Oknha Nuon Rithy: Developers expect a new record housing market in early 2022

PHNOM PENH: Developers in the real estate sector have expressed optimism and confidence that the real estate market, particularly in the residential sector, will grow again in early 2022 as the Royal Government opens its economy and reduces infection rates across the country.

Oknha Nuon Rithy, Chairman of the Board of Directors of KFA Group, an active developer in the real estate and real estate sectors, responds with AMS that the priority sector will be real estate sales by early 2022. It is critical to restarting the process.

The Tycoon said: “Despite the more than a year of disruption caused by the epidemic crisis, my expectations for the housing market remain positive. My housing construction activities in Borey Kien Svay Park are still going well, there are no obstacles, and it is a good opportunity at the beginning of 2022. My housing construction is about to complete, which will be able to gain market share to many more.”

Concerning the construction and real estate sectors, Samdech Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, stated last week that the Covid issue did not stifle Cambodia’s construction sector.

Samdech Techo said: “Even during the Covid crisis, Cambodia’s construction sector has remained strong, and many construction companies and Boreys have not suspended their construction activities, citing only a shortage of skilled labor.”

In response to Samdech Techo Hun Sen’s recommendation, Mr. Oknha Nuon Rithy expressed his support by confirming that by the beginning of 2022, after the Royal Government reopened the economy, most people across the country would have been vaccinated. In general, preventing infections boosts motivation and confidence in businesses.

Mr. Oknha Nuon Rithy also confirmed the following: “When they are confident, they usually go out and do business again. The demand for housing will also look at projects, boosting the real estate market, particularly in the real estate sector. The average price of the residence is beginning to rise again.”

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