Two major associations to promote real estate valuation in Cambodia

• 30 January 2019
• Local News
• 2520 Views

Cambodia’s robust economic growth is generating increasing prosperity in the real estate sector, reflected by an increase in real estate prices across the country. According to two major associations, this trend is also making property valuation an essential path for sustainable growth of the sector.

On 30 January 2019, Chairman of the Cambodia Constructors Association (CCA) Neak Oknha Pung Kheav Se met with President of the Cambodian Valuers and Estate Agents Association (CVEA) to discuss future cooperation. As the first step, both parties share the same view for promoting real estate valuation.

Neak Oknha Pung Kheav Se said that the service is very important because the annual cost for property valuation is between US$1 to US$2 million.

“We have very high competition, if we do not make it good, they will not trust us or if we do not valuate properly in accordance to the real market price, they will not take us,” Neak Oknha said.

Meanwhile, CVEA President Mr Chrek Soknim also sees the importance of valuation, saying, “I see this issue as a long-standing concern, and we want to make sustainable valuations and be trustworthy”.

On this issue, Neak Oknha Pung Kheav Se also said that honesty, proper valuation, and independence are the key factors that will make investors and property buyers feel more confident.

While agreeing with Neak Oknha, Mr Meas Proeksa, publisher of Construction & Property Magazine which is supported by CCA, said that to earn customer trust, it is essential that the associations perform their role clearly.

“Like Neak Oknha said, doing business if we are a valuator, we cannot be a real estate [agent], so there needs to be three important [three major associations] and each divide the work accordingly and clearly,” Mr Proeksa said.

These major associations are the Cambodia Constructors Association (CCA), the Cambodian Valuers and Estate Agents Association (CVEA), and the Housing Development Association of Cambodia (HDAC).

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