- After a two-year decrease in 2020 to 6.2 percent and 2021 to 0.6 percent, the real estate sector is expected to recover to 4.1 percent in 2022.
- So far, the Phnom Penh capital city’s construction sector has received a total of 1,050 development projects worth more than $2.26 billion US dollars in 2021.
- Those 1,050 projects cover a total construction area of more than 4.63 million square meters.
PHNOM PENH: Mr. Khuong Sreng, Governor of Phnom Penh, said that the city’s construction sector has received a total of 1,050 development projects worth more than $2.26 billion US dollars in 2021.
At the opening ceremony of the meeting to summarize the work results of 2021 and the work direction of 2022 of the Phnom Penh Capital Administration on March 2, 2022, Mr. Khuong Sreng confirmed that, despite the national economy being affected by the COVID-19 crisis, many development and construction projects are underway in the city.
Mr. Khuong Sreng added, “As of the end of 2021, we have 310 Borey-apartment complexes and 1,603 high-rise structures from five floors up and have commented on the application form.” The development of 1,050 projects with a total construction area of more than 4.63 million square meters and an anticipated investment of more than 2.26 billion US dollars has been authorized.
At a public conference on “Macroeconomic Management and the Budget Law 2022,” organized by the Ministry of Economy and Finance in February 2022, Mr. Vongsey Visoth, Deputy Minister, Deputy Prime Minister, and Permanent Secretary of the Ministry of Economy and Finance, stated at a public conference on “Macroeconomic Management and the Budget Law 2022,” the real estate and construction sectors are the driving factors behind national economic growth, posing a significant challenge to the economy’s long-term viability.
Following a two-year decline of 6.2 percent in 2020 and 0.6 percent in 2021, the real estate sector is expected to recover at 4.1 percent in 2022.
Mr. Vongsey Visoth stated that prior to the crisis in 2018-2019, the construction sector grew at a rate of more than 20% per year, while the real estate sector increased at a rate of only 7–8%. Each year.