By: Ra neth
Phnom Penh: The construction sector and the construction of large commercial buildings that are affected by the current Covid-19 crisis can be restored, depending on the economic factors in Cambodia, whether it can save the economy to be able to recover at any time.
Cambodian real estate expert Mr. Long Kimsour, CEO of Century21 Advance, said the real estate sector is divided into different categories and sections and each section also suffers from different effects.
“There are different parts and the impact is different,” he said. “There are some areas that are severely affected that take a long time to recover, while others are less affected and may be able to recover in a short period of time.”
Mr. Long Kimsour said that the land market on a small scale or for housing construction and for development in the form of small business are similar to the market for affordable real estate, which is less affected. “Demand is high from locals, so even if no foreign investors come to Cambodia, these two markets can continue to run smoothly, as long as the current situation is prevented and people can leave. The more you walk, the more the market moves,” he added.
In particular, asking when the investment and development of large projects with millions of dollars can be improved for sure, experts said it is not sure yet even if Cambodia brings free vaccines to Cambodians in the early stages now, because large investment projects worth millions of dollars are often the investment of foreign companies, so while in a large number of countries, there does not seem to see any relief yet.
“Even though our country can end the epidemic and other countries will start using the vaccine by 2021, it will not be able to encourage international investors to invest in Cambodia immediately,” Mr. Long Kimsour said.
He added that they also need time to recover their economic situation after more than a year of crisis. Now we see only in Cambodia, there are a lot of business people and investors who are facing financial problems due to the impact of this global crisis.
“I think the multimillion-dollar investment project in Cambodia could recover in at least another two to three years as the global economy begins to recover as the global economy starts recovering,” he said.
Mrs. Ann Sothida, Managing Director of CBRE Cambodia, similarly said that the big investors are not ready to invest abroad as well as in Cambodia due to the situation of Covid-19 is uncertain, especially, the specific efficacy of the Covid-19 vaccine.
“Their safety is a big concern for big investors, so the arrival of big foreign investors takes more time,” she said.
By: Ra neth