カンボジアの不動産および建設業界は、国民経済の発展、外国資本の流入、および新世代の中流階級による都市中央住宅の需要により、大きく成長しました。

さらに、外国人の所有権に関する法律は常に強化されており、不動産開発会社や機関の専門化により、カンボジアの不動産市場全体に対する信頼が高まっています。

調査結果によると、多くの消費者は、市場にはまだ一連の欠点があると思っていました。つまり、不動産消費者（特に地元のバイヤーにとって）の購買力は余裕がなく、不動産の販売と評価の面で プロフェッショナリズム、透明性がまだ足りません。↵

カンボジア政府は全国的に建築業に対して93億ドルの資本投資を行うことを承認しました。その大部分は南部のシカヌークに集中しています。この持続的な成長は2013年以来、中国経済と不動産市場が安定し、変動幅が小さいことを示しています。中国はカンボジアの外国投資がリードしています。

日本、韓国、台湾、マレーシア、シンガポール、香港も建設業界と不動産開発への投資を開始し、投資家団体を多様化しています。 これらの国への投資は、重要なインフラ建設まで拡大しています。 そして、これらのインフラストラクチャの開発は、特にプノンペン、シアヌークビル、シェムリアップの不動産市場の継続的な繁栄にとって不可欠です。

また、カンボジアで登録されている不動産会社の数も大幅に増加しており、ナイトフランク、CBRE、Century21、ERAなどの一部の国際企業も市場に参入しています。 これらの国際的な企業とその評判は、カンボジアの不動産市場に対する投資家の信頼を倍増させ、重要な役割を果たしています。

In the market for new developments, the entry of international firms such as Hongkong Land, Oxley Holdings, Creed Group, HLH Group, Prince Real Estate, R&F Properties, Meridian International Holdings, Yue Tai Group, Graticity Real Estate Development (GRED), TA Corporation and many more indicate strong confidence in the potential of Cambodia.

3.1不動産タイプの説明

カンボジアの不動産市場を分析する前に、カンボジア不動産全体の種類を研究する必要があります。

コンドミニアム

コンドミニアムは、多くの個人所有のアパートを含む建物または複合体です。 この用語は一般に、2010年にカンボジアで実施された開発プロジェクトを指し、所有権のルールでは「外国人が共有ビルの民間ユニットの所有権を取得できる」。 これは、外国人が財産を所有できるようにする最初の法的手段です。 しかし、そのような財産権は特定のユニットに限定されており、法律によって制限されています。 マンションの開発プロジェクトは通常、新しい高層ビルで、各種の近代的な家具と便利な施設があります。カンボジアの多くのマンションユニットは多目的開発区に位置しています。この総合ビルは小売スペース、商業事務室も収容可能で、場合によってはホテルも含まれています。

通常のアパートとコンドミニアムにはいくつかの違いがあります。 時間の面では、通常のアパートとは通常2010年以前に建てられたアパートを指し、共有の建物/分割された財産とは言えません。 建築基準の観点から見ると、普通のアパートは近代的なコンドミニアムや複合ビルとは異なり、比較的質が低いです。 アパートの高さから、それは比較的低くなります。 提供されるサービスに関して、通常のアパートメント（サービスなし）には通常、テナント向けの追加サービスは含まれず、スイミングプールやジムなどの一般的な施設も含まれません。 それにもかかわらず、これらの2つのタイプ/アパートの用語はしばしばカンボジアで交替可能に使用され、2つを区別する単一のルールはありません。

別荘

戸建住宅は別荘と呼ばれ、通常は庭または屋外エリアがあります。 カンボジアの至る所に別荘がありますが、これらの別荘は通常、カンボジア家庭用ですが、外国人がビジネス拠点としても使用しています。 プノンペンの中心部では、良くメンテナンスされた別荘はすぐに売り切れになります。 ほとんどの別荘は新しく建てられましたが、一部は改装された植民地時代の物でした。↵

