Experts Gather to Talk About Valuation and Banking Sectors

• 25 April 2019
• Property Focus
• 1945 Views

Real estate experts and bank representatives in Cambodia gathered together to discuss valuation services and the role of banks in helping develop the real estate sector.

On the evening of 24 April 2019, Cambodia’s largest property appraisal firm VTrust Appraisal Cambodia organised a ‘Supplier & Clients’ Day’ at the Himawari Hotel to share information as well as announce its new services and market expansion plan.

Speaking at the event, Mr Kuy Vat, Chairman of VTrust explained the importance of real estate valuation services to the real estate sector in Cambodia.

“Valuation service is an important part of the real estate sector, and especially if we work with a major partner bank, I think it will help real estate agents,” he said.

“The more information we get, the better our assessment, and banks can give loan easier too, and if loan is not broken, they [banks] give more and more,” he added.

At the same time, Chrek Soknim, President of the Cambodian Valuers and Estate Agents Association (CVEA), also supported the comments.

“Normally, in the value of the economy, for public trust in the banking system and with those who use it, there is a need for a third party which is the valuation company,” he said.

Ms Grace Rachny Fong, Director of Century 21 Cambodia, also highlighted the importance of real estate valuation service.

“Continue the service because the service is the core business, not just a loan, but the service [valuation] is essential to providing this [loan] service, and for end customers to have confidence in your service [banks],” she said.

“No conflict of interest, she [Vtrust] is focused solely on valuation, so cannot be biased because she [Vtrust] is not an agent as some companies are agents and valuators,” she added.

Besides discussing the topic, Vtrust also shared plans to expand the market to 25 provinces and cities as well as planning to launch an online valuation service, which will help improve real estate services.

 

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