Phnom Penh, Cambodia 12 of January 2024-CBRE Cambodia is excited to announce its annual Fearless Forecast event, which will take place on Friday 12 of January 2024, from 8:00 am to 10:00 am at the Oakwood Premier Phnom Penh’s Grand Ballroom. The event will provide an overview of Cambodia’s macro economy and the state of the real estate market in the year ahead.
According to CBRE Cambodia, the challenges of 2023 are expected to persist, particularly for the office, retail, and condominium sectors. However, there may be some bright spots in alternatives, industrial logistics and agriculture. The Fearless Forecast 2024 event will provide valuable insights into the real estate market and help industry leaders and enthusiasts make informed decisions.
The highlight of the occasion will be a keynote address by the esteemed Chairman of CBRE Cambodia, Marc Townsend. As a leading figure in the real estate sector, his insights are anticipated to shed light on the trajectory of Cambodia’s property market throughout the coming year.
“The drawn out challenges the market face are present globally as economies face post-COVID shocks conflicts, elections, rising interest rates, inflation and the impact of rising geopolitical tensions; though are exacerbated in the Cambodian context by the ever-growing supply overhang,” said Marc Townsend Chairman of CBRE Cambodia.
“Developers have a multitude of possible solutions ranging from the simple, such as better marketing competitive pricing, good payment terms and great management to the more complex such as repurposing and repositioning a development the key tailleeway being that solutions exist, if you’re willing to look for them.” added Townsend.
CBRE Cambodia’s Managing Director, Lawrence Lennon added, “There’s never been a better time to be an occupier or buyer as the quality of options has significantly improved while asking rates continue to fall by as much as 30% over the past few years. Now is a great time to upgrade where you live, work and play”
“Conversely, from a developer’s perspective, (couldn’t recommend more to push to control future supply coming online through stronger planning and zoning regulations. Such actions would allow existing stock to be absorbed and rates to gradually grow, “Lennon added.
“On a more positive note, there may be opportunities created in the fall out of the present challenges For instance, the government and banking sector may work to intervene to create decent first-time buyer programs on certain projects to stimulate sales and increase affordability of more centrally located condominium projects to new pool of local buyers that will occupy and benefit from the development cycle, noted Kinkesa Kim, Deputy Managing Director.
The event promises to be an engaging and informative session with networking opportunities. It is to be attended by more than 100 individuals from all key areas of the real estate industry.
Following the event, a Press Release session will give journalists a chance to interact with the presenter. discussing the challenges and opportunities unfolding in Cambodian real estate market in 2024.
Source: CBRE Cambodia