伝統的に、市内中心部の別荘は、小売、オフィス、住宅などのさまざまな目的で使用されてきました。 しかし、プノンペン、シェムリアップ、シアヌークビルなどの主要地域での大量の不動産開発により、新しい建物のスペースを確保し、独立した別荘を供給するために、これらの別荘の多くは取り壊されています。

別荘、公園開発プロジェクトに最適な開発物件でもあります。 多くの公園開発では、別荘、タウンハウス、および他のタイプの別荘を提供しています。 通常、別荘は最も高価であり、家は土地でさえあり、豊かなカンボジアの家族に最適です。

トラディショナルクメールハウス

トラディショナルクメールハウスはもともと木造で、洪水から身を守るために高床式に建てられました。 家の下のエリアは、家族のエリアとして、または家畜を収容する場所として使用されます。

国が発展するにつれて、利用可能な木造住宅の大部分は改装され、家の下のエリアはコンクリートで舗装されました。 多くの家屋はレストランに改装されたり、観光客のもてなしを受けています。↵

ただし、これらの伝統的な家屋は、特に洪水が発生しやすい地域では、市の中心部の外でも依然として一般的です。

クメールスタイルのショップハウスと改装されたショップハウス

不動産産業の発展にもかかわらず、カンボジアではクメールスタイルのショップハウスが依然として非常に重要なタイプの財産です。 一般的に、これらの家は3〜4階建てで、レイアウトは長くて狭く、店の外壁はつながっています。

彼らは、個々のユニットとして、または建物全体として借りることができます。 キッチンとバスルームの家具はしばしば非常にシンプルです。 ショップハウスは一般的に町の繁華街にあり、1階はカンボジアの家族に追加の収入をもたらすことができる小さな店として機能します。 一部の中央地域では、ショップハウスの事業範囲を政府が規制する必要があります。

しかし、改装されたショップハウスも人気を集めています。 改装されたショップハウスは、従来のショップハウスと同じサイズで、13フィートx 52フィートですが、洋風の施設が含まれています。 ショップハウスには通常、バックアップベッドルームとして使用できる中二階があります。

サービスアパートメント

これらのアパートメントは、サイズとスタイルが異なります。 洋風のアパートメントには、キッチンやバスタブなど、他のタイプの施設があります。サービスアパートメントには通常、スイミングプール、ジム、24時間セキュリティが備わっています。

プノンペンとシアヌークビルは急速に近代的なアパート、サービスアパートメントを建設しています。↵

しかし、より多くの外国人労働者がサウジアラビアの都市に入ると、需要も増加し、サービスアパートメントの価格は上昇し続けます。 同時に、特にプノンペンのテナントにより良いサービスを提供するために、市場全体のプロレベルの資産管理が増加しています。

別荘

園区開発は、コミュニティスタイルの物件です。 それは、家の大きさ、量、価格の面で個人、家族、企業のさまざまなニーズを満たすために、単一の別荘、二重の別荘、混合別荘、戸建住宅、ショップハウス、バンガローで構成されるコミュニティです。 園区には、ショッピングモール、レストラン、イベント広場、スポーツセンターなどの公共エリアを含むさまざまなタイプの不動産開発プロジェクトがあります。 開発者は土地価格の要因を考慮に入れているため、これらのプロジェクトのほとんどは都市の周辺に位置しています。市場価格が低いため、土地価格は高すぎてはいけません。 各園区プロジェクトは、品質と管理レベルが異なります。

全体として、新しい園区プロジェクトのインフラストラクチャは完全かつ安全であり、ほとんどのクメール家族の選択です。

園区に対して外国人の関心も高まっており、特に家族や小動物を持つ人は園区内に家を借りることを好むでしょう。原則として、彼らは土地を所有することはできません。

3.2 現在の不動産市場の動向

3.2.1入手が可能な価格の住宅

マンション

Condominium projects in Cambodia have been concentrated in Phnom Penh’s city center. According to data from CBRE’s Market Outlook 2019, the surge in condominium developments began in 2014 with high (mainly foreign) demand from China, Singapore, Taiwan, Malaysia, Korea and Japan. The condominium market attracts foreign investors as it offers comparatively high rental yields between 5% and 8% made possible by Cambodia’s dollarized economy.

