The US-based real estate company Century 21 has opened an office in Cambodia. Company representatives say they hope to gather private real estate agencies and offer them professional training in the real estate sector, while improving investor confidence.
Real estate and construction have emerged as major economic drivers in the country in recent years, contributing to economic growth alongside tourism and agriculture.
Kuy Vat, chairman of Cambodia’s Century 21 board, said the real estate sector has grown quickly over the last five years, but now firms in the country are ready to improve their operations, as they face “daunting challenges” in a competitive market.
“Real estate agencies here can partner with us, because we have all the necessary tools and strategies to raise the level of professionalism and trust in the real estate brokerage market,” he said.
Agencies can also have access to international buyers and a global network, Kevin Goos, Century 21 Cambodia’s CEO, said.
With more than 7,000 affiliated offices in 75 countries, Century 21 offers training on real estate to more than 38,000 real estate agents worldwide, according to the company.
Julie Chung, deputy chief of mission at the US Embassy, said Century 21 will provide “a new standard of professionalism in the real estate sector here, ensuring greater opportunity and development for the entire nation.”
Chan Sophal, an independent economic analyst, said the company’s presence in Cambodia could increase local and international investor trust in Cambodian real estate deals, as well.