2024-09-11-莱坊-Cambodia_Real_Estate_Highlights_H1_2024_15页_2mb

报告摘要

Economic Growth: Cambodia’s GDP is projected to grow at 5.8% in 2024, rising to 6.1% in 2025 and 6.4% in 2026, supported by strong tourism recovery and manufacturing growth.
Consumer Sentiment: Despite subdued sentiment due to external headwinds, exports surged by 17.2% YoY in 2024, creating 50,578 new jobs.
Tourism Recovery: International tourist arrivals in early 2024 reached 988,574, an 18% increase from 2023 and 84% of pre-pandemic levels.
Real Estate Development: Construction materials imports increased significantly (iron/steel +31%, cement +15%), boosting growth. Approved real estate permits rose 500% YoY, driven by foreign investment and trade agreements.

Supply and Demand: Office supply grew by 4.4% YoY to 963,939 sqm, with grade B (46%) and C (30%) dominating. Occupancy stabilized at 59.3%, while rents declined.
Key Developments: New projects added 543,759 sqm, including LIXIN’s US$150m project and Kalanithi Pinkaew’s Maritime Tower. Supply expansion risks increasing competition.

Oversupply Concerns: Retail supply reached 863,440 sqm, with greenfield malls driving new development. Occupancy fell to 67%, reflecting post-pandemic excess capacity.
Price Trends: Prime rental rates dropped significantly, while some strata properties showed resilience.

Recovery and Growth: L4-star hotels added 334 new rooms, with luxury properties driving future supply (58% of pipeline). Average daily rates for luxury hotels remained around US$156.
Challenges: Tourism recovery (22.1% YoY tourist growth in 2024) supports demand, but construction delays impact pipeline completions.

Market Expansion: Demand rises from expatriates and short-term stays, with new completions increasing occupancy to 55%. International-class units range from US$980 to US$8,000 monthly.

Price Correction: Market cooling due to oversupply and high interest rates. Average selling prices decreased to US$1,300 psm, with mid-tier and core segments dominating.
Supply Growth: New projects added 3,118 units; future completions could reach 7,566 units, increasing supply by ~14.2% YoY.

Supply Expansion: Landed housing supply reached 91,510 units, with future additions to 105,643 by 2026. Core and mid-tier dominate (57% and 33%).
Market Dynamics: Developers focus on completing projects to meet buyer demand for affordability and green initiatives.

Economic Drivers: Tourism, manufacturing, and FDI fu
el medium-term growth. Tourism rebound and trade agreements underpin real estate demand.
Sector Challenges: Most market segments face oversupply and price pressures, though long-term fundamentals remain positive. Cambodia’s young demographics (mean age 25) support sustained demand.
Opportunities: Core segment affordability, ESG adoption, and satellite city developments offer growth potential.

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