The Cambodian Valuers and Real Estate Agents Association (CVEA) met with the leadership of the Ministry of Land Management, Urban Planning and Construction on January 8. CVEA
Real estate insiders are celebrating a new agreement which will allow private sector specialists to access data from land registry records. The insiders believe this will ensure that land valuation services in Cambodia become more precise and trustworthy, thus increasing investor confidence.
Minister of Land Management, Urban Planning and Construction Say Sam Al met with the leadership of the Cambodian Valuers and Real Estate Agents Association (CVEA) on January 8.
The minister agreed to allow the CVEA to access and extract certain data regarding registered land plans, which will then be used as a basis for real estate valuation or to verify recorded transactions.
The CVEA issued a social media statement which explained how clearer valuations will help to create stability and consistency, benefiting both individual customers and the Kingdom’s economy.
Sorn Seap, CVEA president, told The Post on January 10 that during the meeting, the association members requested the ministry’s assistance on two issues.
They want to use the data compiled by the ministry on land title registration, to assist licensed appraisers with real estate valuations. They also requested access to aggregated data on specific real estate transactions, whether from the ministry or the General Department of Taxation (GDT).
He explained that having access to such data will improve the quality of real estate analysis and valuations, strengthen trust with clients and attract more foreign investment into Cambodia.
He noted that investors often seek locations for offices or places to build factories.
“When agents/valuation companies have accurate real estate data, the valuation process will be faster and more precise, building stronger trust with clients and investors. Fast and accurate valuations also help the financial sector,” he added.
He offered an example, explaining that when an individual needs to apply for a loan from a bank, the bank typically requires a property appraisal report, such as for real estate titles. If the report is clear, the individual is more likely to receive the loan quickly. A quicker loan process can also help businesses get started more smoothly.
Sear Chailin, CEO of Chailin Sear Realty Co., Ltd, believed that allowing the CVEA to access information or use land title data is an essential foundation for real estate agents to conduct valuations or examine market trends.
“We are really pleased that the authorities have allowed the CVEA to access and extract land title data. This will help speed up the work in the real estate sector, and through this data, we can cross-check with documents provided by our clients,” he said.
“This is a positive step forward that will help set industry standards for real estate valuations in Cambodia, with minimal discrepancies. This will also help protect and build trust for everyone, especially for investors, who will not be worried about overpriced properties or having to deal with unsellable properties,” he added.
According to Chailin, in the near future, the CVEA’s leadership plan to visit several countries to promote the political, economic and real estate market conditions in Cambodia.
