PHNOM PENH: The economic crisis caused by Covid-19 has provided some real estate developers and investors with the opportunity to gain new knowledge and experience, with some of them able to avoid problems and even profit from them.

Oknha Nuon Rithy, CEO of Khmer Appraisal Foundation (KFA), told AMS about the situation of Covid-19 in the past and now, some investors and developers have gained a lot of experience related to the opportunities and risks ahead.

The tycoon said: “So far, KFA has taken advantage of the risks associated with the Covid-19 era in the following ways: First, we have taken advantage of real estate and can sell it convenience. Second, in terms of procurement, we have taken advantage of the opportunity to purchase real estate in many desirable locations at a lower price than the market. Third, we can order raw materials at a lower cost.

Oknha stated that providing services during times of crisis is also an opportunity unless it is stagnant or the emergence of a new era due to a political crisis or war. However, it is an opportunity for service providers during the Covid period, and almost no service provider has a problem, only an opportunity to grow.

Oknha Nuon Rithy also stated that foreign market expectations were too high when the era arrived, and foreign investors did not come hindered. However, the problem is less severe for business-minded individuals (services and real estate are not overly reliant on foreign capital). The local real estate market is still active in demand and supply.

“It is a problem for investors who expect too much influx from outside,” he added. “From today, investors must think about two things, both foreign and domestic, because otherwise, we will face problems like tourism in Siem Reap, which relies on foreign visitors when there are no visitors.”

Regarding the outlook for the local real estate market, tycoon Nuon Rithy predicts a better recovery as the number of vaccinated people from a young age increases by the end of 2021. More people aged 12 and up than in any other country in the region.

As a result, the rate of Covid infection will be lower, as will the risk of relapse. As a result, the land and real estate sector will begin with confident, because this sector is critical to the country's development.