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

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).

MOST VIEWED

  • Hun Sen to ‘step down’ if he loses Sam Rainsy bet over Kem Sokha

    Hun Sen has promised to step down as prime minister while opposition figure Sam Rainsy pledges to turn himself in as forfeits if the long-term political rivals lose a “bet” over the future of former opposition leader Kem Sokha, who is on bail awaiting trial

  • ‘Historic’ Khmer Rouge tribunal Case 002/2 verdict to be delivered

    The Extraordinary Chambers in the Courts of Cambodia (ECCC) are to deliver the verdict on Friday, in the trial of former Khmer Rouge leaders Nuon Chea and Khieu Samphan, in a pronouncement hailed as a “historic event for Cambodia and the world”. The verdict from

  • Record set for world’s longest dragon boat

    Cambodia broke the world record for the longest dragon boat – a title previously held by China, Guinness World Records adjudicator Pravin Patel said on Monday. He verified the record on the east bank of the Mekong river, in Prey Veng province’s Peamro district. “With

  • Analyst: Government appointments ‘a waste of national budget’

    The government has appointed over 200 officials as undersecretaries of state, secretaries of state, assistants and advisers at various institutions since October 1. While senior officials said the appointments were aimed at ensuring higher efficiency at the national level, social analysts said the practice is merely power-sharing