Construction & Real Estate Sector Show Signs of Recovery in H1 2023

• 1 August 2023
• Local News
• 1858 Views

The echoes of recovery reverberate through Cambodia’s construction and real estate sectors, painting an optimistic picture as the nation strides forward into the first half of 2023. A surge in the import of construction materials and equipment, registering a 0.4% increase, amounting to approximately US$911 million compared to the previous year, signifies an industry back on the rise.

A recent report unveiled by the National Bank of Cambodia illuminates the nation’s commendable economic trajectory for the first half of the year. Despite the ebb and flow of global economic currents, Cambodia showcased steadfast growth, propelled by the robust tourism sector, continued flourishing in agriculture, and noteworthy signs of resurgence within the construction realm. This comeback story comes amidst a backdrop of challenges faced by the manufacturing sector, grappling with diminishing external demand.

The housing landscape mirrors this upward trajectory, as attested by the report. The housing price index for the period spanning January to June 2023 showcases a commendable 6.4% year-on-year augmentation. The capital city, Phnom Penh, takes the lead with an impressive 6.9% rise in housing prices, while other provinces experience a noteworthy 5.3% elevation.

The unfolding narrative of Cambodia’s construction and real estate sectors holds a promising chapter, emblematic of resilience and adaptability, echoing the nation’s commitment to sustained progress.

• Analysis