Property News Roundup January 31st, 2023
We’re delighted to share the weekly news highlights below.
- Fearless Projections of Real Estate Market Trend in 2023
The Cambodian real estate market in 2023 will continue to be under pressure and will not be able to recover to the rate where everyone wanted, while the slowdown will last even longer than expected, mainly due to the negative spill overs of the COVID-19 crisis, the Russia-Ukraine war, and the global economic downturn.
21 January 2023 | Construction & Property | Link: https://bit.ly/3Ho9Asn
- Construction & Real Estate Loan Shares 18% of Total Credit
In 2022, bank loans provided to major sectors grew 19.3% compared to last year, while construction and real estate grabbed approximately 18% of the total loan US$46 billion, according to the recent official summary.
21 January 2023 | Construction & Property | Link: https://bit.ly/3iR0knn
- Banking and Financial Institutions’ Code of Conduct, Lending Guidelines go into ‘full implementation.’
Prominent market players have affirmed that they are on board with the Banking and Financial Institutions’ Code of Conduct (BFI CoC) and associated Lending Guidelines, as well as their underlying objective to drive trust and professionalism in the field, as these sets of rules go into “full implementation” for members of three top industry bodies.
20 January 2023 | The Phnom Penh Post | Link: https://bit.ly/3D8AphL
- Gov’t approves US$2m budget to renovate Siem Reap-Oddar Meanchey road
The Ministry of Economy and Finance has approved a US$$2 million fund to renovate and upgrade a 68-kilometre road from Siem Reap to Oddar Meanchey, according to the official meeting last weekend.
23 January 2023 | Construction & Property | Link: https://bit.ly/3D5THUY
- France wants to invest in a high-speed rail project in Cambodia
The French delegation expressed its desire to invest in high-speed rail in Cambodia to help develop Cambodia’s transport infrastructure even better. This is according to the meeting between the French delegation and HE Sun Chanthol, Minister of Public Works and Transport on January 25.
26 January 2023 | Construction & Property | Link: https://bit.ly/3kTvFqa
- PM Urges to build of more dormitories in the capital and provinces for female students
The Prime Minister of Cambodia plans to build more dormitories for female and poor students to encourage and encourage all female students to stay and continue their education. This is according to the words of the Prime Minister of Cambodia on January 26, 2023.
26 January 2023 | Construction & Property | Link: https://bit.ly/3kPF2qz
- Hotel and restaurant sector recovers faster than expected
According to the National Institute of Statistics of the Ministry of Economy and Finance, in 2022, the sector will grow by about 30% after declining sharply in 2020 and 2021 at -32.2 percent and -39.5 percent, respectively.
24 January 2023 | Construction & Property | Link: https://bit.ly/3He3n12
- Average annual FDI inflow growth of 8.1% in Cambodia from 2017 to 2021
Cambodia recorded an average annual foreign direct investment (FDI) inflow growth of 8.1 per cent from 2017 to 2021, according to the Asia-Pacific Trade and Investment Trends 2022-2023 Country Report for Cambodia by the UN Economic and Social Commission for Asia and the Pacific (ESCAP).
24 January 2023 | Khmer Times | Link: https://bit.ly/3J8LnaK
- Chinese group tours return to Cambodia starting Feb 6
Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban.
23 January 2023 | Phnom Penh Post | Link: https://bit.ly/3XParrB
- 2022 electric gear, linked exports soar 85%
Cambodia exported $1.998 billion worth of electrical machinery and equipment and related products in 2022, rocketing by 84.83 per cent from the $1.081 billion recorded in 2021, according to data from the General Department of Customs and Excise of Cambodia (GDCE).
23 January 2023 | Phnom Penh Post | Link: https://bit.ly/3XK4dc
- 197-km National Road 10 connecting Koh Kong to Battambang 70% complete
The construction of NR10 connecting from Battambang to Koh Kong has been 69.28% completed as of January and it is scheduled to be completed by the end of 2024, according to the press conference by Battambang Provincial Administration on 24 January.
23 January 2023 | Construction & Property | Link: https://bit.ly/3wqXHLV
12. US$4 Billion of high-speed rail lines in Cambodia will be built soon
The Cambodian government plan to soon upgrade the northern Phnom Penh-Poipet railway to become Cambodia’s first standard high-speed railway. According to the meeting to review the preliminary study result between China Road and Bridge Corporation (CRBC) and the Ministry of Public Works and Transport (MPWT) on 23 January, the project will cost approximately US$4 billion and have a total length of 382km.
24 January 2023 | Construction & Property | Link: https://bit.ly/3Jm04Hw