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Cambodia:What is the impact of the influx of luxury cars and the rapid rise of the middle class on C


source:[Gravimetric blender]   release time:2021-04-23 09:13:57




According to Cambodian media reports, the Italian luxury car brand Maserati recently announced that it will enter the Cambodian market and be distributed by HGB Group as an authorized agent.

Coincidentally, the Ministry of Commerce of the Cambodian government approved Prestige Auto Co. Ltd to have the exclusive right to import and distribute BMW cars earlier.
A breakdown of the international car brands that have entered Cambodia, whether it is the top luxury Rolls-Royce, Lamborghini, Bentley, or the high-end luxury Porsche, Mercedes-Benz, Audi, Lexus, etc., or the common Toyota, Honda, Ford, Volkswagen, Kia And other world-renowned brands are readily available.

Do Cambodians really have such a strong purchasing power? The answer is yes!

01

Perhaps you don't know, Phnom Penh is one of the cities with the most Rolls-Royce in the world. It is said that among the Rolls-Royce Phantom sold in 2017, Phnom Penh has 17 cars.

On the streets of Phnom Penh, you can see a top luxury car from time to time in the traffic. Porsche, Ferrari, Bentley, Lamborghini, Maybach, Aston Martin and other luxury cars can be seen everywhere. Cambodia’s import tariff on cars must reach 100%. This shows that the base of the rich population in Cambodia is huge.

AEON, the first modern shopping mall in Phnom Penh that has reached international standards, officially opened in June 2014. AEON 2 will start its trial operation at the end of May 2018 in less than 4 years; now, AEON 3 has broken ground and is expected to It will officially open for business in 2023.

The trend of rapid expansion is enough to reflect the consumption desire and strength of the people of Phnom Penh.

During the epidemic, due to entry restrictions, the Phnom Penh real estate market lost many foreign customers, but it ushered in a climax of local customers buying houses. Some local middle-class and wealthy people have gradually increased their awareness of real estate investment in recent years. Based on their in-depth understanding of local development, once the regional value is determined, many of them are purchased as a whole.
02
Although Cambodia's economic "Great Leap Forward" has been a matter of more than ten years, the accumulation of wealth for some groups has already begun.

In the 1990s, after Cambodian Prince Sihanouk took charge of state affairs, he fully restored the national system and policies left over by the French.

These policies and systems protect the interests of the middle class. Therefore, the middle class who had been forced to leave their homes because of the "Khmer Rouge" returned to their homeland. This allowed Cambodia to regain its status as a middle class society in a few years.

At the same time, a series of open policies have attracted a large number of foreign investors. With the support of foreign investment, various industries in Cambodia have shown an unprecedented development trend. The number of people who have escaped poverty and entered the middle class has increased rapidly, and gradually formed a new local middle class in Cambodia.
Local chaebols, high-net-worth individuals who have returned from overseas and the returning middle class, a growing new middle class, as well as foreigners, technical elites and high-level scholars based in Phnom Penh, several mainstream groups converge to build the Phnom Penh Tower Point circle layer.
03
The greatest anxiety of these apex circles with noble and prominent social status, apart from allowing the second generation to maintain the superiority of the class and no longer return, there is nothing more than wealth anxiety.

The way out of wealth anxiety is nothing but buying a house. Housing has become their biggest investment in their lives. How to use limited funds to match the housing of their own circle with a high probability of outperforming the market is their biggest anxiety.

The middle class is looking forward to Cambodian real estate, and the Cambodian property market is not too much to give up. The swarming middle class and foreign investors are working together to promote the rapid development of the Cambodian property market. High-rise buildings are rising from the ground, and the supply of high-end apartments and residences has soared year by year, and their housing prices and land prices have repeatedly created miracles, becoming a hot bronzing place in the world!

According to a report by CBRE, one of the top five real estate services in the world, the price of land in Cambodia will maintain an annual growth rate of 7% in the next ten years. Also in the past ten years, land prices in Cambodia have soared by 225%! Compared with many countries in Southeast Asia and even the entire East Asia, the housing price of Phnom Penh, the capital of Cambodia, is only one-third of that, but the rental return is arrogant in Asia. In 2018, Phnom Penh was sought after by global investors with a high of 6.92%, and countless enthusiasm continued. This proves a fact: Cambodian real estate is worth it!


Under the carnival, the market's opportunities for the middle class to get in the car have been dwindling. Although the total supply of the overall apartment market in Cambodia is increasing year by year, the population of this young country is also rising, and the limited land resources are constantly declining!

According to the research report of the Cambodian Urban Development Strategy Center, by 2030, Cambodia will need more residential buildings nationwide to meet market demand. Take its capital Phnom Penh as an example. According to related reports, Phnom Penh will need at least 800,000 residential houses by 2030, that is, the annual demand for residential buildings exceeds 50,000!

The survey showed that as of the third quarter of 2019, there were 15,508 apartments in the Cambodian market. In the first quarter of 2020, a total of 2843 new apartment units were supplied, and the total supply reached about 20,851 units. The apartment market is in short supply. Moreover, there are not many large-scale commercial and residential buildings and apartments that can accommodate the future population increase in Phnom Penh City at present, and there are even a handful of housing projects that can be completed in recent years! The real estate market in Phnom Penh, especially the value of mid-to-high-end apartments with complete functions, is self-evident![Gravimetric blender]