Cambodia’s Real Estate Booming
Cambodia is predicted to be the next tiger economy in Asia due to the GDP’s consistently strong growth, and its fastest developing sector for the next five years will be the real estate sector, according to a group of Asean realtors and evaluators who spoke during the 24th VPC Asia Pacific Regional Conference last Friday.
James Wong of International Property Consultants and VPC Asia Pacific Realtors said that considering the ongoing and consistent development of real estate and property in the Kingdom, the country would help the rest of the Asean Economic Community (AEC) become a key player in the international economic market.
“The AEC will be the next trading bloc in the world after the European Union, China and America, as China and America are fighting with each other politically and economically,” Mr. Wong said.
Cheng Kheng, CEO and Chairman of Cambodia Properties Limited, said that all investors he knew of who had visited Cambodia had been interested the country’s fast growth and development.
“What we can see in Cambodia by now is that there are more and more skyscrapers blossoming, starting from 45 floors, 55 floors and 133 floors, so this is the fast growth that we are happy and proud of. The real estate in Cambodia keeps growing. Realtors and all investors should invest in Cambodia since this is a good opportunity,” Mr. Kheng said.
He added that Cambodia’s fertile land and tourist sites should also be seen as draws for potential real estate and property investors.
“Cambodia is the center of Asean. If Cambodia has good offices and a lot of high skyscrapers, they [investors or realtors] will want to have their headquarters in Cambodia,” Mr. Kheng reasoned.
Aukrit Laohaprasit, Chairman of VPC Asia Pacific and the executive director of Thai Property Appraisal Lynn Phillips Co. Ltd. said Cambodia’s infrastructural and developmental futures were bright.
“The boom in the economy and real estate sectors, office space and residential space, exemplify the changes we’re seeing in Cambodia. Development projects and realtors with multinational corporations will continue to come to invest in Cambodia,” Mr. Laohaprasit said.
He added that government regulations would be the most important insurance for realtors and investors, and questioned who would manage and maintain the font of new properties in the Kingdom.
Bou Chanphirou, deputy director general of the Ministry of Economy and Finance’s General Department of Finance and Industry, said the 24th VPC Asia Pacific Regional Conference was meant for sharing experiences and professional services and would address appraisals, market research, feasibility and updated progress reports of members of the AEC.
Mr. Chanphirou added that the week prior, Cambodia hosted the 19th Asean Valuers Association Congress, the first time the two-day congress has been held in the Kingdom. The theme of this year’s congress was One Asean, One Valuation Standard.
The AEC is an emerging political and economic force, with its combined population of 620 million and total value market of $2.3 trillion, Mr. Chanphirou said, adding that the Asean GDP growth average in 2016 is expected to reach 4.9 percent.
He also took a moment to address the Kingdom’s need for standardized rules for real estate investment in order for the country to better keep up with the cross-border investment market.
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