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Logo of Phnom Penh Post newspaper Phnom Penh Post - Recovery watch: Real estate licences see modest rise

Recovery watch: Real estate licences see modest rise

COMPANIES licensed to operate in the real estate and land valuation sector have slightly increased in Cambodia since January, a fact commentators hope could hint at a recovery in the industry after firm numbers halved during the financial crisis.

There are 42 real companies with licences to operate in the Kingdom, slightly more than the 34 licensed in January this year, Moa Pov, deputy chief of Ministry of Finance and Economy’s real estate division, said yesterday.

While the number of issued permits still lies far below the 74 companies licensed at the beginning of 2008, before a global economic melt-down hit the domestic real estate sector, he was hopeful for a full recovery of the operator numbers.

“If the real estate market recovers this year or next year those real estate and valuation companies will come back,” he said.

But Kerk Narin, general manager of Bonna Realty Group, said smaller real estate agents had struggled to remain open for business. The cost of getting a yearly licence and a certificate is 700,000 riels (US$167) – as defined by a 2007 prakas, or edict. Any company operating without a licence incurs a fine of 5 million riels ($1,250).

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