More people turning to Kingdom estate agents

Source: Phnom Penh Post

A for sale sign is posted in front of a plot of land outside the capital. Sreng Meng Srun

The trend of buying and selling properties via registered real estate agencies saw a remarkable increase this year, with industry insiders expecting further demand next year.

Cambodian Valuer sand Estate Agents Association (CVEA) president Kim Heang said while the country’s real estate sector is growing, the trends of using services from agents have also increased.

“Today, many Cambodian buyers, sellers or leasors go to licensed agents to utilise their services,” he said, adding that getting advice from experts saved time and money.

“It is different from before when buyers or sellers traded on their own or via informal brokers.”

However, the association did not give any official data on the growth of the services.

“Our survey indicated that the use of services in the first half of the year could increase by 10-20 percent compared to the same period last year,” said Heang. He predicts that it will increase further next year.

Century 21 Dream Property CEO Keam Seaklong said that his company experienced a growth of 40 percent from last year. It was recently named the best US real estate firm in the Kingdom.

“Acceptance of services by agents or skilled companies can help clients to save time and get good value,” he said.

A report from the Ministry of Land Management, Urban Planning and Construction said last year, the government received $78 million in tax revenues from property transfers.

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