Wednesday, April 1, 2009

Property price is going down

Recently, there has seen numbers of sellers who are now trying to sell out their properties - asking the price which said be to down from 30% or 50% from the previous offer during last year 2008 - although, it is still remaining high for some places like in Sihanoukville.

On and near the beach front land, the asking price varies from the low one at $139 to high one about $1,042 per sqm from Otres, Ocheuteal to Independent Beaches.

Some local real estate agents said that the price or value of properties in Cambodia is based on the mouth of the sellers who asked what they preferred - and sometimes not really consistent with the infrastructure development or the real market values. Simply talking there is no real system yet to calculate that property price.

Buyers are just waiting for the property price going down - and its number presents very low.

Some experts said that the time to buy should wait in 6 months or in 1 year more in Phnom Penh, Siem Reap or in Sihanoukville, when there will be more debtors starting for foreclosure - and the price will be much more low.

For now, the future looks uncertain - that is now depending on the world economic driver- US reassuring the recovery - the financial stability - and the good governance of banking system etc...

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1 comment:

Anonymous said...

I would also say prices will see sharp drop with the start of the rainy season. But don't hold your breath for prices of prime land like at Otres or Ochhoeuteal Beach to go down by much. People with money own this land. They will just wait it out.

Real Estate Development in Cambodia

Cambodia: New Investment Destination in Southeast Asia