Two major associations to promote real estate valuation in Cambodia

Cambodia’s robust economic growth is generating increasing prosperity in the real estate sector, reflected by an increase in real estate prices across the country. According to two major associations, this trend is also making property valuation an essential path for sustainable growth of the sector.

On 30 January 2019, Chairman of the Cambodia Constructors Association (CCA) Neak Oknha Pung Kheav Se met with President of the Cambodian Valuers and Estate Agents Association (CVEA) to discuss future cooperation. As the first step, both parties share the same view for promoting real estate valuation.

Neak Oknha Pung Kheav Se said that the service is very important because the annual cost for property valuation is between US$1 to US$2 million.

“We have very high competition, if we do not make it good, they will not trust us or if we do not valuate properly in accordance to the real market price, they will not take us,” Neak Oknha said.

Meanwhile, CVEA President Mr Chrek Soknim also sees the importance of valuation, saying, “I see this issue as a long-standing concern, and we want to make sustainable valuations and be trustworthy”.

On this issue, Neak Oknha Pung Kheav Se also said that honesty, proper valuation, and independence are the key factors that will make investors and property buyers feel more confident.

While agreeing with Neak Oknha, Mr Meas Proeksa, publisher of Construction & Property Magazine which is supported by CCA, said that to earn customer trust, it is essential that the associations perform their role clearly.

“Like Neak Oknha said, doing business if we are a valuator, we cannot be a real estate [agent], so there needs to be three important [three major associations] and each divide the work accordingly and clearly,” Mr Proeksa said.

These major associations are the Cambodia Constructors Association (CCA), the Cambodian Valuers and Estate Agents Association (CVEA), and the Housing Development Association of Cambodia (HDAC).

- Video Advertisement -

Related Post

Constitution Monument, Costs US$2Mil, Inaugurated as a National Heritage Landmark

The Constitution Monument, a national heritage site and enduring symbol of Cambodia’s Constitution, was officially inaugurated near the Independence Monument, standing as a proud testament to the nation’s legal foundation. This iconic structure, built at a cost of USD 2.24 million, was unveiled during a grand Royal Inauguration Ceremony, presided over by His Majesty King […]

ASEAN Constructors Federation Drives Innovation and Unity at 56th Council Meeting in Malaysia

The ASEAN Constructors Federation (ACF) made significant strides at its 56th Council Meeting in Kuala Lumpur, achieving breakthroughs in safety standards, digital transformation, and sustainable practices. With representation from all eight ASEAN member states, the meeting highlighted key projects like Cambodia’s airport development and the 180-kilometre canal linking Phnom Penh to Kampot, alongside Malaysia’s innovative […]

Cambodian Gov’t Allocates US$1.359bn in Subsidies to Support 700,000 Vulnerable Families

The Cambodian government allocated US$1.359 billion to support approximately 700,000 poor and vulnerable families, benefiting a total of 2.8 million individuals. This major financial commitment was highlighted during the 12th meeting of the National Council for Social Protection at the end of July 2024. The cash assistance program spanned 46 months, including a full implementation […]

Cambodia Honours Eight Top Cashew Processors of 2024

On 6 June 2024, the Ministry of Agriculture, Forestry and Fisheries (MAFF) celebrated the winners of the 2024 Best Cashew Processors Competition, awarding eight companies and enterprises for their excellence in cashew processing under the chairmanship of HE Oung Kosal, Secretary of State of MAFF. The top honours were awarded to companies from various provinces, […]

Empowering ASEAN Citizens: Google and ASEAN Foundation Launch Digital Literacy Initiative

Google.org and the ASEAN Foundation have joined forces to introduce the ASEAN Digital Literacy Program (ADLP), a groundbreaking initiative aimed at elevating digital literacy among citizens across the ASEAN region, equipping them with essential skills to navigate the digital landscape effectively, according to pattayamail published on 22 March 2024. The unveiling of the ASEAN Digital […]

Cambodia’s Digital Leap: PM Hun Manet Emphasises 5G Education Infrastructure Development

Cambodia, under the leadership of Samdech Hun Manet, Prime Minister of Cambodia, is accelerating the development of its education infrastructure. The focus lies in digital transformation, transitioning from 4G to 5G, aligning with global advancements and modern technological needs. The Prime Minister made this announcement at the inauguration of the Faculty of Economics and Digital […]