The noticeable absence of Chinese investment in the construction sector resulted in the market going down 50 percent
Lor Vichet, President of the Global Real Estate Association, told a group of about 200 foreign and Cambodian investors at the Cambodia-China Business Association (CCCA) that this is a good time for real estate because of the continued influx of investors, particularly from China and Hong Kong.
According to the Ministry of Economy and Finance, the real estate sector in Cambodia is expected to recover at 2.4 percent in 2021 and reach 4.8 percent this year, as local investment and demand remain robust and international investment flows expand gradually, reported the Phnom Penh Post last year.
There was a noticeable absence of Chinese investment in the construction sector since Cambodia was significantly affected by the COVID-19 pandemic. This resulted in the market going down 50 percent, according to another report by the Khmer Times.
Once Cambodia regains control of the COVID-19 situation and resumes socio-economic normalisation, real estate will again see an influx of Chinese investors.
Chinese investors may look to Cambodia for more significant investment in the construction sector, with more opportunities in Preah Sihanouk and Phnom Penh, among others, according to Chrek Soknim, President of the Cambodian Valuers and Estate Agents Association (CVEA).
Catherine Chan, Founder and Chief Executive Officer of Urban Village & Factory Phnom Penh Condo Project, said the situation of the condominium construction sector in the Cambodian market is improving due to the country’s reopening.
As part of its list of market trends for 2022, Cambodia Investment Review noted that Sihanoukville might be one of the cities that will see an increase in foreign investors as it is slated to be a major gateway city to Cambodia and a smart city.
“For me, Sihanoukville has better long-term potential than Siem Reap, which is purely tourism-driven at the moment. Sihanoukville has much more industry and a more diversified economy,” said Ross Wheeble, Knight Frank Country Head.
The Property Report editors wrote this article. For more information, email: [email protected].
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