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Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Chinese President Xi Jinping Affirms Cambodia's Role as a Key Partner in China’s Diplomatic Strategy | Xi Jinping Concludes State Visit to Cambodia, Strengthening Bilateral Ties | Chinese President Xi Jinping Concludes Successful State Visit to Cambodia | Chinese Ambassador: US-China Trade Tensions Harm Developing Nations; President Xi Urges Investment in Cambodia and Expanded Market Access | Japanese Maritime Self-Defense Force Ships Bungo and Etazima Dock at Ream Sea Base for Four-Day Visit | Prime Minister Hun Manet Expresses Displeasure Over Criticism of Chinese Investments During Kampot International Tourist Port Inauguration | Asian Development Bank Collaborates with Cambodia on New Development Projects Worth Over $1 Billion |

PM: Real Estate Stagnation Not Particular to Cambodia

  • Posted Nov 7, 2023 14:52 by Hun Sirivadh
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SIHANOUKVILLE: In September, one of Cambodia’s leading real estate brokers said that while office space occupancy was at 90% in 2019, it has now dropped to 58%, leaving many real estate owners scrambling for solutions. Just last week, a workshop was held in Sihanoukville to find a solution for hundreds of reportedly empty buildings. Prime Minister Hun Manet says that the real estate stalemate is part of a ten year global phenomenon, downplaying any threat of a crisis.

Speaking at a meeting with more than 15,000 factory workers in Sihanoukville on November 7, the PM spoke about the deadlock within the real estate sector in Preah Sihanouk province. He said that the Royal Government is setting up a working group to solve the problem.

He emphasized that the stalemate in the real estate industry is a global phenomenon that is not particular to Cambodia. He said that what is happening now is the result of a fluctuation cycle that occurs every ten years.

He said that on November 13, he will meet with members of the private sector to learn about the challenges of real estate so that they can find solutions.  


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