PHNOM PENH (Herald) - Cambodian real-estate turnover is expected to grow by more than 30 percent in 2010, Cambodian Real Estate Valuers Association President Sung Bunna said Thursday.
"I estimated that commercial activities in the country’s real estate sector grew by around 20 to 25 percent in 2011, but it will be more positive at 30 to 35 percent this year," he said, pointing to foreign investment from Japan, China, South Korea, Vietnam and Malaysia.
Sung Bunna said prices were currently around 2009 levels. "Prices will increase when commercial activities grow by more than 50 percent," he said, adding that these were being buoyed by suburban and agricultural projects.
The Ministry of Land Management, Urban and Construction says construction approvals grew 158 percent from a year earlier to $1.6 billion in the 11 months to November.
"I estimated that commercial activities in the country’s real estate sector grew by around 20 to 25 percent in 2011, but it will be more positive at 30 to 35 percent this year," he said, pointing to foreign investment from Japan, China, South Korea, Vietnam and Malaysia.
Sung Bunna said prices were currently around 2009 levels. "Prices will increase when commercial activities grow by more than 50 percent," he said, adding that these were being buoyed by suburban and agricultural projects.
The Ministry of Land Management, Urban and Construction says construction approvals grew 158 percent from a year earlier to $1.6 billion in the 11 months to November.
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