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.