The projected demand for condominiums will go well into 2020 based on completed and announced projects starting in 2019. According to Knight Frank’s H1 2019 Real Estate Highlights, 6 condominium projects were completed with 16 more launched during the same period. Grade A (high-tier) condominiums still dominate both the completed and announced projects since they’re geared towards high income Cambodians and foreign investors interested in the market’s high rental yields.

At present, 61% of available condominiums are considered high-end. The growing supply of these condominiums are mostly absorbed by foreign investors, more recently the influx of Chinese expatriates, as these condominiums are mainly out of reach for most domestic buyers.

There is, however, a steady rise in Grade B (mid-tier) condominiums mainly targeted towards domestic buyers. This type of condominium is expected to grow primarily due to how expensive Grade A units are for most Cambodian families. Grade B condominiums are serving the gap in the market created by middle-class Cambodians looking for a place to live in the city or as a venture into the rental market.

The former holds more ground as middle-class Cambodians are considering residence closer or within the city’s business centres due to increasing traffic in Phnom Penh. This has been a hot topic beginning 2014 as more people come from the countryside to work in better-paying jobs. This problem is further exacerbated by the lack of a mass transport system servicing the urban centres within the capital.

Overall, the condominium sector in Phnom Penh will need to be closely watched as while the increase in supply indicates projections of demand, it does pose a risk of oversaturation that may not be adequately absorbed by high-income Cambodians, and even foreign investors/expatriates, over the long-term. Condominium prices - both in sales and rentals - will have to become competitive to both: keep the interest of foreign investors in Cambodia’s real estate market, and accommodate the growing mid-tier demand for condominium living.

サービスアパートメント

Serviced apartments are apartment units that are fully-furnished and come with cleaning services a few times a week. Some serviced apartments may offer additional conveniences for tenants as a way to stay competitive in Phnom Penh’s increasing supply of this type of property. According to Knight Frank’s H1 2019 Real Estate Highlights, a total cumulative supply of 5,483 serviced apartment units were recorded in the first half of 2019 which indicates an approximate 9% year-on-year increase in supply for the same period in 2018. Knight Frank reports an occupancy rate of 74% of the total available units as of H1 2019.

This relatively high occupancy rate indicates a strong interest in this type of property as it comes fully furnished and with services that increase its quality-of-life appeal for expat living. Most of these serviced apartments are concentrated in the BKK district at 35% followed by Chamkarmon at 20%, Daun Penh at 13%, and Toul Kork at 13%. The remaining apartments are scattered throughout 7 Makara, Chroy Changvar, Sen Sok, and Mean Chey.

By contrast to condominiums, midtier serviced apartments dominate this property type at 57% share of the market, according to Knight Frank’s H1 Real Estate Highlights report. Mid-tier dominance of serviced apartments may continue for the next few years as it offers itself as an attractive alternative to increasingly more expensive condominiums.

A bulk of serviced apartments are generally for rent, and are located in commercial districts which makes it even more attractive to Phnom Penh’s growing expatriate population. Some serviced apartment blocks have reportedly been rented out by Chinese companies as staff housing due to convenience they provide.

According to CBRE Real Estate Outlook 2019, the growth in serviced apartments have attracted the attention of international brands such as The Ascott and Oakwood. Some condominium developers already operating in Cambodia are considering repositioning some components of their development projects as serviced apartments to offset lacklustre pre-sales figures of condominium units.

Knight Frank’s H1 2019 report highlights a positive outlook for the growth of this property type. Development of serviced apartments are expected to continue as over 1,300 units were identified to be in the development pipeline post 2020. Despite the increase in supply over 2018, however, prices have not dropped as the expected dip was buoyed by the influx of Chinese expatriates in the city.

