PHNOM PENH: According to experts, once Cambodia’s economy recovers and China reopens, allowing people and foreigners to travel to and from China without being quarantined, the real estate sector will be a priority destination for Chinese investment.
Mr. Chrek Soknim, President of the Cambodian Valuers and Estate Agents Association (CVEA), told AKP that Chinese investors may look to Cambodia for more investment in the construction sector, with a focus on Sihanoukville, Phnom Penh, and other potential provinces.
The announcement of China’s opening is a positive sign for Cambodia’s development, as Chinese investment in Cambodia reached up to 40% prior to the outbreak of Covid-19, a high rate when compared to other countries.
This positive factor will cause Chinese investors to heavily support Cambodia’s real estate sector, causing the sector to grow in 2023 compared to 2022, a difficult year for the real estate sector.
Ms. Catherine Chan, Founder and Executive Director of the Urban Village & Factory Phnom Penh Condo Project stated that the situation in the Cambodian condominium construction sector appears to be revived as a result of the Royal Government of Cambodia’s rapid reopening of the country. This is a fantastic opportunity for both domestic and foreign investors to invest in this industry.
Due to the absence of Chinese investors since Cambodia was hit by Covid-19 in early 2021, Chinese investment in the construction sector has dropped by half. 30% of the construction is still ongoing, and construction is at a standstill due to a lack of trading activity. However, in terms of total investment in Cambodia, Chinese investment remains the most significant.