By Siev Meng
PHNOM PENH: There are now a number of important factors that lead to the claim of both government and private experts saying that 2019 construction and real estate will be better than last year.
Mr. Seng Loot, spokesman for the Ministry of Land Management, Urban Planning and Construction said last week: “The peace, economic growth and the potentials facts will help the sector grow strongly this year and as the World Bank forecast shows that Cambodia’s economy will grow 7.1 percent this year.”
Ministry of Land Management, Urban Planning and Construction reporting shows the 2018’s sector investment size was only $ 5.4 billion while in 2017 the investment amounted up to $ 6.2 billion.
Mr. Kheang Puthy, president of the Cambodia Real Estate Association (CREA), supports and adds that Cambodia also maintains stability political, their people and investor understand sector much better would allow the growth goes steadily.
“What I wish to see is the young generation and businessmen need a good knowledge to succeed their businesses,” he said.
President of the Housing Development Association of Cambodia, Okhna Ly Hour, also expressed his optimism that the construction sector will continue to grow by the above mentioned factors. The ministry’s investment figures seems lower, but in the fact reason that each project submitted could take several years, there are so many set up and a lot of workflow.
“I am still optimistic in the sector and what we see now that more foreign investors are ready to invest in housing as well,” he said. According to a study research by the Ministry of Land Management, Urban Planning and Construction, Cambodia needs another 1 million homes in between 2015-2030.
However, president of Cambodia Valuers and Estate Agents Association (CVEA) Mr. Chrek Sokhnim shares that he is not too much optimistic that 2019 will grow more as he explained in 2018, this sector was a big remarkable compare to 2019.
