Estatedia

Foreigners make up 70% of the country’s condo developers

According to Mr. Chrek Soknim, president of the Cambodian Valuers and Estate Agents Association (CVEA), approximately 70% of condominium developers in Cambodia today are foreign investors, particularly Chinese investors.

He added that the development of condo projects in Cambodia is based on two main markets: the market for real estate developers, or so-called condo builders, and the market for end users.

According to a study by the Association of Condo Developers, the majority are foreigners, up to 70%, with local developers accounting for only 30%, implying that the market reliant on foreign investors.

He also stated that Cambodia has successfully tackled Covid-19 and ranked number 1, neighboring countries, including those in the region, but have not improved, causing the condominium project to continue facing the construction and sales challenges.

“Most of the investors are also Chinese, and their country continues to face the risk of Covid-19, which has caused travel from China to the region and Cambodia to suspend, so they can’t travel,” he said.

According to Mr. Chrek Soknim, “if China opens up opportunities for investors to go abroad, Cambodia is one of the priority ASEAN countries in attracting investment in real estate because investors consider the income from investment. So, in Cambodia, land, and condos are still good investment options.”

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