Managing Director of CBRE Cambodia, Ann Sothida predicted that Cambodia’s real estate market will improve by 60 percent in 2021 compared with 2020, yet expected it to be lower than 2019 baselines.
CBRE is the foremost property consultant in Cambodia having conducted business in the country since 1993.
Sothida told Khmer Times that 2021 will be a better year for the property market. However, it will recover sector by sector.
“Due to the introduction of the COVID-19 vaccine, the market is expected to improve a lot. However, foreign investors still need time to prepare and wait for the situation in their home countries to improve before they start investing in Cambodia,” Sothida said.
She added the fastest recovering one among all sectors is residences because the market has relied on local buyers.
The office market is projected to be the second-fastest-growing market after housing, followed by industrial estates and the retail market. Meanwhile, the hospitality sector will take a much longer time to recover. That is estimated to be by 2022 or 2023.
Sothida also added, despite the uncertainty, 2021 will hold plenty of opportunity because there may be more real estate sold below the market price. Thus, investors should prepare more cash to seize any opportunities arising.
Property investors or those businessmen looking for property opportunities in Cambodia have an array of luxurious properties to choose from. One of them stands out from the rest: The Palms.
Located on the banks of the Mekong River along National Road 1, The Palms is beauty, convenience, green-living and luxury all rolled into one.
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