別荘

Borey development in Cambodia, particularly in Phnom Penh, firstsaw interest in the 2000s. Since then, borey developers have capitalized on the growing interest for these gated and guarded communities that offer a variety of properties like Shophouses, Linked Houses, Twin Villas, Queen & King Villas, according to Knight Frank Cambodia.

Considering the rapid growth of Phnom Penh as a city, most (96%, according to Knight Frank’s H1 2019 Report) borey developments are located in the suburban districts of Phnom Penh as opposed to the concentration of condominiums/ serviced apartments within the city centre. Over 51,278 units were recorded during H1 2019 distributed over 131 borey developments.

The Mid-tier classification of boreys is anticipated to dominate the future supply of boreys at 59%, followed by Affordable at 33% and High-end occupying the remaining 8%. Boreys are mainly targeted towards domestic buyers who largely prefer this type of property as their primary residence.

According to Knight Frank, borey developers are seeing anywhere from 40% to 70% sales in their developments. Given the huge domestic demand, property developers have not shown any signs of slowing down in launching borey developments as 18 borey developments were launched in H1 2019 alone.

The pace of growth in Phnom Penh has made it virtually impossible for affordable housing options to be built within the city center. The development of borey projects at the utskirts of Phnom Penh will likely reflect on the wider real estate market. According to Knight Frank, satellite cities, complete with commercial and business districts of their own, might start to emerge as residents of boreys outside the city prefer conveniences more proximal to them as opposed to commuting towards the busy centre of the capital.

The total supply of housing, including all residential property types, amounted to 74,307 units in the first half of 2019 alone. By comparison, the total available housing units in 2018 was 76,560. Completed residential units in the first half of 2019 alone are already 97% of total residential property units produced in 2018. We could well expect that 2019 could be the biggest year for Cambodia’s residential developers yet, especially in terms of borey development.

手頃な価格の住宅の需要も政府によって許可されています。 MLMUPCは、政府が低所得および中所得層に属するカンボジア人に手頃な価格の住宅を提供することを目的とする国家住宅政策を引き続き実施すると述べた。 MLMUPCと経済財務省との協力のメカニズムの1つは、開発者と購入者に手頃な価格の住宅の建設を促進するための税制上の優遇措置を提供することです。

The government believes that 55,000 new homes in urban areas are necessary every year to satisfy increasing demand. It is anticipated that by 2030 Cambodia will need an additional 800,000 homes nationwide as the population is expected to grow to over 19 million.

3.2.2 商業/小売スペース

The Cambodian sense for shopping has come a long way from the traditional hawker stands, wet markets, and shop houses. The expanding middle-class has embraced the concept of the retail mall and podiums, mainly fueled by the growth of their disposable income. The demand for more retail options has drawn the attention of international retailers, with local developers paving the way for their entry.

The total retail space available in Phnom Penh as of 2019 is 338,505 net lettable area (NLA) according to Knight Frank’s H1 2019 Real Estate Highlights. The opening of the Olympia Mall (60,000 sqm), Midtown Mall (5,000 sqm), and WB Arena (6,500 sqm) have been major contributors to the massive growth year-on-year. The same report estimates a further 109,947 sqm NLA for retail is expected to be added by the end of 2019 assuming projects are completed as scheduled.

Local developers such as Chip Mong Group and Peng Houth, according to CBRE’s Real Estate Market Outlook 2019, have launched several projects that seek to satisfy the demand for more retail options from consumers. Chip Mong Group, in particular, recently announced plans to develop 6 retail projects to open in the next 3 years.

AEON Co. Ltd., the Japanese mall developer operating two of the biggest malls in Phnom Penh, have announced the opening of the third AEON mall located in the south of Phnom Penh along Samdech Techo Hun Sen Boulevard. The 3rd AEON mall is reported to be 174,000 sqm - the size of AEON Mall 1 and 2 combined.

