Cambodia Investment Review
ERA Cambodia has celebrated its achievements and announced plans for next year, aiming to reinforce the potential of the condominium market in Cambodia, during its 4th annual business conference.
ERA Cambodia’s fourth conference since its official launch in 2019, was held at The Premier Sensok on 11 November, 2022. ERA has made it a priority to create a fun working environment. As a result, the company frequently held training, top employee recognition, and awards as part of employee effort recognition.
According to Khorn Kungkea, Chairman and CEO of ERA Cambodia said, “ERA Cambodia is a leading company in Cambodia’s real estate market when it comes to celebrating employees’ success, and we believe firmly that our member’s success is our success.”
Projects in Cambodia worth billions of dollars
A total of 83 awardees were acknowledged for their effort and success achieved in 2022. The awards are categorized into top achiever commissions, transactions, agents who reached one million sales in value, as well as top managers and recruiters.
Major Condo Developers and real estate companies such as R&F City, Wealth Mansion, and Time Square took part as sponsors with some even offering discounts and promotions to other participants at the conference.
In addition, a leading real estate marketplace in Cambodia Zillennium Group and one of its ecosystem digital investment platforms Z1 FINANCIAL also endorsed the event.
ERA Real Estate is a world-class real estate company founded in the United States in 1972. Currently, ERA has gained its foothold, supporting approximately 40,000 person sales force in more than 2,200 offices across 37 countries worldwide.
ERA Cambodia launched in Cambodia since 2019, with Mr. Khorn Kungkea representing as Chief Executive Officer. The company has so far expanded its offices to three locations – Phnom Penh, Sihanoukville, and Siem Reap with more than 1,700 professional and well-trained agents across the Kingdom. Currently, there are more than 30 high-quality condo projects worth billions of dollars partnered with ERA Cambodia.
Condos are selling from $1,500 – $3,000 psm in Cambodia
In Cambodia condominium transactions continue to increase, however the number is relatively low in comparison to before the hit of the pandemic. Condominiums are co-ownership housing that have huge potential in the real estate market. When the lifestyle of locals changes, the need for better housing tends to increase as well.
Phnom Penh is the city with the most condominium development, with around 30,000 units, or the equivalent of 100 buildings. By 2025, this figure is expected to rise to 80,000 units.
According to research from real estate companies, the selling price of a condominium in Cambodia ranges from $1,500 to $3,000 per sqm, while the rental price stands between $8 to $15 per sqm a month. The price of condominiums are varied according to the price range: affordable, medium, and high-end.
Buying property is a long term investment
Khorn Kungkea, Chairman and CEO of ERA Cambodia stated that condominium development is a long-term investment project, and a good housing option for both foreigners who are traveling or moving to the Kingdom for employment, as well as for locals who are shifting to become middle-income earners.
Furthermore, Cambodia is an emerging market with a high capital gain of 15% on average per year when compared to other Southeast Asian real estate markets.
“The current situation is a great opportunity to buy condos, as prices are lower and developers are offering favorable conditions and other promotions. We encourage investors to work with a real estate agent to make the right investment decision.” Mr. Kungkea said.
With well-trained and professional agents, ERA Cambodia has played an important role in the condominium market over four years of presence. The agency has successfully sold over 30 projects with an investment of thousands of dollars, creating jobs for more than 1,500 agents. In three years, the agency aims to employee up to 5,000 agents.