Cambodia Joins Global Real Estate Map

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Cambodia is now officially featured in the map of the National Association of Realtors (NAR) after having joined the United States-based organisation last year.

Phnom Penh’s growing skyline reflects the momentum of the local property sector. KT/Chor Sokunthea

Headquartered in Chicago and boasting over 1.1 million members, NAR is a North American trade association for those who work in the real estate industry.

The organisation held an annual gathering last Thursday in the city of Boston, in the US, which was attended by a delegation of Cambodian real estate agents.

Leading the Cambodian delegation was chairman of the Cambodian Valuers and Estate Agents Association (CVEA) Cheng Kheng, who said that having the Kingdom featured in NAR’s map was good news for the entire local property sector.

“Being included in the map will increase the exposure of the local property market, and help it continue to grow,” he said.

Kuy Vat, deputy chairman of CVEA, said, “Our participation in the annual meeting allows us to research the international market as well as promote our country to the world.”

“This meeting will be attended by 20,000 participants, so it can really help us spread the word about the real estate sector in Cambodia.”

Dr Kim Heang, president of CVEA, said their mission to Boston will allow them to learn more about the latest technologies in the real estate business.

“The conference is focused on the future of the global real estate sector, so it is a great opportunity for firms across the world to get together and learn from each other,” Dr Heang said.

This is the third time that CVEA members have attended NAR’s annual meeting. This year’s gathering counted with the participation of firms from 65 countries.

During the first nine months of the year, the Ministry of Land Management, Urban Planning and Construction approved construction permits for 2,541 projects in Cambodia, which are worth a combined $4.82 billion.

This article was originally published in the Khmer Times.