Retail podiums are also taking its place in Cambodia’s growing appetite for retail options. The Peak leads in the retail podium space with its combined retail and residential complex set to open sometime in 2020. Retail podiums are a relatively newer concept to the Cambodian retail market, hence, its acceptance within the wider market is still to be seen.

According to Knight Frank’s H1 2019 Real Estate Highlights, average occupancy rate in H1 2019 slid down to 80.8% - down by 8.1 points from H2 2018. The report attributes this drop to the opening of the Olympia Mall and WB Arena as it will take some time before retailers outfit their units and physically occupy their space.

The growth of commercial/retail spaces is a great indicator of a maturing economy. Both CBRE and Knight Frank report a positive outlook for the retail sector of the real estate market in Cambodia. According to Knight Frank, the retail sector is set to expand by an additional 505,521 sqm of NLA which will bring the total stock to 844,026 sqm - a 216% increase by 2021. This is assuming that all announced projects meet their target operational dates. While retail space will continue to expand, CBRE’s Real Estate Outlook 2019 cautions high-end brands who may find it difficult to meet retail targets if prices are set based on developed markets.

The growth of the retail sector offers an interesting alternate point-of-view of the Cambodian economy as it takes into account the willingness-to-spend of the average Cambodian on a daily basis as opposed to “one-time, big-time” purchases like houses and condominiums.

3.2.3 オフィススペース

Office spaces in Cambodia have grown in stock since projects began in 2012. According to Knight Frank’s H1 Real Estate Highlights 2019, the most recent stock of office spaces in Phnom Penh increased by 23% from 2018 and now amounts to 463,701 sqm. This is an aggregate amount of the graded offices available in Phnom Penh, specifically, Grade A, B, and C.

As of H1 2019, Knight Frank reports 45% of currently available office space is classified as Grade C, followed by Grade B officers at 43% and Grade A offices occupying the remaining 12%. The report projects a 130% (595,469 sqm NLA) increase in office space, amounting to 1,059,170 sqm NLA by 2021, of which, 75% of expected new office stock will be Grade A, while 24% will be Grade B and at 1% will be Grade C. The trend clearly shows a sharp increase in projected demand for high-end offices in Cambodia and an upcoming shrinking supply of mid- and low-tier offices.

Strata-title offices have recently been introduced to the market, specifically from newer office buildings. These strata-title offices virtually operate the same as strata titled condominiums except for the type of tenants these spaces accommodate. Companies who occupy conventional centrally owned office buildings normally deal with one central management for the building. On the other hand, companies who occupy multiple strata-titled units may have to deal with the different owners of spaces they are using.

Strata-titles are emerging as a new form of property investment as the market for strata-titled condominiums hit equilibrium. As strata-titled offices are new to the office real estate sector, their value in the wider market is yet to be determined.

Office spaces in Phnom Penh are still primarily located in Daun Penh at 32%. Followed by Chamkarmon at 25%, 7 Makara at 17%, and Boeng Keng Kong at 15%. The remaining office spaces of mostly Grade C buildings are distributed in Toul Kork, Sen Sok, Meanchey, and Chroy Changvar.

3.2.4 Consumer Sentiment Survey 2019

Considering the growth Cambodia is experiencing on a macroeconomic level, Realestate. com.kh polled consumer perception of the real estate market through the Consumer Sentiment Survey 2019 which surveyed over 2,000 respondents. These respondents’ demographics vary but most are Cambodian at 73.4%.

The remaining 26.6% are made up of foreigners: Chinese, Australian, American, French and many other Western and Asian expats. While the sample size is relatively small, the respondents were primarily people who showed interest in real estate by browsing through Realestate.com.kh.

Survey respondents were asked about their age. The survey found 37.5% of respondents were aged 21 to 30 which suggests an interest of young people in Cambodian real estate. Closely behind at 35.3% were respondents aged between 31 to 40 years old, which would be generally considered people with careers and some savings to speak of. Far behind at 7.2% are respondents aged from 51-60. More senior respondents, aged 60 and beyond composed 5.6% of the survey. Last 2.8% came from respondents aged 20 years and below.

