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Real estate sector convenes in the capital

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Oknha Ly Hour addresses the audience at the Asean Real Estate Network Alliance gathering over the weekend in the capital. Heng Chivoan

Real estate sector convenes in the capital

Capital investment in the construction sector totalled over $23 billion in the last five-and-a-half years, the Cambodia Constructor Association (CCA) said.

Speaking at a gathering of the Asean Real Estate Network Alliance (Arena) which was held over the weekend at the capital, CCA board member Charles Vann said that the economic and population growth has increased demand for residential buildings in the Kingdom.

This growth has pushed capital investment since 2013 through the first half of this year up to $23.14 billion, he said.

Arena hosts the annual meeting of Real Estate Professional Networks in Asean. The Kingdom played host this year to the meeting’s seventh segment. Nearly 700 participants showed up from Asean nations as well as China, Japan, South Korea, Australia, Europe and the US.

Mey Vann, director-general of the Ministry of Economy and Finance’s (MEF) Department of Financial Industry, said: “The event will attract more foreign investors to Cambodia.”

Kim Heang, the president of Cambodian Valuers and Estate Agents Association (CVEA) who is also this year’s president of Arena, said the event brought real estate professionals from around the world together to share experiences and find new partnerships.

“If foreign investors want to buy land in Cambodia, who should they contact? If Cambodians want to buy real estate overseas, who should they contact? This event was to bridge connections like these,” he said.