Land prices in Phnom Penh continued to show signs of upward movement at the beginning of this year, led by Sen Sok district, while Chroy Changvar district remains stagnant, according to a real estate developer’s report.
Key Real Estate’s land price research report said that with a 17.1 per cent growth rate from the beginning of the year, Sen Sok district had the fastest growing land prices early this year, followed by Meanchey district, with a growth rate of 16 per cent, Dangkor district (12.1 per cent), Prek Pnov (10.1 per cent) and Russey Keo district (9.6 per cent).
Chbar Ampov district land prices grew 9.3 per cent, Tuol Kork 6.3 per cent, Por Sen Chey 5.5 per cent, and Prampi Makara 2.9 per cent. Daun Penh prices increased by 1.7 per cent and Chamkarmon one per cent. However, Chroy Changvar saw no increase.
Sen Sok ‘very attractive’
Key Real Estate Co Ltd director Sorn Seap said the recovery in Sen Sok district land prices is due to current large projects such as shopping malls, commercial centres, condominiums, offices and homes.
Sen Sok district is evolving into a popular place for residential living and doing business for Cambodians of all income levels.
“The price of land in Sen Sok district will continue to increase. It is currently very attractive there, especially with its infrastructure, large roads and vast amounts of vacant land,” he said.
According to the report, early this year residential land prices in Sen Sok district cost between $350 and $1,400 per sqm, while commercial areas ranged from $800 to $2,900.
Range in prices
As the report shows that Chroy Changvar district land prices have not increased, residential land prices remain at a range of between $50 to $1,400 per sqm, and commercial areas between $550 and $2,250.
Seap said Tuol Kork district will remain the hotbed of the land price boom out of the capital’s four central districts.
Residential land prices in the capital’s centre range from $2,100 to $4,500 per sqm, and commercial areas from $3,500 to $9,000, according to the report.
Cambodian Valuers and Estate Agents Association vice-president Ping Serey said an overall review of the status of the capital’s land prices shows that fastest change – in both real estate and population – can be seen in Sen Sok district.
The arrival of major supermarkets will cause larger projects to emerge in the near future.
“The price of land was really high last year. I think Sen Sok district will continue to climb the highest in the capital this year,” Serey said.