Of the 2,000 surveyed respondents, 46% indicated that they live with their partner or spouse. These are followed by respondents living with their family at 22.6%, and those living alone number at the same 22.6%. The remaining either share a space with friends or prefer not to specify. Additionally, 51% of respondents say they are homeowners in Cambodia, a rise from 48% in 2018.

A 20% segment indicated they’re currently paying off their loans while 19% says they’re renting but have plans to buy/own their own property. The remaining 12% says they’re renting without plans of buying their own property.

購買力

The survey also asked respondents for their monthly income to get a rough estimate of their purchasing power. Our 2019 survey shows a noteworthy increase in participation from respondents earning less than $500 a month as this segment increased from 16% to 21% this year. This could be attributed to young people working part-time or those working in entry level positions showing interest in real estate by browsing Realestate.com.kh.

Data also shows increased participation from those earning $500 to $1000 as their monthly income as they increased 5 points to make up 21.5% of respondents this 2019. This income bracket is likely those who can afford to rent and/or are more eligible to get a loan from a bank for their very first property purchase.

Participants earning $1,001 to $2,000 a month remained static at 19% of total survey respondents. Respondents earning $2,001 to $3,000 a month slightly increased to 13.5% this year.

On the higher end of the income spectrum, respondents earning $3,001 to $4,000 slightly decreased to 5.5%. This can simply be attributed to increased participation from the lower income bracket resulting in a bigger share of total survey respondents.

The same goes for those earning $4,001 to $5,000 sliding down to a fl at 5%. Participants earning $5,001 to $10,000 decreased from 9% to 7% this 2019 survey. While the ultrahigh income at $10,000 or more per month decreased from 9% to 7.5%.

The Consumer Sentiment Survey uses this data to get a gauge of how much each income bracket vis-a-vis data collected on willingness to spend on property in Cambodia.

For those earning less than $500 a month, 76% of respondents say they’re willing to spend less than $50,000 on property. 13%, on the other hand, are willing to spend a bit more between $50,001 to $75,000. About 5% are willing to spend $75,001 to $100,000. Less than 5% of remaining respondents in this income bracket are willing to spend more than $100,000.

For those earning $501 to $1,000 per month, 51% of respondents are willing to spend less than $50,000 for property. Another 32% are willing to spend more, between $50,001 to $75,000. About 9% of respondents would be willing to spend $75,001 to $100,000. While only less than 10% are willing to spend over $100,000.

For those earning $1,001 to $2,000 per month, 40% of respondents are willing to spend less than $50,000 for property. Another 36% of this bracket are willing to spend $50,001 to $75,000. About 11% are willing to spend $75,001 to $100,000 on property. While only 10% indicated a willingness-to-spend at $100,001 to $200,000. Only less than 3% of this income bracket are willing to spend over $200,000.

For those earning $2,001 to $3,000 per month, only 22% are willing to spend on property less than $50,000. A majority of this income bracket, at 31%, are willing to spend $50,001 to $75,000. Another 24% are willing to spend higher at $75,001 to $100,000. Around 17% of respondents are willing to spend $100,001 to $200,000 on property. While only about 5% are willing to spend on property over $200,000.

For those earning $3,001 to $4,000 per month, only 11% would consider spending on property costing less than $50,000. A 24.5% portion of respondents would spend $50,001 to $75,000. Another 24% of respondents would spend $75,001 to $100,000 on property. While another 24.5% would be willing to spend on property costing $100,001 to $200,000. Only 11% of respondents in this bracket said they are willing to spend on property costing $200,001 to $300,000. Less than 1% indicated they would spend over $300,000.

For those earning $4,001 to $5,000, only 11% would spend less than $50,000 on property. About 22% indicated they would spend anywhere between $50,001 to $75,000. Another 20% said they would spend $75,001 to $100,000 on property. Most respondents in this income bracket, at 35%, said they would spend $100,001 to $200,000 on property. While 9% would spend $200,001 to $300,000. Only about 2% said they would spend over $300,000.

