By: Sophary
Phnom Penh: As early of 2022, Cambodian real estate situation will continue to be affected and affected by the Covid-19 crisis and the Russian-Ukrainian war, which affected the real estate sector, with some areas that used to be better but now less active.
Mr. Ung Bun Huot, marketing director of PIXUI Real Estate locating at the outskirts of Phnom Penh, said in the morning of March 25 that so far, real estate transactions situation has been quieter and more difficult than during the government’s blockade of the country. Now there are problems with the sale of real estate, including land and houses in the suburbs.
“We are looking for ways and solutions happening as well,” he said. “However, if you look at the development situation of the developers, it continues without the company suspending or stopping activities, only the transactions activities are less than before.”
“The current state of the real estate sector has not changed significantly, and I do not have as many comments as some have suggested that it has been risen,” he said.
Mr. Bun Huot added that the real estate situation now continues to depend on local customers and investors while foreign investors seem to remain calm. Therefore, the flow of foreign investment in Cambodia remains low. “If it comes back, more people will have more income and will be able to buy more houses and land,” he added.
Rin Chantharith, CEO of DNZ Realty, also said that this year his company’s condo sales have also declined due to those who have already bought before Covid 19 or in 2020 and 2021.
“Even though sales are down, if you look at the price of condos, there is no decrease or a price drop, and if there is a lower price, customers who have bought in the past would be disappointed and can also affect the condo market,” he said.
