These sectors are expected to recover as they experienced an influx in domestic activity and investment last year
A recent report was released by the National Bank of Cambodia (NBC) on the bank sector’s macroeconomic progress and outlook for 2022, and it revealed that the construction and real estate sectors may be reasons to rejoice this year.
It highlighted that these sectors are expected to recover as they experienced an influx in domestic activity and investment last year. Following the reopening of the economy in the latter half of 2021, these will play significant roles in the growth of Cambodia’s property sector.
The Khmer Times reported that Ford has invested in an assembly line in Cambodia, which is currently under construction and will begin production in April. This is being built on a four-hectare land, 159km from Phnom Penh.
The Phnom Penh Post cited CBRE Cambodia, revealing that the new commercial developments brought the retail space in Phnom Penh to over 400,000 sqm. The real estate firm also noted that it is expected to grow more than 190,000 sqm in 2022.
Global Real Estate Association president Sam Soknoeun noted that the Kingdom’s efforts to resume economic activity and reopen its borders to fully vaccinated tourists have accelerated the demand for retail space.
Data presented by the Ministry of Land Management, Urban Planning, and Construction showed that 4,303 new construction projects, which have a cumulative floor area of 12,998,072 sqm, were approved last year.
Despite a severe economic downturn, Cambodia’s real estate market has thrived thanks to local interest in properties. Landed properties, particularly those in the affordable and mid-range segments of the market, have become increasingly popular.
Districts such as Sen Sok and Chroy Changvar have been seeing continuous growth despite the pandemic, and a significant portion of Realestate.com.kh’s website traffic is attributed to searches regarding landed properties and new developments in those areas.
The Property Report editors wrote this article. For more information, email: [email protected].
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