Real Estate Sector Expected to Recover Next Year, as National Economic and Global Growth Increase
AKP Phnom Penh, November 25, 2021 --
Cambodia's real estate sector is projected to recover, supported by a gradual increase in foreign investment inflows, while domestic investment and demand for low- and medium-cost real estate are on the rise.
The remark was mad by H.E Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, at the 23rd virtual ASEAN Valuers Association Congress on Nov. 25.
Similar to global trend, Cambodia’s economy in 2021 is forecast to recover at a rate of 2.4 percent due to the continued threats of Covid-19 and the slower than expected recovery of global demand, the removal of administrative measures, and the transition to the “new normal” of socio-economic activities, he said.
“At the same time, the real estate sector in Cambodia is forecast to recover at a rate of 2.4 percent in 2021 and 4.8 percent in 2022 in the wake of a weaker FDI but domestic investment and demand in affordable housing continues to show strong growth,” he added.
The Cambodian deputy prime minister also emphasised that these forecasts remain as estimates due to the risk of new waves of new variant of Covid-19 that are more virulent and continue to pose challenges to global and regional development.
According to H.E. Aun Pornmoniroth, Cambodia has already introduced 10 rounds of highly effective intervention measures, aiming at stabilising businesses and livelihoods of the people, especially workers-employees, poor families, and those who are most vulnerable to the impact of Covid-19.
By Chea Vannak