Listed real-estate companies on rise

Content image - Phnom Penh Post
Several on-going construction projects fill the Phnom Penh skyline. Hong Menea

The number of listed real-estate companies in Cambodia continues to increase due to the sector’s growth in the Kingdom, data from the Cambodian Valuers and Estate Agents Association (CVEA) said.

CVEA figures show that its membership has increased from 96 companies early this year to 107, 18 of which are foreign-owned.

CVEA secretary-general Moth Vanneth said growth is boosting competition in the sector.

“To gain market share, each company must respect the law and strengthen its services by working professionally to gain their clients’ trust."

“The growth of these member companies shows progress in the Cambodian property market as well as an understanding of the importance of obeying the law."

“I expect that by the end of this year, the number of association members will increase to 110 companies,” he said.

Vanneth said the CVEA’s foreign members are from China, Malaysia, the US and Singapore. But, there are also many unregistered companies operating in the market.

At the Century 21 Cambodia real-estate annual meeting held last weekend, its CEO Grace Rachny Fong said the Kingdom’s real-estate sector is currently attracting investors from many countries around the world.

She said foreign tourists and travelling investors are all beneficial for national economic growth.

“This is the first time such a big event has been organised in Cambodia. The event has helped spread the potential of the Cambodian real-estate and construction sectors to the world,” Fong said.

Cambodia is the 75th country to open franchises of the US-based Century 21. Other international real-estate companies doing business in Cambodia include – CBRE Cambodia, Knight Frank LLP, Keller Williams Realty Inc and ERA Real Estate.