Condo prices may fall as supply increases: CBRE

According to a new report by real estate services firm CBRE, condominium prices may likely fall this year as more than a dozen large projects come online, adding thousands of new units to a market beginning to show sign of oversupply. Ann Sothida, director of CBRE, said that condo prices remained stable 2017 despite the doubling of supply, but that prices will drop by the end of 2018 when 17 more condo projects or the equivalent to 13,000 units will be added into the market. According to the report, prices of mid-range and high-end condos are expected to drop by 4% and 3%, respectively. The steepest drop will be felt by affordable condos, a category for units that sell for less than $1,500 per square meter. The median price per square meter on condominiums in Phnom Penh was $1,350 for affordable condos, $2,600 for mid-range, and $3,200 for high-end, according to the study. Major project slated for completion in 2018 include Start City with 1,697 units, One Park Residence with 1,636 units, Prince Central Plaza with 918 units and The Bridge with 762 units. (Source: Phnom Penh Post)