Property Prices See First Rise Since 2009
Property prices in Phnom Penh are rising for the first time since 2009, growing by as much as 10 percent in some areas of the capital during the first quarter of the year, real estate experts said yesterday. After years of stagnation in the property sector due to weak demand following the global financial crisis, data from the National Valuers Association of Cambodia (NVAC), shows that the cost of both residential and commercial properties are beginning to increase in the city. “Prices have increased between 5 and 10 percent for both commercial and residential properties in the first quarter,” said Sung Bonna, CEO of Bonna Realty and NVAC’s president. “The situation of the economy is good, and foreign investors can see that.” Residential property prices around the riverside at the beginning of the year averaged between $2,000 and $3,500 per square meter. Prices there now are reaching as high as $3,850 per square meter, according to the NVAC…
