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One condominium project has just been put on hold because of falling prices and oversupply.



"The Singaporean developer behind The Bay, a $500 million mixed-use real estate project on the capital’s Chroy Changvar peninsula, has announced it is putting the residential phase of the project on hold due to unfavourable market conditions – a move that could herald the first major casualty of a looming real estate bubble, property analysts said yesterday....."

The Phnom Penh Post Article

What about Golden Tower 23 or whatever it's called near Lucky Supermarket?

Did it ever get finished?

Anyway, these real estate bubbles are far too predictable. Was part of the formula for disaster that caused the Tom Yam Kung crisis in Thailand just a few years ago in 1997.

Developers borrow money from banks that are happy to be lending. The bubble then bursts and developers can't pay back the loans.

Hard times ahead for Cambodia?

when are the twin towers being built? lol

From what I see there is two different markets. there is the condo new build market and the Riverside renovation market. They have now said that foreigners can no longer own Riverside property in their own name This I believe is to try to get us to buy these purpose built condos. For me it will not work and I feel that once the Sangkat has less money coming in from transfers it will be relaxed again.

I think the Condos are expensive and in the wrong place for me and I would prefer Riverside any day.

i hope so, i've been trying to get something in the city for a long time, but prices are stupid. and most of them dudes got those property for free because of the khmer rouge days. they just came into the city and claimed it.
and i'm not talking about good location property, just someplace i can chill and put my stuff in when i'm in cambo.

Land prices are continuing to increase. My wife is currently having to live in Sihanoukville as the 2 undocumented plots (on government land) we have there are about to get hard titles. Apparently wealthy Cambodians have been touring the area daily looking to buy. Most of the locals living there are only selling if they are desperate for the money as they all know once the title deeds are issued the land will double in value.The land north of the airport has almost trebled in value over 3 years and this is based on new plots being sold on the same site. So while condos aimed at foreigners may be stagnating a little I don't think it will affect the local market much in the next few years.

The prices must be due to slump soon as there are just so many under construction. I have no desire to live in a big apartment block.

There are still some cheap places around Riverside but often they are split in half with the bathroom & kitchen on one side of the stairwell while the living/bedroom are on the other which isn't really great if you need to pee in the night. Others have filthy stairwells and, I suspect, people living rough in them. I wouldn't want to be the barang who barges in from nowhere and starts trying to reinvent the place.

.....I don't think it will affect the local market much in the next few years.

by local do u only mean PP?

dont now about prices in PP but i do now about prices in kep
doubled and even in places tripled in the past 2 years and still all the abandoned villas and nicely walled in properties sit empty
even property we brought 4 years ago in Svay Rieng has doubled

I can remember 10 years ago when there was a building boom, with thousands of shophouses being built, we [ including me ] were saying who is going to buy these when factory workers were on $65 per month and motodops were earning only a couple of dollars a day. Go and look at those areas now and you will find they are all occupied.
This may be another building boom , but the developers and investors need somewhere to park their ill gotten dollars, and a bank account is not the best place for it.

I was looking at one development area, which will probably have 1000 homes by the time its finished, a few km this side of Takhmau, situated between road 21 and the new HE highway that runs from st 271 to Takhmau , across the big lake that is filled in, and eventually his home compound several km south of Takhmau. Imagine this hiway as just an extension of Monivong Blv. I'm placing my bets that a few km south of Takhmau is where a new International air port will eventually be.

dont know about you,but no way could i live in one of those places above
even the secure housing estates here, make me cringe.

I need space, need to be able to go outside and piss on the grass