For those earning $5,001 to $10,000, about 12% said they would spend less than $50,000 on property. Another 11% said they would spend $50,001 to $75,000. Most respondents in this bracket, at 31%, said they are willing to spend $75,001 to $100,000. About 24% of respondents indicated they would spend $100,001 to $200,000 on property - this is an interesting downward turn for willingness-to-spend since the previous (comparatively lower income bracket) would be willing to spend more on property.

Another 12% of respondents said they would spend $200,001 to $300,0000 on property. While 9% said they would spend over $300,000.

For the ultra-high income at over $10,000 per month, about 9% said they would spend on property less than $50,000. Another 9% said they would spend anywhere from $50,001 to $75,000. 3% of respondents in this income bracket said they would spend between $75,001 to $100,000.

Majority of respondents, at 30%, said they would spend $100,001 - $200,000 on property. 16% of respondents said they would be willing to spend $200,001 to $300,000 on a property purchase. While 23% of respondents in this high-income bracket said they would be willing to spend over $300,000.

Willingness-to-spend of respondents do not vastly deviate from assumptions that higher incomes lead to more expensive preferences. The trend also suggests that properties hovering around the $100,000 price tag covers most of the market segmented by income brackets.

負担能力

In order to get a gauge of perceived affordability, the Consumer Sentiment Survey 2019 gave respondents a selection of their perceived affordability of housing prices in Cambodia. The selection asked them whether they found prices to be: Very Affordable, Moderately Affordable, Affordable, Moderately Unaffordable, and Very Unaffordable.

The survey found that 42% of total respondents found housing prices in Cambodia to be Moderately Unaffordable. While those who perceive housing prices to be affordable number at 29% of total respondents.

Those who found housing to be Moderately Affordable were 14% of respondents. On the extremes, 9% of total respondents found housing to be Very Affordable, while on the opposite end, 6% of respondents found housing to be Very Unaffordable.

The Consumer Sentiment Survey breaks down this result further by filtering perceived affordability through the perspective of each income bracket.

The survey found that 43% of respondents earning less than $500 per month found housing to be moderately unaffordable in Cambodia. While 24% of respondents in this income bracket found housing to be Affordable. 27% of respondents in this income bracket found housing to be Moderate to Very Affordable. Only 5% of respondents found housing to be Very Unaffordable.

For the $501 to $1,000 income bracket, 49.5% of respondents find housing to be Moderately Unafforable. 25% of respondents in this income bracket found housing to be Affordable. About 19% of respondents find housing to be Moderate to Very Affordable. About 6.5% of respondents found housing to be Very Unaffordable.

For the $1,001 to $2,000 income bracket, 50% of respondents find housing to be Moderately Unaffordable. Another 25% of respondents perceive housing to be Affordable. About 14% of respondents find housing to be Moderately Affordable. 5% of respondents see housing to be Very Affordable. While 6% of respondents in this income bracket see housing prices to be Very Unaffordable.

For the $2,001 to $3,000 income bracket, 46% of respondents find housing to be Moderately Unaffordable. Another 25% of respondents find housing to be Affordable. Around 19% of respondents in this income bracket find housing to be Moderately Affordable. On the extremes, 5% housing to be Very Affordable, while 4% consider housing to be Very Unaffordable.

For the $3,001 to $4,000 income bracket, we see a change in perception as 44% of respondents find housing to be Affordable. While 28% of respondents here find housing to be Moderately Unaffordable. 15% of respondents in this income bracket find housing to be Moderately Affordable. Strangely enough, 9% of respondents in this income bracket find housing to be Very Unaffordable. This stands in contrast to the 3% who find housing to be Very Affordable.

