Industry experts optimistic on property sector in 2018

Experts and investors in the property sector have shown their optimism about the Kingdom’s real estate market in 2018, expressing confidence in the sector’s viability. Ann Sothida, country director of CBRE Cambodia, anticipated an additional 13,000 condo units to enter the market in 2018. According to him, office lease demand remains healthy, with B-grade and C-grade buildings in high demand, while retail sector is also doing well, with two international shopping malls scheduled to open this year. Grace Rachny Fong, executive president of Century21 Cambodia, said the real estate market has not changed since 2017, and that two large projects will be launched this year that will solidify the market. However, she expected the FDI inflows to remain stagnant or slightly decrease, saying investors from Europe have shown concerns. Chrek Soknim, CEO of Century21 Mekong, said 2018 could prove difficult due to the upcoming national election and real estate prices having already peaked. However, he said the condo market is not at risk as the number of local people buying condo units has increased. Ly Hour, president of the housing Development Association of Cambodia, said investment in the construction and real estate sectors remained steady, adding that affordable housing is still in demand and the sector will continue to attract both local and international investors from China, Korea, Japan, and Singapore. (Source: Phnom Penh Post)