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Cambodia Property | Cambodia real estate sales down
By property | November 23, 2008
By News Desk
Property Report Asia
Cambodia Property | Cambodia real estate sales down
Home purchases have fallen by as much as 50 percent in Cambodia in the past year, the Phnom Penh Post has reported.
With a thriving market until recently, Cambodia has now begin to experience the effects of the global economic situation as well as the problematic mortgage market in the US.
Sorm Molika, marketing manager at the New World Group, told the Phnom Penh Post apartment and villa sales had dropped 50 percent in the past year. She said the trend began in July when the government announced new investment guidelines for developers.
In July, the government issued an order stating that developers must deposit at least two percent of their investment in the national bank as well as obtain additional licensing.
“My company has seven housing complexes in Phnom Penh. We´ve sold only 100 units, down from 300 last year,” Molika told the paper.
But while sales are down, prices have soared.
A two-storey apartment in Phnom Penh that cost on average US$66,800 last year, was selling for $120,000 in July and $170,000 at present, Molika said.
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