For the $4,001 to $5,000 income bracket, 44% of respondents find housing to be Affordable. This is followed by 22% of respondents who find housing to be Moderately Affordable. While another 22% consider housing to be Moderately Unaffordable. On the extremes, 6% find housing to be Very Unaffordable, while 5% find it Very Affordable. There seems to be an even spread from the middle-outward in this income bracket.

For the highest income bracket of $5,001 to $10,000, 39% of respondents find housing to be Affordable. This is followed by 31% of respondents saying housing is Moderately Unaffordable. 12% of respondents say they find housing Moderately Affordable and another 10% finding it Very Affordable. 7% of respondents in this high income bracket say housing is Very Unaffordable.

需要

Demand for property remains high within the Kingdom of Cambodia. The expansion of the middle class, their disposable income, and the increase in property prices have certainly piqued the interest of investors, both local and foreign. Hence, property developers have sought to meet the varying demands of Cambodia’s continuously expanding real estate markets. The Consumer Sentiment Survey 2019 acquired an estimated measure of demand by asking respondents what kind of property they are planning to purchase.

Out of over 2,000 respondents, 35.5% of respondents indicated they would prefer to buy bare plots of land. Following this segment are those interested in shophouses at 26.5% of respondents. Another 18% of respondents say they are interested in buying an apartment. This is followed by 15.5% of respondents looking to buy villas. The remaining 5% look to invest in retail/office space.

The Consumer Sentiment Survey 2019 sought to acquire an estimate of demand by asking respondents whether they’re planning to buy property in the next 12 months. About 78% of respondents indicated they would be purchasing property in the following year, while only 22% said they are not interested in purchasing property.

The increase of property prices are not lost on the wider market as well. Hence, the Consumer Sentiment Survey 2019 also asked respondents for what purpose they were buying the property for. Only 35% of respondents said they would be buying property to live in, as opposed to 65% who planned on treating it as an investment property/venture.

物件の場所と種類

カンボジアの3つの主要都市であるプノンペン、シェムリアップ、シアヌークビルを調査したところ、インタビュー対象者のほとんどは、首都の不動産を購入するつもりであると述べました。回答者の76 %がプノンペンを好み、続いて回答者の8 %がシェムリアップの不動産に興味を示しています。シアヌークビルでのショッピングで気付いた回答者の3 %よりわずかに高いです、カンポットの関心は、シアヌークビルの関心を上回り、5％よりわずかに高い。

The nationwide ban on online gambling in August 2019 severely slashed property prices in Sihanoukville. Considering that most respondents consider buying property for investment properties, the coastal town’s investment appeal expectedly plummeted. Industry insiders agree that it would take some time for the city’s real estate market to pick up.

Since a majority of property hunters expressed interest in property in the capital, the Consumer Sentiment Survey 2019 asked respondents which district in Phnom Penh they were mostly likely to buy property in.

15% of survey respondents indicated an interest in buying property in Sen Sok. This area is populated with boreys and even more borey developments, making it a somewhat unsurprising choice for most homebuyers. This is where AEON 2 mall is located, arguably the biggest shopping mall in Phnom Penh to date.

Behind it is Chroy Changvar at 12%, a developing satellite city filled with condominiums, apartments, and some major borey developments as well. Toul Kork comes in 3rd at 8% of respondents expressing interest in buying property in the district.

This area is also a center of borey developments in Phnom Penh. Following this is the district of Chamkarmon at 8% - another area populated by condominiums, apartments, restaurants, cafes, shopping centers and markets.

Only 5% of respondents are interested in looking for property in Daun Penh, which is not surprising as it is the primary business district of Phnom Penh, and consequently, an expensive area to purchase property in.

The interest of most respondents seems to be stretching towards the outskirts of the city and appears to be leading towards a preference for developments there. The Consumer Sentiment Survey 2019 also asked respondents for the kind of property they are interested in.

Survey data shows an almost even interest in borey property at 29% and an independent house/villa at 28% - the difference being a few dozen respondents. Behind these two are those looking to buy a condo in a new development at 22% and those looking to buy bare plots of land at 21% of respondents.