The real estate sector is a key driver in the growth of the Cambodian economy with construction approvals having increased by 158 percent in 2011. In order to facilitate more investment, an open and transparent property market is crucial. Land and property valuations provide fundamental foundations in creating a trusted real estate market, which will ultimately lead to an environment which encourages investment. Inflated or inaccurate values have the opposite effect, creating mistrust and risk, which negatively impacts investment levels.
With the advent of the Cambodian Stock Exchange, companies which intend to list are likely to require an independent valuation of their property assets within their listing documentation, as properties form a significant component of company assets. An accurate valuation is crucial to determine the correct offer price on the stock exchange.
The Royal Institution of Chartered Surveyors (RICS) is a professional body that sets the bar on professional valuation standards, ethics and practice standards, as well as providing guidance and rules to be adhered if one wants to become and remain a chartered surveyor. These standards are mandatory for any company regulated by RICS and ensure strict professionalism and standards in the delivery of accurate valuations and valuation reports.
To implement these standards, professionals look to become a member of the Royal Institution of Chartered Surveyors as a testament to their professionalism and ability to perform valuations to the highest technical and ethical standards. To become a member of the Royal Institution of Chartered Surveyors the process requires a minimum of 24 months professional experience in the industry, examinations by a board of chartered surveys selected by RICS and a number of other testing criteria. The CBRE Cambodia office has two highly experienced British Members of the Royal Institute of Royal Surveyors, David George MRICS and Ryan O’Sullivan MRICS and two surveyors currently in the process of becoming chartered surveyors. CBRE’s Regional Chairman, David Simister is a Fellow of the Royal Institution of Chartered Surveyors (FRICS) a testament to his knowledge and experience.
Due to the current lack of professionally trained surveyors and valuers within Cambodia, a key area of focus will be training local staff in the skills of international standard valuations and it is a goal CBRE are focused on achieving. The Royal Institution of Chartered Surveyors have provided their guidance to the Cambodian Government which has been welcomed but ultimately it is up to the professionals within the real estate sector to adhere to international standards in valuation so that the Kingdom of Cambodia, individuals and companies can all benefit from high caliber, ethical, standard and professional valuations.