Home > Business, Real Estate > Land prices: Values fall 15 percent, stabilising

Land prices: Values fall 15 percent, stabilising

CAMBODIA’S
land values fell up to 15 percent year-to-year in 2010, according to
the National Valuers Association of Cambodia. But analysts said the
real estate market will stablise 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, said.

The Association 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.

However, Sung Bonna noted that the rate of property transactions was increasing 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.

Categories: Business, Real Estate
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