PHNOM PENH: Despite the fact that the global economy has not improved considerably and that the conflict between Russia and Ukraine has become a big issue, real estate investment in Cambodia is expected to be better in 2022 than in the previous two years, 2020 and 2021.

According to Chrek Soknim, president of the Cambodian Valuers and Estate Agents Association (CVEA), the state of the real estate sector in Cambodia at the beginning of 2022, compared to 2020 and 2021, has been much better due to a number of factors, including the fact that COVID-19 in Cambodia has been almost completely eliminated, allowing investors to visit and study investment projects.

However, the majority of those investors are local, with relatively few foreign investors, “he explained. Although the number of foreign investors is not yet huge, local investors are still buying and selling real estate, especially with the assistance of the financial system, which has given the buying and selling activities even greater impetus, “he said.

Mr. Chrek Soknim further stated that, despite some challenges, Cambodia's financial system continues to support the real estate sector. “This is the Royal Government's desire and ambition to continue to push the private sector forward, which makes Cambodia's private sector continue to thrive.”

He emphasized that a country's development is dependent on many variables, particularly local and foreign investors, and that at the moment, only local investors are investing in Cambodia, proving that local investors are a driving force.

He stated that, in his opinion, international investors would return to Cambodia soon to seek reinvestment as foreign investors have been absent or little invested in Cambodia for the previous two years. The return of foreign investors will stimulate the Cambodian real estate market.

The Cambodian Valuers and Estate Agents Association (CVEA) was founded by a number of real estate agencies operating in Cambodia and is registered with the Ministry of Interior as a non-profit business network organization in November 2008. The mission of CVEA is to serve all members to gain optimum opportunities and real estate market competitive advantages in Cambodia through strengthening professional competency, promoting business ethics, integrity, accountability, advocacy, and increasing real estate market demands.