Experts Predict Real Estate Sector Growth After July Election

• Proeksa Meas
• 18 July 2018
• Local News
• 2934 Views

Real estate experts foresee a significant rise in the property sector after the 29 July National Election based on the assumption that for the past six months prior to the vote many investors prefer to await the outcome.

According to a survey conducted by Key Real Estate Co., Ltd, land prices in Phnom Penh saw a slight increase in H1 2018 compared to H2 2017. Duan Penh, 7 Makara, Chamkarmorn, and Touk Kork districts are still the top highest land price districts in Phnom Penh, in which Psar Thmey commune is the area with the highest prices of up to US$8,800 per square metre.

“We can see the land prices have increased only a little. The reason is that most investors do not want to invest much before and during the election period. They prefer to stand still first. However, they will start to invest more after the election. I predict a rapid growth afterward,” said the founder and CEO of Key Real Estate Co., Ltd., real estate analyst, and former vice-president of the Cambodian Valuers and Estate Agents Association (CVEA) Mr Sorn Seap.

Mr Sorn Seap explained that the Cambodia property market is actually starting to become mature, therefore property prices, especially land prices, may not see a big jump like in the past decade.

“In the past 5 to 10 years, the Cambodia property market is still young, so the price seemed to jump very fast from one year to another. Now, as the market is getting a bit mature, we don’t expect a rapid jump like before, but still there will a big growth after the election,” said Mr Sorn Seap.

Chairman and Chief Executive Officer of the Century 21 Imperial Realty Co., Ltd. Mr. Ken Lo was also quoted by local media sharing this positive prediction on the property market after the election.

According to AKP, Mr Ken mentioned that sustained peace and political stability resulting in sharp and vigorous leadership in promoting investment and economic performance are the cornerstones for a blossoming real estate sector.

He also encouraged construction and property related agents to maintain their hard work and build confidence among clients.

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