Experts optimistic about Cambodia’s real estate recovery in 2023

• 16 January 2023
• Local News
• 2159 Views

Despite the Covid-19 crisis and the global economic crisis, local real estate experts have expressed optimism over the recovery of Cambodia’s real estate market in 2023.

President of KW Cambodia Oknha Kim Heang said that in the last three years from 2020 to 2022, many real estate companies have closed due to the impact of Covid-19. In 2023, there will be many more closures, but at the same time, there will also be new openings.

He also stated that the overall real estate situation in 2023 will be better than in 2022, but still not as good as the pre-pandemic crisis. This sector requires more time to recover due to the global economic issues and lingering impacts of the pandemic.

However, according to Oknha Kim Heang, the recovery of the Cambodian real estate sector will gradually begin to show positive signs, aligning with the rate of recovery of each country’s overall economy.

Similarly, the President of the Global Real Estate Association Oknha Sam Sok Noeun said that the slowdown in the real estate sector in Cambodia is likely to remain in 2023 due to the after-effect of the pandemic.

However, Oknha Sok Noeun said that if the Cambodian government enforce new strategies to attract more foreign investment, the overall economy will improve, as does the real estate sector.

“If the government does not have any policy to encourage or attract more foreign investors, the real estate market in 2023 will continue to decline and won’t recovery yet,” said Oknha Noeun.

The National Bank of Cambodia (NBC) forecasted that the Cambodian real estate sector is expected to continue to grow at a slower pace of 1.2%, supported by growing domestic demand, focusing on the affordable real estate market.

• Analysis