- ERA Cambodia currently has 1 700 agents and aims to reach 5 000 agents in the next three years
- More than 30 high-quality condo projects worth billions of dollars are being partnered with ERA Cambodia
- The average sale price of a unit condo in Phnom Penh ranges from $1 500 to $3 000 per sqm
- The current situation is a great opportunity to buy condos for profitable
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.
Behind every success is a great TEAM
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 members’ success is our success.”
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—some even offered discounts and promotions to other participants at the conference. On top of that, a leading real estate marketplace in Cambodia Zillennium Group, and one of its ecosystem digital investment platforms Z1 FINANCIAL also endorse the event.
ERA began its journey in Cambodia’s condo market
ERA Real Estate is a world-class real estate company founded in the United States in 1972. Currently, ERA has gained its foothold, supporting about 40 000 salespersons in more than 2 200 offices across 37 countries worldwide.
ERA Cambodia started its business in Cambodia in 2019, with Mr. Khorn Kungkea representing as Chief Executive Officer. The company has thus 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 country. Currently, there are more than 30 high-quality condo projects worth billions of dollars are being partnered with ERA Cambodia.
The supply is growing slowly, yet the market remains stable
The condo transactions continue to increase, but the number is relatively low compared to prior to the hit of the pandemic. However, the condominium is a co-ownership housing that has a 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 condo development, with current supplies estimated at 30,000 units, or the equivalent of 100 buildings. By 2025, this figure is expected to rise to 80,000 units.
According to studies from real estate companies, the average sale price of a unit condo in Phnom Penh ranges from $1 500 to $3 000 per sqm, while the average rental price stands between $8 to $15 per sqm a month. The price of condos is varied according to the type of the condo: affordable, medium, and high-end.
Now is a good time to invest in the condo for a high reward
Khorn Kungkea, Chairman and CEO of ERA Cambodia stated that condo 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 professional real estate agents in order to make the right investment decision.” Said Mr.Kungkea.
ERA Cambodia to create more job opportunities
With well-trained and professional agents, ERA Cambodia has played an important role in the condominium market over these past four years. Currently, there are more than 30 high-quality condo projects worth billions of dollars are being partnered with ERA Cambodia, creating jobs for more than 1 700 agents. In the next three years, ERA Cambodia aims to employ up to 5000 agents.