Real Estate Experts Expect Cambodia's Real Estate Sector to Grow Next Year After the Government Launches Some Measures

Well-known real estate experts in Cambodia are eyeing the growth of Cambodia's real estate sector in 2024 after observing that by the end of 2023, real estate transactions will have resumed, especially after the Royal Government of Cambodia put out some measures to boost.

At the meeting to review the work results of 2023 and the action plan for 2024 of the Cambodian Valuers and Estate Agents Association (CVEA) on December 11, 2023, Mr. Va Virak, a board member, said, "In a short time, the real estate sector in Cambodia will grow back in the future.".

Mr. Virak said that if you look at the forecasts for Cambodia's economic growth by major financial institutions such as the ADB, IMF, and World Bank, they forecast that in 2023 it will grow by about 5.6 percent and in 2024 it may be more than 6 percent.

At the same time, he said that by the end of 2024 or 2025, the situation of the real estate sector in Cambodia will be much better due to the fact that the Royal Government of the 7th mandate, under the leadership of Samdech Thipadei Hun Manet, Prime Minister of Cambodia, has made efforts to promote this sector.

CVEA board members also said that in general, real estate as well as the economy have cycles, so when they reach the top, they start to go down and then start to rise again.

Mr. Virak said that the current opportunity is best for those who want to buy real estate and want to invest in this sector if they have good cash flow, but if they use a loan with a high interest rate, they should not invest.

Mr. Seng Sopheak, Executive Vice President of the Association and Chairman of the Evaluation Committee, said that for the real estate market, he sees that at the end of this year as well as next year, investors will have a lot of returns because now the real estate market in Cambodia attracts much interest from the ASEAN region.

"There will be more new investors coming to invest in Cambodia in 2024, not just Chinese investors, which will give Cambodia more choices," he said.

Mr. Sorn Seap, President of CVEA, said that for 2023, the association sees that from the beginning of the year until now, there are some challenges and also some opportunities in the real estate market.

He said that for the type of housing, both landed properties and condominiums, there is some competition, and the number of buyers outside and inside the country is declining, but it is a good opportunity for those who want to or can buy in a good place at a good price.

Ms. Tang Hour, Vice President of the Association and Chairman of the Business Association Commission, believes that the real estate market at the end of 2023 seems to have momentum and that 2024 will happen because the Royal Government has encouraged all banks to provide loans to customers to buy land and housing.

Oknha Cheng Kheng, Member of the Board of Directors, observed, "We see that at the end of 2023, we will see a resumption of trading activities. I think it is a good sign that in 2024, the purchase-sales movement in the real estate sector will work well again."

Please be reminded that in the "19th Government-Private Sector Forum" on November 13, 2023, Samdech Thipadei Hun Manet introduced a number of measures to contribute to the real estate sector affected by the repeated crisis.

The prime minister also encouraged banking and financial institutions to reorganize loans to borrowers to purchase land and housing according to the institution's actual capabilities based on voluntary principles.