Cambodia Investment Review
Realestate.com.kh, the largest property portal in Cambodia, is gearing up for the Home & Lifestyle EXPO 2023, to be held on August 12 & 13 from 10 am to 8 pm at the Koh Pich Exhibition Centre. The event promises to be a one-stop destination for both local and international buyers and investors, with a new and expanded scope for 2023.
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In a detailed interview with B2B Cambodia, Tom O’Sullivan, CEO of Realestate.com.kh, discussed the exciting features of this year’s expo, the Cambodian real estate market, and what attendees can expect from the two-day event.
Expansion Beyond Real Estate
O’Sullivan highlighted that the expo, which has been an annual occurrence since 2017, is now more than just a real estate fair. It has expanded into a home and lifestyle event, offering not only a wide variety of properties from the Kingdom’s top developers but also showcasing new car brands, food & beverage options, children’s areas, and top-notch furniture brands.
“One of the biggest differences from last year is that in 2023 we have expanded our scope further to also be a home and lifestyle event,” O’Sullivan said. He also mentioned the addition of two VIP performers each evening, creating a space for the whole family to enjoy their weekend.
An Exciting Array of Exhibitors
This year’s expo will feature around 50 property developers and another 50 property-related businesses such as banks, insurance companies, and lifestyle brands. A new addition to the expo will be a resale corner, where attendees can view properties sold under market value.
O’Sullivan revealed the target market for the expo as “middle to high-net worth Khmers, expats that are running or in business here, as well as those that fly in from overseas. This time we also hope to attract a lot more families.”
A Glimpse into the Cambodian Real Estate Market
Reflecting on the recent trends in the Cambodian real estate market, O’Sullivan noted a surge in buying post-COVID, as people were eager to invest, expecting a new boom cycle. However, he observed that the expected bounce-back in 2023 had not occurred due to local and global economic pressures.
“We have not seen this expected bounce back mainly due to the local & global economic pressures in the market,” O’Sullivan said. “So what we are finding is that property is now at a price we feel is realistic.”
A Great Buyers’ Market
Anthony Galliano, who conducted the interview, reflected on the current oversupply in the market, rising interest rates, and the great opportunities it presents for buyers.
O’Sullivan agreed, adding, “For those buyers with enough down payment of between 10 and 20 percent or those international buyers with large cash reserves, they are now able to take advantage of the market.”
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He concluded that developers at the expo will be eager to make deals, with prices for condos and boreys being “probably one of the lowest they have been for the market.”
Looking Forward to a Successful Event
The Home & Lifestyle EXPO 2023 is building on a successful history, having generated over $30 million in property sales in 2022. The organizers are hopeful to repeat this success, offering many new deals and potential purchases under current market value.
With an expanded scope and a line-up of the Kingdom’s most respected developers and property-related companies, the expo offers a unique opportunity for buyers and investors to navigate and explore the Cambodian property market, all in one convenient place.
