Residents concerned over low land price

Friday, 23 September 2011
Buth Reaksmey Kongkea
The Phnom Penh Post

AT least 22 families living in the capital’s Chamkarmon district say they are being forced to sell their land at below market value to Thailand’s Bun Roong Company in order to make way for a housing development.

Village representative Chhim Veasna said on Wednesday that the families, living on a parcel of land in Tonle Bassac commune known as T85, had received a notice from the Council of Ministers mandating that they sell their land for US$400 per square metre.

The villagers say their land is worth between $2,000 and $2,500 per square metre.

Cambodia land prices drop 15% in 2010

Jan 05, 2011
Byron Perry
Property-report.com

Cambodia’s land prices fell up to 15 per cent year-on-year in 2010, according to to the National Valuers Association of Cambodia (NVAC), but analysts say the property market should even out this year.

“Our research showed that commercial and residential land prices continued to drop between 10 percent and 15 percent in 2010, compared to 2009,” Sung Bonna, NVAC president, told the Phnom Penh Post.

The NVAC estimated commercial and residential land prices averaged about US$2,000 to $4,000 per square metre for 2010, down from $2,500 to $4,500 for 2009. The rate of property transactions, however, increased in 2010 compared to 2009. 

“The market has already hit the bottom – it will stablise this year. I hope that it will start to increase again for the next two years, but it is not likely to be a boom like in 2007 and mid-2008,” he said, adding land values in the capital were 40 percent to 50 percent lower than their peak in mid-2008.

Seng Sopheak, a valuation manager at Cambodia Properties Ltd, also said land and house prices had fallen about 10 percent during 2010, affecting his business as transactions fell. He said his trade volume dropped around 10 to 20 percent from 2009, but believed it would recover this year.

Land prices in Cambodia continue to fall

Friday, 31st December 2010
Source : HVS International

According to Cambodia’s National Valuers Association, land prices in Phnom Penh, Cambodia, are continuing to fall quarter-on-quarter.

The value of commercial and residential land prices fell by between 2% and 3% in the third quarter of 2010 compared with the same quarter in 2009.

Commercial land was estimated to be worth US$2,800 per square metre, down from US$2,850 in the second quarter of 2010.

Residential land on the other hand was estimated to be worth US$1,600 per square metre, down from US$1,650 for the second quarter of the year as well.

Cambodian property values dropping

November 15, 2008
ABC Radio Australia

Cambodia's land prices have fallen by up to 25 percent from a historic peak in June amid the global financial crisis and a border dispute with Thailand that scared off investors.

President of National Valuers Association of Cambodia, Sung Bonna, says the land prices countrywide dropped between 20 to 25 percent by early November.

Prices reached as high as 5,000 US dollars per square metre in June in prime locations in the capital Phnom Penh but the boom started to collapse as the country prepared for July elections.

The government is considering allowing foreign ownership of property such as apartments and office buildings to boost the country's economic growth.