Revitalizing Cambodia’s Real Estate Industry. A Strategic Roadmap for Growth and Resilience.

By Dr. Alexander Evengroen, Founder and CEO of ASEAN Realtor Inc.

As Cambodia seeks to regain its economic momentum post-COVID, the real estate sector stands as a powerful driver for recovery and growth. With nearly three decades of experience in real estate and strategic business development, I am deeply committed to working with the Cambodian government, local entrepreneurs, and international stakeholders to restore and elevate the sector. Through ASEAN Realtor Inc., I am dedicated to guiding the real estate industry toward a resilient, thriving future that aligns with Cambodia’s vision for becoming a middle-income nation by 2030.

The Urgent Need to Revitalize Cambodia’s Real Estate Sector

In the years leading up to COVID-19, Cambodia’s real estate industry was booming, contributing substantially to economic growth and attracting significant foreign investment. However, the pandemic disrupted this trajectory, resulting in delays, reduced investor confidence, and lower project demand. Now, as Cambodia and the world shift toward recovery, there is an urgent need to rebuild and enhance this essential industry to pre-pandemic levels and beyond.

Strategic Initiatives to Reinvigorate the Industry

The path to revitalizing Cambodia’s real estate industry requires a combination of strategic planning, government collaboration, and market confidence. By taking a phased approach, developers, agents, investors, and policymakers can work together to restore growth and stimulate further investment.

 Strengthening Local and International Investor Confidence

One of the most immediate needs for Cambodia’s real estate sector is to attract new and returning investors by restoring confidence in the Cambodian market. This can be achieved through:

• Incentivized Investment Policies: Government incentives, such as tax breaks and streamlined approval processes, can make Cambodia more attractive to foreign investors. This policy support is essential to compete with neighboring countries.
• Transparent and Reliable Legal Frameworks: Establishing clear, accessible laws governing property ownership and foreign investment rights will provide assurance to both local and foreign investors, strengthening trust in the sector.

Enhancing Agent Professionalism and Capacity

Real estate agents are critical for revitalizing market activity. ASEAN Realtor Inc. aims to upskill agents, ensuring they are equipped to represent Cambodia professionally and attract high-value investments. Agents should focus on:

• Intensive Training and Certification: Professional training and certifications in negotiation, client relations, and investment advising will boost agents’ skills and improve client satisfaction. ASEAN Realtor Inc. has developed advanced training programs to ensure agents meet international standards, which enhances the overall image of Cambodia’s real estate market.
• Digital Tools and Marketing: Adopting digital marketing techniques, such as virtual tours, social media outreach, and AI-driven client management, can broaden reach and improve client engagement. Agents need to leverage these tools to create more opportunities and reach untapped markets locally and internationally.

Prioritizing Affordable Housing Projects

For Cambodia’s real estate industry to truly thrive, it must address the housing needs of the local population. Affordable housing projects should be prioritized by developers and supported by the government. This initiative will:

• Increase Domestic Demand: Affordable housing allows more Cambodians to become homeowners, thus generating a sustainable demand for real estate.
• Foster Social Equity and Economic Stability: Affordable housing is essential to ensure Cambodia’s urban development benefits all socioeconomic levels, creating a stable market base for future growth.

Timing is Key: Implementing Phased Recovery Plans

Timing is crucial in this recovery journey. The phased rollout of strategic initiatives will build resilience and maintain momentum in a dynamic economic environment. A proposed timeline for implementing industry-wide improvements could look like this:

Phase 1: Immediate (Next 6 Months)

• Policy Adjustments and Incentives: Government and industry bodies should collaborate on policies to support immediate investment in real estate and streamline project approvals.
• Training and Upskilling Agents: Through ASEAN Realtor Inc., we are offering workshops and certification programs tailored to raise agent standards and improve professionalism, helping agents become effective ambassadors for the Cambodian market.

Phase 2: Mid-Term (6-18 Months)

• Investment in Affordable Housing: Encourage developers to start affordable housing projects with partial government subsidies. This aligns with my vision to increase the accessibility of homeownership for Cambodians.
• Real Estate Marketing Campaigns: Develop coordinated marketing campaigns to promote Cambodian real estate to foreign investors, emphasizing stability, potential growth, and supportive government policies.

Phase 3: Long-Term (18 Months and Beyond)

• Establishing Public-Private Partnerships (PPPs): Long-term, PPPs can help fund large-scale real estate projects, including commercial developments, transport infrastructure, and smart cities, which will attract investors and increase demand for associated real estate.
• Continuous Professional Development Programs: ASEAN Realtor Inc. will continue supporting the industry with ongoing training and advanced development programs for real estate agents and leaders, promoting high standards and robust industry growth.

Collaborative Efforts for Sustainable Growth

Reviving the real estate industry will require collaboration among all stakeholders, including the Cambodian government, private investors, real estate professionals, and the construction industry. I am committed to supporting the Cambodian Prime Minister, the relevant ministries, and other industry stakeholders with my knowledge and strategies to achieve impactful results.

This collaboration can include:

• Creating a Real Estate Advisory Council: By assembling key industry experts, government representatives, and private sector leaders, Cambodia can establish a platform to discuss challenges, identify solutions, and make informed policy recommendations.
• Investing in Green Real Estate: Sustainable and energy-efficient building practices should be promoted across all development projects. Not only does this align with global trends, but it also positions Cambodia as a forward-thinking and environmentally responsible destination for real estate investment.

Building a Resilient Future for Cambodia’s Real Estate Industry

The Cambodian real estate industry has the potential to be a key pillar of economic growth, attracting international interest while serving the needs of Cambodian citizens. Through targeted policies, strong agent professionalism, and a focus on both local and foreign investor confidence, Cambodia can return to pre-COVID levels and create a more resilient and dynamic real estate market.

As Founder and CEO of ASEAN Realtor Inc., I am wholeheartedly committed to leading this transformation alongside the Cambodian government, industry partners, and local professionals. Together, we can build a robust and prosperous real estate sector that contributes to Cambodia’s economic and social advancement, making it a destination of choice for global investors and a place where Cambodians can achieve their dreams of homeownership and opportunity.