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

  • Prince injured, wife dies after accident

    THE wife of former First Prime Minister Prince Norodom Ranariddh, Ouk Phalla, 39, died while the prince was “severely” injured following a road accident in Preah Sihanouk province’s Prey Nub district on Sunday morning, officials said. Rananriddh, who is also the president of the Funcinpec

  • Guards protest dismissals, reject claims of sharing naked photos of child

    Some 20 former security guards at the US Embassy in Phnom Penh protested on Tuesday against their dismissal. They accused their employers of falsely claiming they had viewed and shared child pornography from their mobile phones as grounds for their termination. In total, 32 personnel were dismissed

  • We’re going to Wisney World!

    More than 6,000 mostly Chinese attendees witnessed the inauguration ceremony of a $1 billion Sihanoukville resort project called Wisney World in the capital on Wednesday. The event on Koh Pich, attended by several senior Cambodian government officials, is a joint venture between China’s AMC International and

  • Funcinpec urges probe into deadly Preah Sihanouk accident

    THE Funcinpec party has urged the government, especially the Ministry of Interior, to investigate the traffic accident in Preah Sihanouk province which left Prince Norodom Ranariddh badly injured and his wife Ouk Phalla dead. Funcinpec Vice President You Hokry told reporters at Botum Votey pagoda,