Tuesday, June 28, 2022
Khmer Daily Cambodia News
34 °c
Phnom Penh
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
The Khmer Daily
No Result
View All Result
Home Business

Real estate in Cambodia boosted last year but likely to suffer this year

May 14, 2020
in Business, Cambodia, National
0
Real estate in Cambodia boosted last year but likely to suffer this year
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter

The inflow of foreign direct investment (FDI) into the real estate sector in Cambodia was estimated at more than $437.3 million in 2019, according to data from the just-issued National Bank of Cambodia’s (NBC) Annual Banking Supervision Report 2019.

Among the total inflow of FDI into the real estate sector, China had the largest investments in Cambodia. It contributed around 58.8 percent (more than $262 million) of total FDI, followed by Singapore (15.2 percent – $67.75 million), $53.5 million from the United States, $27.25 million from South Korea, $15.5 milion from Japan and $19.5 million from other countries.

The NBC report read that by the end of 2019, the growth of credit of banking and finances to the real estate sector were 37.9 percent and 13.9 percent respectively. The market share of the banking sector into real estate was 24.8 percent among a total loan portfolio of $25.1 billion.

It said that more than 97 percent of banks were offering credit to real estate while microfinance institutions shared only 3 percent.

Credit to the real estate sector was mostly in real estate activities such as construction and personal mortgages. The credit growth for mortgages was 41.7 percent, real estate activities was 43. 3 percent and construction was 27. 6 percent.

Grace Rachny Fong, executive director of Century 21 Cambodia, told Khmer Times that the recent government measure to exempt the 4 percent stamp tax on all residential properties valued at less than $70,000 until January next year, would help buyers and sellers to support sales growth. Therefore the property market is strong.

“The majority of buyers purchased their homes to live in,” Grace said. She added that to

align with the National Bank of Cambodia’s loan-easing measures, some banks have agreed on deals with customers on repayments and they [banks] can find loyal customers during the COVID-19 crisis.

“Although the real estate market has been quiet recently, orders for, and purchases of, boreys are still there. Moreover, affordable condominiums saw a rise in prices as well over the past eight months,” Grace said.

According to the Ministry of Land Management, Urban Planning and Construction, the first two months of 2020 maintained strong growth in approved investments for construction, with the total value of approvals reaching almost $2 billion across 728 public and private projects, indicating a growth of 47 percent compared with the same period in 2019.

This is likely to have slowed considerably in March 2020 as international investors are stymied by the ongoing issues caused by the virus, as well as its fallout on the finance and banking industries, as well as the global, regional and local economies.

Although the real estate market has been quiet recently, orders for, and purchases of, boreys are still there.

This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.

Tags: CambodiaCambodia Real estateReal estateReal estate in Cambodia
Previous Post

First watchmaking school in Cambodia opens

Next Post

Two Japanese firms jumps in Cambodia on energy

Related Posts

Cambodia’s Pailin Province aims to attract more tourists with Otavao Waterfall attraction

Cambodia’s Pailin Province aims to attract more tourists with Otavao Waterfall attraction

by Khmer Times
June 27, 2022
0
20

Pailin Province continues efforts to build and strengthen its tourism sector through clean-up and development projects in the province. The...

The export price for Cambodia rice hike due to global food insecurity driven by Russia-Ukraine conflict

The export price for Cambodia rice hike due to global food insecurity driven by Russia-Ukraine conflict

by Khmer Times
June 24, 2022
0
14

The price for Cambodia’s rice export continues to rise due to prolonged global food insecurity driven mainly by on-going Russia-Ukraine...

Two new varieties of Cambodia rice launched for international market

Two new varieties of Cambodia rice launched for international market

by Khmer Times
June 24, 2022
0
15

The long and slim kernels SKO rice stands for Sen Kro Oub and DSMK stands for Damneob Sbai Monkul. These...

© 2020 By Khmer Daily News

No Result
View All Result
  • Home
  • Latest
  • Cambodia
  • ASIA
  • World
  • Business
  • Tech

© 2019 The Khmer Daily.

error: Content is protected !!