The real estate market in Cambodia is projected to see positive growth in 2024. It is projected to reach US$601.10bn by 2024. Fewer new property launches will allow buyers to purchase from the currently available properties. Several major condominium projects will also be completed in Phnom Penh in 2024.
Our real estate experts in Cambodia are optimistic about real estate market growth. “We expect the market will improve marginally in 2024. Fewer launches will enable buyers to buy from the existing housing supply. This will fill a much-needed demand-supply gap. Moreover, the confirmed upcoming projects align well with the present market requirements.”
Our experts at IPS Cambodia are excited to share the latest projections and updates on Cambodia’s property market for 2024. In the following sections, we will provide insights into the current state. We will also highlight some of the most promising developments expected in 2024. Scroll down to explore!
Cambodia’s Property Market Analysis
The global and regional economic uncertainties have created a cautious approach among first-time buyers. These uncertainties include:
- The lasting impact of the COVID-19 pandemic on worldwide economies
- High inflation rates affecting purchasing power
- Geopolitical tensions or conflicts in various regions
These pose significant risks for individual buyers. However, investment groups are looking for opportunities to buy lower-priced properties. Even with these challenges, the construction industry in Cambodia, especially Phnom Penh, is still progressing.
Toward the end of 2023, several significant construction projects held their topping out (when the last beam is placed at the top) and launch ceremonies. This included three large condominium developments, including:
- Le Conde BKK1 – A 43-story condo tower in the BKK1 district.
- Diamond Bay Gardens – A 39-floor residential complex on Diamond Island.
- Prince Happiness Plaza – A 43-floor mixed-use development in the Chamkarmon district.
These will be among the tallest buildings in Phnom Penh once completed.
Positive Developments in Cambodia’s Property Market
Despite the challenges, several positive developments give confidence in the Cambodian real estate market’s future. These include –
- Robust Economic Growth Projections: The ASEAN+3 region is expected to experience economic growth in 2024, according to the Macroeconomic Research Office (AMRO). These regions include 10 Southeast Asian countries, including China, Japan, and South Korea. Cambodia’s growth is forecast to reach an impressive 6.2%.
- Hospitality Sector Expansion: Singaporean multinational hospitality group Banyan Tree Holdings Limited has announced plans to launch the ‘Angsana Siem Reap‘ hotel and resort project in Cambodia in 2024. The project will feature 158 rooms, suites, and villas.
- New Hotel Openings: Novotel, a renowned international hotel brand, will open its first Cambodian property, the Novotel Sihanoukville Holiday Resort, in the first quarter of 2023.
Upcoming Condominium Projects in Phnom Penh, Cambodia in 2024
In 2024, Phnom Penh is expected to witness the completion of more than ten condominium projects. These will cater to various residential needs and preferences. Here are some of the most notable developments:
1. Le Conde BKK1
This 43-story condo tower is in the growing BKK1 district. It offers studio, one, two, and three-bedroom units and sky villas. Amenities include a sky jogging track, indoor pool, fitness center, children’s play area, sky garden, and an infinity pool.
2. Diamond Bay Gardens
A luxurious 39-floor residential complex on Diamond Island. It offers stunning views of the Mekong and confluence rivers. The condo features studios, one- to three-bedroom units, shopping and dining options. It also has a riverside running track, pool, fitness center, yoga room, and a kids’ playground.
3. Prince Happiness Plaza
This is a 43-floor mixed-use development in the located Chamkarmon district. It offers studios, one-bedroom, and two-bedroom residences. It also has an international business complex, office spaces, a retail high street, and a five-star hotel.
4. RealHope
A 27-floor condo building in Chamkarmon. It offers move-in-ready studios, one-bedroom, and two-bedroom apartments. They provide immediate property rights transfer for added security.
5. One 70
A 37-story luxury apartment building on Street 70 in Daun Penh. It features studios, one-bedroom, and two-bedroom units. It also has a rooftop garden, sky bar, restaurant, swimming pool, spa, and fitness club.
New Construction Guidelines in Cambodia
In 2024, the Cambodian construction sector will receive new guidelines and regulations. Ministry of Land Management, Urban Planning and Construction (MLMUPC) will provide these. These guidelines are rumored to be based on the Eurocode. They aim to establish standardised building codes. These new guidelines will also align construction practices with international standards.
IPS Cambodia is committed to providing our clients with the most up-to-date information. We also offer expert guidance to navigate the dynamic real estate market. Whether you are a first-time buyer, an investor, or seeking a luxury residence, our team of experienced professionals is here to assist you every step of the way.
Conclusion
The real estate market in Cambodia is poised for growth and exciting developments in 2024. With strong economic projections, new hospitality projects, and a range of upcoming condominium offerings, 2024 presents promising opportunities for investors and homebuyers.
At IPS Cambodia, we are dedicated to helping you make informed decisions. We assist you in finding the perfect property to suit your needs and preferences. Contact us today to explore the possibilities.
KH