Condo market slowdown expected as elections approach.

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Condo market slowdown expected as elections approach.

Post by CEOCambodiaNews » Wed Dec 21, 2016 10:26 pm

The Perfect Storm 2018: Condo market
As the national elections approach in mid-2018, the real estate industry expects a significant slowdown will soon begin.
However, the brunt of this downturn appears likely to fall on the foreign investment market – most specifically the high-end condo market.

“The political climate creates more uncertainty in the market which reduces investor confidence during that time. We saw this being reflected by lower sales numbers during the previous election campaign,” said Desmond Yap, the General Manager of Yong Yap Properties.

The 2018 elections, however, present a “perfect storm” in the condo market as a significant oversupply of units are scheduled to come online in line with the election period.

“What’s different from the last election cycle in 2013 is that the local market supply of condos will reach unseen levels in the next few years,” said Mr. Lee.

Mr. Murphy agreed: “Prices across the condo market will drop.”

“This is because it is predominantly foreign developers funding the condo projects and foreigners buying the end product. Investors will take a wait and see approach,” noted Joe Phelan, the Head of Personal Financial Services at Hong Leong Bank.

But inner city renters look set to benefit.

“Six months prior to the 2013 election – while sales enquires nearly dried up completely – the rental market remained buoyant throughout,” said Bobby Peoples, Country Manager at Home Connect (Cambodia) Ltd...
http://www.khmertimeskh.com/news/33421/ ... do-market/
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Re: Condo market slowdown expected as elections approach.

Post by Bertros » Thu Dec 22, 2016 1:44 am

Buying op?

cheers

Bertros :hattip:
A taste of the bait is worth the pain of the hook.....
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Re: Condo market slowdown expected as elections approach.

Post by Luigi » Thu Dec 22, 2016 8:17 am

Bertros wrote:Buying op?

cheers

Bertros :hattip:
Wait for it. The period of denial has not yet set in. Once that passes to the next mindset of realization bargains will begin to appear. (relative to the inflated asking price) But with no one having paid the H.O.A. dues the maintenance will have been forgotten. Sewage leaks, cracked walls, graffiti everywhere. Elevator best not to use. Etc.
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Re: Condo market slowdown expected as elections approach.

Post by CEOCambodiaNews » Sat Dec 31, 2016 9:47 am

Real estate market still attractive, but headwinds remain in 2017
Thu, 29 December 2016
Lauren Barrett

Real estate market conditions are known for being volatile, as has proven the case for Cambodia in 2016. The year started off strong, with property developers continuing the steadfast construction momentum that defined 2015. However, oversupply concerns plagued the latter half of 2016 which forced some to put their foot on the brakes.

For what’s in store for 2017, Post Property spoke to David Van, local managing director of the business consultancy firm Bower Group Asia, to get some insights on some of the challenges and opportunities that could be in store for the local market, especially with the imminent electoral elections causing some stirs within the industry.

Excerpt:
With residential oversupply concerns in the market in the last-half of 2016, some experts have ignored the positives that can be derived from this changing market condition. What do you believe are some of the advantages of a market that is gearing towards an oversupply?

Oversupply would be more in the high-end condo projects meant primarily for foreign buyers. Locals still do not appreciate the lifestyle in a condo, preferring traditional landed property in the form of link houses or semi-detached houses. However, all developers tend to overlook a huge potential in “affordable housing” priced reasonably for the mass working population. In other countries, governments run public housing to solve accommodation aspects for their citizens but not in Cambodia.
Henceforth, “affordable housing” should be a huge thing to tap into.

Full interview: http://www.phnompenhpost.com/post-prope ... emain-2017
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Re: Condo market slowdown expected as elections approach.

Post by CEOCambodiaNews » Mon Jan 23, 2017 8:52 pm

A fairly optimistic article on the Phnom Penh condo market here: http://www.atimes.com/article/not-phnom ... ng-market/
Posted on this thread: https://cambodiaexpatsonline.com/post159066.html#p159066
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Re: Condo market slowdown expected as elections approach.

Post by Luigi » Mon Jan 23, 2017 9:13 pm

'“affordable housing” priced reasonably for the mass working population.

I can't imagine what that might look like. Maybe the corrugated tin shacks some live in now.

My last place of residence ''affordable housing meant a highly coveted refrigerator shipping box laid length wise on two wooden pallets under one of the many bridges.
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Re: Condo market slowdown expected as elections approach.

Post by willyhilly » Wed Jan 25, 2017 2:48 pm

There are high end condos?
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Re: Condo market slowdown expected as elections approach.

Post by CEOCambodiaNews » Sat Apr 29, 2017 2:16 am

Another glitzy condo sets up in BKK1, but occupancy is dismal
ImageThe Platinum Bay development in BKK1.

Trendy commune Boeung Keng Kang 1 is now home to the latest residence in town. Platinum Bay, a 32-storey condo, has officially opened the doors to its 222-unit building. While finishing touches will be complete by the end of May, buyers have already started to move in – although the number is paltry. At present, only 10 units are occupied.

The developer, Tang Chen Investment Co., could not be reached for comment on the condo’s total occupancy rate. Platinum Bay, which announced its project in 2013, was initially slated for a 2015 completion.

Kek Narinn, CEO of Focus Property, whose office resides in BKK1, said earlier this week that the room rate in the commune has taken a slow dip due to the rise of new condos and apartments all opening their doors within months of each other. Despite this, he said, judging from the overall occupancy rate, BKK1 still ranks the highest among all of Phnom Penh’s main residential districts. This rate corresponds to almost 90 percent occupancy...
http://www.phnompenhpost.com/post-prope ... ncy-dismal
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Re: Condo market slowdown expected as elections approach.

Post by Bitte_Kein_Lexus » Sun Apr 30, 2017 12:29 am

That picture is misleading. Is it the one on 214? It looks like it's on the corner opposite Grey Tower 42.
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Re: Condo market slowdown expected as elections approach.

Post by AE86 » Sun Apr 30, 2017 1:09 am

There's already a massive glut of apartments and condos out there. Get ready for a massive bubble to pop.

Can't wait honestly, the greedy idiots can't design a building to save their lives. Last place I stayed in had 15 floors and 5 parking spaces.
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