Cambodia’s real estate market may recover slightly in second half of 2021

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By: Ranet
Phnom Penh: After the threat of the pandemic in the community under the effective management and prevention of the Royal Government of Cambodia since the beginning of 2021, real estate sales may resume some activity and continue until the second half of the same year may see a slight regrowth.
Mr. Chrek Soknim, President of the Cambodia Valuers and Estate Agents Association, said on the evening of January 4, 2021 that, after the end of the event on November 28 recently, for those involved in the real estate sector began to be active and re-promote their projects, including project holders, investors, as well as clients who wish to purchase property for specific needs.
“Some people are starting to do their business, including sales agents, investors, as well as clients looking for real estate to meet real needs,” he said. “These activities are just the beginning, but it is not yet possible to say that market activity is getting busy or re-emerging,” he added.
“I think it will take more time; if the epidemic is not as manageable as it used to be, and if we get the vaccine to Cambodia already, I believe by mid-year or During the second half of 2021, the real estate market will start to grow again, but not yet strong.”
Similarly, CBRE Cambodia Country Director Ann Sothida said, “Most of the real estate activity, which is aimed at the mid-range housing market and the land market for less than $1 million, is based on real demand only for Cambodian customers or local investors.”
“Most of the market that continues to be active today is the sale of affordable ground floor homes under $70,000 or less, along with small-scale land sales,” she said. “For the sale of expensive real estate or land, unless it is sold at a lower price than the market, which can provide more profit opportunities after the end of the global crisis,” she added.
She stated that although the situation of the pandemic in Cambodia has been under the control by the Royal Government with good results, but for the real estate market, especially large-scale construction projects worth millions of dollars, most Investment are from international companies and foreigners from abroad. So, although in Cambodia it is better to get out of this crisis, in some other countries it is still not over.
“Even though some countries have started using the vaccine, it will take time for them as investors to re-prepare to make the emergency start of the crisis,” she said. This is a global crisis. Once they are ready, it will take some time, so whether you like it or not, it will take at least a year.”

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