Experts Discuss Opportunities and Challenges for Property Market

• 28 May 2019
• Property Focus
• 3656 Views

As both buyers and investors pay more attention to the booming property sector, experts from the sector shared the market opportunities and challenges at a recent training session.

Speaking in front of students and industry insiders at the training course held at the Royal Chartered Academy Institute (RCI), Mr Daniel Tan Garkbin, property practitioner and professor at RCI, shared his optimistic view on the Cambodia property market.

“It’s an opportunity [property market], because land price and construction costs in Cambodia are not too high yet, compared to others in the region…this is the attractive point,” Mr Tan said.

With more than 40 years of experience in the property market, Mr Tan explained that Cambodia is at a good stage of development despite land prices being a little high in some areas, though still low compared to the Asia Pacific region while labour costs for construction remain competitive.

“That’s why investors come to Cambodia”, he added, citing that investors can make good profits from such an opportunity. “As the sector continues to grow, however, there is a challenge within the labour market.

Agreeing with Mr Tan on opportunities in the property market, Ms Pania Prak, Director of RCI, said that there is a lack of senior professionals.

“We do not have skilled professionals, so that is also the concern for investors,” she said.

“They need to bring senior professionals from outside…making construction cost go up as well” she explained. “Opportunities for local people to work in higher positions need to look into this sector”.

“We have labour, but at a junior level, and not for senior experts in this profession like quantity surveying,” she added.

Currently, RCI is the first institution in Cambodia to provide associate degrees in four major fields in the construction and property sector, namely construction management, quantity surveying, real estate and valuation, and facility management.

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