It is a buyers’ market for those looking to invest in the capital after property prices reached an unprecedented low since 2019.
With vaccine rollouts beginning and many construction projects stalled across the capital, buyers looking for high-end units may end up walking away with a steal if they hold the property over the long term.
Mid-range and high-end property sales have remained relatively stable, according to realty group CBRE Cambodia’s quarterly report.
The sales price of affordable units fell by nearly 6 percent, while mid-range units fell by 1.6 percent and prices of high-end units dipped 1.9 percent in the fourth quarter, according to CBRE.
Despite the downturn, however, interest rates have remained stable at 1.5 percent and inflation is forecasted to drop from 2.1 percent in 2020 to a moderate 1.8 percent in 2020, according to the Asian Development Bank (ADB).
With the steady interest rate and the ADB’s forecast for 2.3 percent inflation across the ASEAN bloc this year, residential and commercial units in Phnom Penh are poised to generate a great deal of excitement with economic recovery in sight.
With positive forecasts for growth in 2021, the safest and most lucrative investment for capital may end up being in the high-end property, which it is set to thrive.
Luxury goods are renowned to be recession-proof because those able to spend extra for a high standard of living are not likely to downsize or reduce their quality of life.
Residential apartments and SoHo Units at the Oxley World Bridge are already fully sold, leaving only The Peak left for those interested to cash in on the opportunity.
The Peak is a luxury retreat that towers 55 storeys high above the majestic Mekong River. It brings a whole new level to everyday life with state-of-the art homes, shops, dining and offices and the prestigious world-famous Shangri-La Hotel, which also boasts luxurious restaurants, bars and ballrooms.
Those looking for diverse development need not look any further.
The Peak, comprising two towers of some 500 units each, stands out with its eye-catching bronze cladding and attention to detail. Its exquisite craftsmanship makes it unmissable among its peers.
The buildings are idyllically located in the heart of Phnom Penh facing the Mekong River and only 10 minutes from the popular Bassac Lane, which boasts a dynamic variety of bars, clubs and restaurants.
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