Recovery in Cambodia continues - Property Report

Cambodia saw its recovery continue in 2012.

Land prices in Cambodia continued to recover during the last half of 2012, following a collapse of the market in 2008, with urban areas seeing the biggest gains, VOA Cambodia reported.

The largest price increases are in Phnom Penh, with rentals leading the way and low interest rates offered for homebuyers, but investments in tourism outside the city have also helped raise land values, according to the news outlet.

Keuk Narin, vice president of Asia Real Estate Cambodia, told VOA Cambodia that commercial land prices along Phnom Penh?s main boulevards have gone from US$3,000 to US$4,000 per square meter and in some cases as high as US$5,000 per square meter.

In the last half of 2012, the number of business transactions in real estate increased, and prices rose about 13 percent for residential areas and 16 percent for commercial areas, Narin said.

?Apartments are currently the highest selling real estate, and condominiums are in demand by South Korean clientele,? Narin said. ?The stable growth of the sector has helped improve the housing market, too by allowing the banks to offer loans at low interest rates.?

Noun Rithy, managing director for the Bonna Realty Group, said construction is on the rise in commercial buildings, factories, hotels and houses, raising land prices. That includes sites in the provinces of Battambang, Preah Sihanouk and Siem Reap, where tourism investment is high.

?The movement of buying and selling real estate in those provinces has increased,? Rithy said. ?We could see more investors from Japan investing money to build hotels or condos.?

Source: http://www.property-report.com/recovery-in-cambodia-continues-27003

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