PM Hun Sen: Real estate market continues as usual despite COVID-19

• 30 June 2020
• Property Focus
• 4374 Views

Although the COVID-19 crisis has affected the Cambodian economy, the real estate business continues as usual and shophouse businesses have recently become more popular, according to Prime Minister Hun Sen’s official Facebook page on 30 June 2020.

He also mentioned during a visit to the construction of the new Phnom Penh International Airport that despite the fact that the Cambodian economy is predicted to grow at a negative rate in 2020, some company’s projects such as Peng Huoth and Chip Mong have continued their construction processes as usual. Real estate sales have also proceeded, although with a reduced volume compared to the pre-COVID-19 period.

Oknha Nuon Rithy, CEO of Khmer Appraisal Foundation (KFA), also just urged those who can afford to invest in real estate to continue investing in the sector as it is the best time to invest because of the affordable price. And once the situation becomes better, the investors will automatically profit. (Read More)

Additionally, shophouses are currently becoming more popular today. According to CBRE Cambodia first quarter of 2020 report, the sale price for shophouse homes increased by 3.9% compared to 2019.

The report also highlighted that negative impact of COVID-19 on the Cambodian real estate market was unlikely to be severe for the first quarter, but could be negatively impacted from the second quarter onwards if the pandemic continues.

However, the agency also predicts the market will recover by the end of 2020 or early 2021 if the COVID-19 situation improves. (Read More)

• Economy and Finance
• Policy and Strategy