CVEA: Real Estate Transactions in 2020 dropped by 15%, Price Remains Robust

• Samphors Sao
• 26 December 2020
• Local News
• 2933 Views

Cambodia Valuers and Estate Agents Association (CVEA) President Chrek Soknim has said that overall real estate transactions in 2020 decreased by 15% – 20%, yet the average sales price remains robust.

He explained that the fall in the number of transactions was due to the COVID-19 pandemic, which reduced the amount of foreign investment in Cambodia’s real estate sector. Meanwhile, the price, for landed property in particular, remains stable because most local developers have huge capital in hand.

“Another reason is that the number of cases in Cambodia remains low due to effective government control. Thus, both developers and buyers are still confident. Besides, most buyers believe that buying real estate during this time is an opportunity to make a good profit in the future,” he added.

Nevertheless, he is optimistic that 2021 will be a better year for the real estate market, especially given the new government announcement to extend the stamp duty tax exemption deadline to December 2021. (Read more)

“It is definitely good news, which can help boost more the purchasing transactions in the Borey sector,” said Mr Chrek.

“If the government does not collect tax, people will want to buy more, which can increase transactions. As the result, it will also help boost the economy which is a good sign of economic recovery,” he added.

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