Kingdom in the midst of great migration toward cities
Cambodian builders expect a new generation of property seekers to gain more exposure to the condominium market as the population boom fuels domestic purchasing power, The Phnom Penh Post reported.
While condo living remains an alien concept to elder Khmers, the latest demographic cohort will opt for modern convenience over tradition. “I think the new generation will choose to live in condos where they can stay close to their workplace,” Ratanaka Realty CEO Ngoun Chhayleang told the Post.
“The youths will decide to live in the city, and the condo investors targeting this group of customers will benefit from that.”
Shifting demographics indeed suggest a growing base for condo developers. Around 44 percent of Cambodia’s total populace, representing 7.9 million people, are poised to descend on the kingdom’s biggest cities by 2030, data from the Ministry of Land Management, Urban Planning and Construction showed.
Residents in Phnom Penh could number around four million by 2030, the Post reported, citing figures from local builder Urban Living Solutions.
Young property seekers who have studied abroad will be particularly keener on condo units, especially those close to cafes, shopping malls, gyms, and workplaces, Va Vireak, CEO of Century 21 Fortuna Investment said.
“With the population at four million in 2030, they will definitely face more traffic jam issues and environmental pollution,” Vireak said.