The world as we know it has drastically changed due to the coronavirus pandemic. The ongoing Covid-19 crisis has affected many markets over the course of 2020 and 2021 — the property market being no exception.
Although we are living in a time of uncertainty, this is also a time of opportunity for those who are prepared to invest since this uncertainty that surrounds our current circumstance creates an unprecedented advantage for purchasing your dream home or property that you have been longing for.
Whether you are seeking for your first ever investment in properties such as Land, Residences (Borey or Condos), Office Spaces… or to expand your existing property portfolio, NOW would be an ideal time to invest if you are in a very secure job and your income has been stable. Thanks to the weaker position of the current real estate market during this crisis, there may be less competition for the house or property you might be planning to buy, and sellers are probably more motivated to let go of their valuable assets. Also, there is now more room for negotiating price reductions so you can take advantage of this unfortunate period to find a home or property that you love within your price range.
It’s hard to predict whether the value of the property, land and housing during this pandemic will continue to fall or stabilize over the coming months, however, for those of you whose jobs are already stable and are in position to buy, you will be likely rewarded with a solid investment in the long term after the Covid-19 recovery.
The biggest profit in real estate is not obtained in selling but through purchasing at record low prices. This Covid-19 pandemic can be considered as one of those once-in-a-decade phenomena where smart investors can make a lot of profit in spite of the least amount of capital risked. One thing for sure is that this pandemic is only temporary. Once the economy and property market finally regain their momentum after the successful vaccination process in Cambodia, the property prices will surely bounce back.
In spite of the fact that Phnom Penh is currently under 3-week lockdown taking effect since 00:01 a.m on April 15 and is supposed to end on the 5th of May, The Royal Government of Cambodia and the Ministry of Health are trying hard in their efforts to secure enough vaccines to vaccinate Cambodian citizens as well as foreingers free of charge. Therefore, once everyone is vaccinated, it is only a matter of time until everything will eventually go back to normal and so will the real estate industry.