Harrison White
Prince Real Estate CEO Edward Lee spoke with CIR Leader Talks on the company’s long-term ambitions in Cambodia’s real estate market, current and future trends post-COVID, and his recent Personality of the Year award at the Cambodia Real Estate Awards 2023.
Prince Real Estate Group emerged as the Best Developer and Best Mixed-Use Developer at the 7th PropertyGuru Cambodia Property Awards 2022. Edward also expressed gratitude to other real estate players who have contributed to the progress of the Cambodian market.
“I am honored to have received the Personality of the Year award, but we should also thank real estate players more broadly for helping the Cambodian market continue to progress,” he said.
The annual event is organized by Realestate.com.kh in collaboration with The Ministry of Land Management, Urban Planning and Construction, The Real Estate Business and Pawnshop Regulator of Cambodia, and the Cambodian Valuers and
Estate Agents Association.
Cambodia’s unique market opportunities
Edward, who has experience in real estate markets in Vietnam, Malaysia, and the US, said that Cambodia’s market is unique and offers advantages such as a more open local market, favorable regulations for foreign buyers, and strong rental yields for investment real estate.
He explained, “Cambodian real estate market is quite a bit different than the real estate markets of Vietnam and Malaysia, mostly because the local market is open to more international buyers. Cambodia has a relatively small population of 16 million, but with the very easy and relaxed regulations for foreign buyers, the target market increases 10-fold.”
“Another big difference is that Cambodia has very good rental yields for investment real estate, as well as a US dollar economy, so investments can be better protected against foreign exchange losses,” he added.
According to market consultants CBRE Cambodia, the local real estate market is currently experiencing the most competitive and challenging conditions it has ever faced.
Consequently, they urged all players in the industry to reevaluate and update their strategies to better align with the unique context of 2023.
Source: Cambodia Investment Review
