Global realtors’ federation eyes Cambodia chapter

• 4 January 2017
• Uncategorized
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Attracted by Cambodia’s burgeoning real estate market, the International Real Estate Federation is aiming to establish a Cambodia chapter to join those already operating in 65 countries around the world.

The FIABCI, as derived from the French acronym, was founded in Paris, France in 1948 as the only global real estate networking organisation for all professionals associated with real estate. Its objectives are to facilitate worldwide networking for members; provide lobbying/special consultative status at the United Nations (UN), exchange information on real estate markets and cultural and educational exchanges among professionals.

FIABCI members represent all real estate disciplines including brokerage, property management, valuation/appraisal, investment, development, consulting, legal, architecture, planning, and insurance and work in all types of property sectors; commercial, residential, luxury, retail, rural, resort and industrial etc.

FIABCI provides access and opportunities for real estate professionals interested in gaining knowledge, sharing information and conducting international business with each other.

FIABCI has 43 chapters spread over four regions: Europe & Near East, Americas, Africa and Asia Pacific. In the Asia Pacific region, its chapters are in 11 countries including Australia, East Asia Multinational, India, Indonesia, Japan, Korea, Macau, Malaysia, Philippines, Singapore and Taiwan.

Its members are individuals, corporations, associations, academic institutions, students and public sector institutions. So far, the group has registered 100 professional associations representing 1 million+ professionals, and 65 academic institutions.

On 8 December, a representative from this global real estate federation met in Phnom Penh with the three major associations representing the kingdom’s real estate and construction sectors, i.e. Cambodia Valuers and Estate Agents Association (CVEA), Cambodia Constructors Association (CCA) and the Housing Development Association of Cambodia.

The initial meeting was to introduce FIABCI and its intention to open a Cambodia chapter by inspiring the three local clubs to join as the founding members. In response, the Cambodian associations expressed interest in the partnership but would also need to discuss the proposal with their respective members.

Along with Cambodia, FIABCI also approached ASEAN’s booming real estate economies including Thailand, Myanmar and Vietnam to discuss establishing their respective chapters.

Cambodia has so far affiliated with various international organisations relevant to the real estate and construction industries. Through the efforts of the Cambodia Valuers and Estate Agents Association (CVEA), Cambodia is now a member of the Asian Valuers Association (AVA) and Asia Real Estate Associations of America (AREAA) in 2016 and is soon to a member of the U.S-based National Association of Realtors (NAR).

The Cambodia Constructors Association (CCA) has connected Cambodia to the ASEAN Constructors Federation (ACF) in 2011, the International Federation of Asian and Western Pacific Contractors’ Associations (IFAWPCA) in 2015, the China-ASEAN Business Council (CABC) in 2014 and the China-ASEAN Building Materials Cooperation Committee in 2015.

In early December, the CCA signed an MoU with the Shengyang Sub-Council of China for the Promotion of International Trade (CCPIT) for cooperation on trade, the economy, science and technologies between both parties.