Land market situation on Street 51 remains stagnant
December 18, 20200
Phnom Penh : The area that used to have great potential and popularity to buy and sell land on Street 51 so far and can continue until mid-2021 is still stagnant and prices will not increase .
Chailin Sear Realty Co., Ltd., CEO of Chailin Sear Realty Co., Ltd. The land on Street 51 is not as active as it was in 2019.
"Both large plots of land for industrial development, small blocks and small plots for separate residential projects are not as attractive for buying and selling activity, remaining as quiet as they were in mid-2020," he said. .
"Apart from the lack of buying and selling activities for land prices in some locations, there has also been a sharp decline compared to 2019, with some landowners in urgent need of money being put up for sale with discounts up to close," he said. "Fifty percent is there, but the important thing is that the seller has no buyer."
"We recognize that the land sector on Road 51 will have many development projects, especially the industrial sector, which will include the construction of warehouses, factories, etc., but due to the protracted Covid disease, some projects have not been able to catch up," he said. "Especially for projects of companies with foreigners such as Chinese as the capital."
The president of the Cambodian Association of Appraisers and Realtors, Chrek Soknim, said the Covid-19 crisis had led to a significant decline in real estate transactions in the real estate sector, whether in real estate, condominiums or other leases. Most of the housing construction on Street 51 is still under construction because the developers are local and the clients are local.
"For large-scale land demand, most of the development projects are from abroad, and at this stage and beyond for about a year, these trading activities can resume," he said.
