英文_莱坊_柬埔寨房地产亮点2025年上半年_28页_2mb

Cambodia Real Estate Market Highlights H1 2025

Economic Snapshot

• GDP Growth: Revised to 4.0% (vs 5.5% prior), affected by U.S. tariffs, trade issues, and real estate corrections.
• FDI: Approved $4.2bn in H1 2025 (90% YoY increase), but tourist arrivals lower by 30% due to borders and global trade tensions.
• Border Closure Impact: Significant reduction in visitor arrivals (30% in June) and economic activities.

Office Sector

• Supply: 1,015,380 sqm (5% YoY rise), dominated by Grade B (49%) and Grade A (23%).
• Demand: Vacancy rates rose by 8% to 26%, hindered by 75% supply increase projected by 2028.
• Price Trend: Prime office rents stable at $21/psm, but subdued market due to macroeconomic pressures and border issues.

Retail Sector

• Supply: 873,201 sqm (1% YoY growth), with most new projects in suburban areas.
• Occupancy: Declined to 62% in H1 2025, dragged down by oversupply and subdued consumer demand.
• Regional Focus: High vacancy in secondary malls; anchor retailers active amid challenges of tourist mix and short-term foot traffic.

Hotel Sector

• Supply: 16,372 rooms (6% YoY increase), led by Luxury & Upper Upscale (26% market share).
• Occupancy: Reduced by 12–16 percentage points in H2 due to border closure, while ADRs remained resilient.
• North Star: Projections show 19% supply addition between 2024–2028, leading to market consolidation and strategic-location priority.

Serviced Apartments

• Supply: 8,975 units (7% YoY increase), majority in City Centre, targeting international and long-term stays.
• Occupancy: Landed at 54%, pressured by leisure tourism downturn and regulatory policy swings.

Condominium Market

• Sales: 61,564 units sold (highest since 2020), driven by Core (24%) and Mid-tier (56%) segmentation.
• Prices: New launch price peaked at $1,476/psm (H1 2024), then corrected to $515/psm, signaling buyer focus on affordability.

Landed Housing

• Total Supply: 61,889 units (0.35 sqm per capita), mostly in Mid-tier (60%) with Chinese and Cambodian investors showing segmented interest.
• Prices: Core projects stable at $740–$800/psm; Mid-tier at $450–$770/psm reflect overall buyer market.

Industrial & SEZs

• FDI Impact: Industrial projects (86% of 2024–2025 FDI) led by manufacturing and logistics, though Trump tariffs loom.
• SEZ Growth: SEZs operating at 85% occupancy (Kandal out), making them critical for FDI and production hubs like BYD assembly plant.

Key Caveats

• Border Closure Impact: Pronounced in tourism-dependent regions (Siem Reap, Sihanoukville).
• FDI Shift: Greater diversification into manufacturing, less reliance on tourism-focused investments across provinces.
• City-by-City Nuances: Phnom Penh leads in urban adaptive strategies, Sihanoukville prioritizes port logistics, Siem Reap lags in retail and vacation rentals.