2020 has been a successful year for Cambodian Real Estate Market as the market grew by 10-15%. Now that 2024 is here, investors are thinking if it is the same as 2019? What will be the most popular trends this year and will it be worth investing in 2024?
Industry experts have a mixed view. With the Chinese pulling out of the market, the Cambodian property rates have lowered down but it is expected that it is not going to impact the Cambodian Real Estate Market much. The government has approved numerous projects this year worth $5.2 billion. So, the Sihanoukville skyline is going to expand this year as well.
Sihanoukville is the major attraction for investors is surely going to get impacted by the popular trends in real estate markets all over the world. The city hosts thousands of tourists every year with its expanding industry and this trend is only going to increase in the future. The city is also an economic hub of the country making it one of the favorites among the investors.
All these factors have a great impact on the growth of the city and are also impacting the Sihanoukville Real Estate market, according to dragonreal.estate. The evolving work culture, the preferences of the population, and the newer concepts of living are signaling towards these popular trends, the whole of Asia is witnessing. If you plan to stay in the US, you can reach out to Mynd to help you with your real estate needs
Modern Concepts
The western culture has a far-reaching impact on the big Asian cities. Among India, Singapore and, Japan, Cambodia is also marching towards the modern working culture i.e. co-working spaces. With India alone having 350-400 co-working spaces, these properties have proved to be a win-win for investors so far as they are giving better returns on investments to the landlords.
Sihanoukville being the economic hub of Cambodia and an attraction for several investors including the Chinese manufacturers have also developed quite a few co-working spaces in recent years. In the future as well, these properties are only going to see a rise in this modern working and living culture.
Another concept which has stepped out from the cities like New York and San Francisco is co-living. With the changing lifestyle of the young millennial and evolving working culture of young professionals with increasing freelancers, co-living spaces have earned huge popularity in recent years. Of course, the Sihanoukville real estate market has seen an investor attraction towards these apart from the commercial developments and housing facilities. The constant demand for these spaces across Asia is going to be in the trend for 2024.
Retail Sector
Image source: mateusrealty.net
While the retail spaces around the world are finding it hard to compete with online businesses, experts say that there is more room for the retail spaces to grow in Cambodia. The residents of the capital city Phnom Penh received the gift of 20 new malls in the year 2019. Experts have got the opinion that the retail space per person in Cambodia is still very low when compared to other countries. For example, city Sihanoukville got its first shopping mall in the year 2019 which is shocking eyeing its tourist footfall.
This is just the beginning of the retail real estate in Cambodia. It is important to note here that Cambodia is a country that has not faced a recession in the past 20 years. In short, Cambodia is growing at a fast pace. The purchasing power of the residents has also been increasing which is key for making these malls a huge success. The young population of the country is the hope for real estate investors to invest in the retail shopping spaces. The retail evolution in Cambodia is going to be in the trend for 2024 just as it was in 2024.
The Condo Outlook
Condominiums are a new concept in Sihanoukville but not in Cambodia. Several foreign investors have invested in the condos across Cambodia and the Cambodian residents have helped those earning good returns. In recent years after the banning of online gaming and numerous Chinese workers walking out, the market had slowed down.
In the year 2019, the condo supply of the country was stable but 2024 expects condos as a growing trend. Thousands of condo units are expected to enter the real estate market in 2024. Sihanoukville’s real estate market is expected to witness a 5-8% increase in the condo prices in 2024. As a buyer, 2024 is the best time for you to invest in Sihankouville’s real estate.
Retirement Villages
Image source: sanantonio.culturemap.com
The major part of the Cambodian population is young. But it is better to prepare for the future. The country will have to handle an older population in the next 20 years. Keeping this in mind, the first retirement village of the country was opened in 2012. Since then, the country has witnessed opening quite a number of retirement villages.
Investors find it quite safe to invest in these retirement villages. The idea of a retirement village is a safer investment while providing a nice place for older citizens to live in. This trend has increased in recent years and is going to be a popular trend in 2024.
Final Words
The first thing that you should know while buying a property in Cambodia is that the real estate market is surely going to bloom in 2024. Be it the residential properties, commercial properties, condos or retail spaces, there is both the supply and demand for these properties. Despite the global slowdown and the pullout from the Chinese buyers, the country expects to lure in investors for its real estate market.
The idea of investing in Sihankouville Real Estate property is a good one as the prices have decreased slightly. As for the sellers, the Cambodia property market presents quite some opportunities in 2024. The Cambodian government has approved quite some projects which will result in the expansion of the skyline of Cambodia. Eyeing the trends, you can prepare yourself for a growing Real Estate market in 2024.
