2021 Mid-Year Review

06 July 2021
2021 Mid-Year Review

CBRE Cambodia’s 2021 Mid-Year Review provides insights into the performance in Phnom Penh’s real estate market across the first half of 2021, and an updated outlook for the rest of the year.

The first half of 2021 has proven itself to be a challenging moment for Cambodia’s real estate industry. Following an optimistic start to the year, a Covid-19 outbreak on 20th February has since escalated into a significant volume of community transmission cases and led to the first lockdown of Phnom Penh at the start of Q2. Following the end of the lockdown and a slow return to work, the Cambodian Government has rolled out an impressive, geographically targeted vaccination campaign, which in itself offers a glimmer for a return to a ‘new’ normal before the end of the year.

The real estate markets have reach reacted differently to the disruption and uncertainty that Covid-19 has wrought on the country, but by and large, each is facing a period of diminished demand and a slow down in the delivery of new supply. In the retail, condominium and serviced apartment sectors, rents and prices have continued to come under pressure, whilst new launches have dried up.

The office market has largely bucked the trend, seeing an improved level of confidence from occupiers as they explore expansion opportunities in what is now a more competitive market. However, the longer-term threat of over-supply still looms over the office sector, and begs the question, how long will the current upswing in rents last?

To find out more, read our full report here.

The full webinar recording is available via our news channel, here.