Foreign Countries Start to Recognize Cambodia’s Realty Market

Foreign Countries Start to Recognize Cambodia’s Realty Market

         After Cambodia has passed Foreign Ownership Property Law, from 2010 up to now, approximately 20 % of foreigners have bought real estates in Cambodia, and this makes foreigners grow interests in Cambodia’s realty market especially condominium. “Among 9 condo construction investment projects equal to 2,600 condos in Phnom Penh, 20 percents of foreigners from different countries bought condos”, said Mr. Seung Bunna, Chairman of Cambodia Valuers and Estate Agents Association.  He also underlined his expectation that, as Cambodia’s 2012 economic situation seems more developed, a lot more foreigners will buy and grow interests in real estate market in the country. Political stability and security and social order will insure the interests of foreigners in Cambodia’s realty market, he continued. Till now, foreigners have legal rights to hold title to real estates from the first floor (one floor above the land). (Rasmei Kam, 08-09 January 2012)

Cambodia’s Trade Volume with Partner Countries Reaches US$ 10.47 Thousand Million

Cambodia’s Trade Volume with Partner Countries Reaches US$ 10.47 Thousand Million

            Cambodia’s trade volume in 11-month period of 2011 has increased by US$10. 47 thousand million equal to 41% increase while that in the same period of 2010 was just 7.42 thousand million, according to the Ministry of Commerce on 26 December. Cambodia’s import, in the 11-month period of 2011, is worth 5.97 thousand million (increase from 4.27 thousand million) while the export to the international market is just 4.5 thousand million (42.8% increase) within which the exports of garment products, rubber and rice are worth 3.94 thousand million, 182 million and 87 million respectively. (Rasmei Kam.)

Challenges of East Asia’s Economic Growth due to Europe Debt Crisis

On 06 December 2011, Asian Development Bank has trimmed its 2012 growth forecast for emerging East Asian economies including China, as the euro zone crisis threatens to further slow an already weakening global economy. The Manila-based ADB cuts its gross domestic product (GDP) forecast to 7.2 % for the 10 ASEAN member countries plus China, Hong Kong, South Korea and Taiwan from 7.5 % in September.  It also mapped out an "extreme scenario" of European and US meltdowns, which could shave 1.2% off growth next year in East Asia including Japan, from a forecast 5.4% to 4.2%. (Rasmei Kam.)

IMF: Cambodian Economic Growth to Reach 7.5 Percent in 2011

According to Mr. Olaf Unteroberdoester in charge of IMF Asia Pacific Department, Cambodia’s economic growth this year would reach 7.5 percent regardless of the flooding impacts. IMF also projected Cambodia’s 2012 economic growth at 7 to 8 percent. (Rasmei Kam.)