At least 160 people attended a seminar over the weekend on “Techniques on Estimating Real Estate Values”, aimed at sharing specific knowledge on the topic for the real estate sector in Cambodia
The event was organised by Cambodian Valuers and Estate Agents Association (CVEA) and took place at the Cambodian-Korea Cooperation Centre.
Kim Heang, CVEA president, pointed out the importance of the real estate sector in Cambodia’s economic growth history within the past few years, coming in right after the garment and tourism industry.
The event, according to Heang, was made possible with the help of the Ministry of Economy and Finance (MEF), which is also behind the creation of CVEA.
Noticeably, none of the high-ranking officials were present during the first important seminar including Mey Vann, director general of the department of Financial Industry at the MEF, whose name was on the official backdrop banner.
After presentations from five real estate companies, questions were opened to the floor.
Lot Bunna, an agent from a small real estate company, asked what factors he should base the estimation of the value of a nine-year-old property – specifically a villa – on.
One of the presenters, Khat Bol, representing CamTop Property Group, answered, “In order to place a value on a villa, we have to thoroughly study the exterior of the property. Has it been well taken care of? Are there areas that need to be fixed?
Afterwards, we need to find a construction or design company to analyse the construction, and the construction experts will let us know how much of the building’s quality has been preserved, and we note that down.”
“To make matters even clearer, our agents have to find another partner or construction experts to make an analysis. Once the second partner gives us a similar estimate to the first partner, then we can place a value on the property,” Bol explained.
He added that it is an important factor to have a diverse range of partnering companies in the construction, design, and material industries. “By having many consulting partners, we are able to receive accurate information to evaluate the property.”
Heang added his personal input: “Through my years of experience in the real estate sector, we always detail the strong points, the weaknesses and opportunities and never assume that there is no risk at all. At least we have to point out a few minor ones. Everything comes with a risk, no matter how minor.”
The CVEA president expressed his delight at the end of the full-day seminar, saying, “This event has been a huge success. We planned for only 120 people, but on the actual date, there are more participants paying to get in. There are over 160 people, so the community has to help each other out.”
Rattana, a young businessman, had paid the ticket price of $30 to partake in the seminar because of his vested interest in the huge growth of the property sector in the country.
“[These seminars] are very important for newcomers who wish to be involved in the real estate industry. It gives us a chance to share our experiences, and most importantly, we can connect with those who are experienced in the field,” he said.
According to Heang, CVEA will continue to organise similar events because industry insiders and outsiders alike, such as business people and students, show great interest in Cambodia’s real estate sector.