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The two major international institutions say that the real estate sector is a major contributor to the Cambodian economy

2019-05-08
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Summary:The two major international institutions, the World Bank and the International Monetary Fund (IMF), have demonstrated simultaneously that the real estate sector is contributing significantly to boosting Cambodia's economy.

Pictures of big and tall building reparations in Phnom Penh

The two major international institutions, the World Bank and the International Monetary Fund (IMF), have demonstrated simultaneously that the real estate sector is contributing significantly to boosting Cambodia's economy.

Given two major moves in terms of rapidly growing exports and growth of the world's largest construction sector, the World Bank recently said that Cambodia had achieved a 7.5% growth in The 2018 growth rate is better than expected.

At the same time, the report of the International Monetary Fund (IMF) released in December showed that investment capital has continued to flow steadily into the construction sector.
"In addition to exports of garments, footwear and goods, the total construction, real estate and tourism sectors accounted for 60% of all investment projects approved in 2018," the World Bank report states. Manufacturing, construction, metal, furniture, and smith products are also on the rise to support the construction of the construction sector. "
Meanwhile, the IMF and experts report that the banking industry has grown strongly in the real estate sector in Cambodia.
"Credit growth in the real estate sector, which is key to credit growth and growth, has averaged about 35 percent since 2016, driven by some banks," the IMF report said.
The report also shows that developers have to provide favorable loan conditions for local buyers to enter the market and strict control measures need to be made in the future.
Shin Chang Moo, president of Phnom Penh Commercial Bank, said: "Investing in real estate and development projects is a key driver of growth."
"Enhancing the investment environment and reducing costs of doing business and building skills for the future of the economy are the top priority for Cambodia," said Eagornada, the World Bank's Country Manager for Cambodia. Keep growing in the medium term ".
"Evidence points out that investing in people is vital to promoting economic progress and sustainable development," she said. Investment to the people and the improvement of the quality of Cambodia's human capital should continue to be at the heart of Cambodia's aspirations to reach a high-middle-income economy by 2030, "he said.
The president of the Association of Valuers and Real Estate Agents in Cambodia, Chik Soknim, said property is about the economy, and real estate is one of the pole of the economy.

"The real estate situation continues to prosper as we look at the strength of the national economy and the political stability of the country," he added.
Real estate investment in the real estate sector fetched more than $ 1.36 billion in the first quarter of this year. Real estate investment in Cambodia has benefited from 7 to 8 percent return of investment. This information trades from propertyarea.asia . This news translate from propertyarea.asia

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