Finance Minister Keat Chhon.
Cambodia needs transparency in real estate valuation to increase confidence among investors and property buyers, Minister of Economy and Finance Keat Chhon told a two-day valuation training course that finished Monday.
The ministry-run course at Phnom Penh's Sunway Hotel was attended by real estate and valuation agents, commercial bankers, and representatives of universities and government ministries.
"In terms of the management of its real estate market, Cambodia does not have sufficient laws and regulations to assure the efficiency and effectiveness of real estate services, valuation services and real estate development in line with international standards," Keat Chhon told attendees.
Sung Bonna, president of the National Valuation Association of Cambodia and director of Bonna Realty Group, a co-sponsor of the training course, said it was a first for Cambodia.
"In Cambodia, we do not yet have this course in other institutes," he said. "So the training course today is very important for all of us, especially those who provide business services in the real estate sector."
Cambodia Property Limited (CPL) managing director Cheng Keng said his staff already used best practice but welcomed the initiative to spread standards more widely.
"I want the real estate business to be conducted with transparency and professionalism," he said. "If we don't have professional valuation there will be no transparency and there will be no limit to increasing prices in the market."
Seng Chenda, 24, a student at the National Institute of Business, said he hoped more training courses would be organised in the future.
"This training course is very good for me because I can learn and have a better understanding of what real estate is about and what valuation in real estate means," he said. "But it seems that this is not enough for me. I want more and more next time."