is to set increase significantly over the coming years, the
overall outlook for the Phnom Penh real estate market looks encouraging.
Source:
http://www.phnompenhpost.com/real-estate/latest-property-reports-offer-evidence-strong-growth
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