CVEA Urges Government to Legislate Real Estate Brokers

• 4 June 2018
• Property Focus
• 1773 Views

Mr Cheng Kheng, chairman of board of directors of the CVEA. Photo Credit: La Reine

The Cambodian Valuers and Estate Agents Association (CVEA) has recently urged the government to legislate real estate broker to help rid the market of a huge amount of ‘unqualified and ineligible’ real estate brokers currently operating in the kingdom.

Mr Cheng Kheng, chairman of board of directors of the Cambodian Valuers and Estate Agents Association told PNN TV that more than 80 percent of real estate broker in Cambodia are unqualified to do the work.

“As we have no law on this, everyone can be a real estate broker. This can make the real estate sector in Cambodia become ‘anarchic’ which is not a good image for this current fast growing sector,” Mr Kheng told PNN TV.

“Therefore, we want to propose to the government a proper law on the real estate sector. We have discussed with our members that, if possible, every broker is required to have a license. First of all, they have to go through a training course. After graduating, they have to do the exam set by the Ministry of Economy and Finance for a license before they can be a licensed broker,” he added.

According to Mr Kheng, the proposal will help real estate transactions in Cambodia become more transparent for all parties and also help stop the rapidly increasing number of unqualified brokers operating in the kingdom.

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