With the Cambodian real estate market on an upward trajectory, industry leaders like Dr. Alexander Evengroen, CEO of ASEAN Realtor Inc., play a pivotal role in shaping its future. Leveraging over 25 years of experience in real estate, including 15 years actively engaged in Cambodia, Dr. Evengroen has become a key advocate for sustainable growth, affordable housing, and the diversification of property offerings.
His expertise spans high-demand sectors such as land development, condominium projects, and boreys, master-planned residential communities that appeal to Cambodia’s growing middle class.
1. Residential Demand and Housing Diversity
- High Demand for Boreys and Affordable Housing: Borey developments have become a critical solution for Cambodia’s burgeoning urban population, providing family-friendly, community-oriented living spaces at relatively affordable rates. Dr. Evengroen's ASEAN Realtor Inc. is actively involved in expanding access to these communities, recognizing the importance of offering sustainable, affordable housing to meet the needs of a rising middle class and urban migrants.
- Condominiums on the Rise: Condominiums are increasingly popular, especially in Phnom Penh, with prices projected to rise by 40% by 2030. ASEAN Realtor Inc. is also invested in this sector, capitalizing on the demand for high-quality, secure, and convenient urban living solutions, especially as foreign investors and expats show interest in premium properties within Phnom Penh and Siem Reap.
2. Land Development Opportunities
- Strategic Land Development: Cambodia’s growing urbanization and industrialization have increased the demand for land, particularly near Special Economic Zones (SEZs) and key urban centers. Dr. Evengroen has been instrumental in guiding land developers and investors on acquiring strategic land parcels that meet both commercial and residential development needs. His approach emphasizes responsible land use, integrating local resources to align with community needs and environmental considerations.
- Rural Land Potential and Agriculture: Beyond urban centers, rural areas offer vast opportunities for agricultural projects and eco-tourism developments. Dr. Evengroen advises investors to consider rural land for its affordability and potential high returns, particularly for ventures focused on sustainable agriculture and green energy.
3. Affordable Housing Initiatives
- Affordable Housing to Address Urbanization: By 2030, Cambodia will need over 1.1 million new homes, with a substantial proportion needed at affordable prices. Dr. Evengroen advocates for partnerships with developers to prioritize affordable housing initiatives, especially in major cities where demand is surging. ASEAN Realtor Inc. has taken steps to provide strategic development guidance and feasibility studies for projects aimed at affordable housing, emphasizing the importance of balancing profitability with social impact.
- Boreys as a Solution: Boreys, which offers community-centric, affordable housing options, have become a cornerstone of Cambodia’s real estate strategy. Dr. Evengroen sees significant opportunity in expanding these developments across urban and suburban regions, aligning them with the government’s focus on affordable housing and community development.
4. Sustainable Materials and Green Building Practices
- Embracing Sustainability: As the CEO of ASEAN Realtor Inc., Dr. Evengroen champions the use of sustainable materials and innovative building practices. Cambodia’s rich natural resources offer great potential for sustainable building materials, such as bamboo and recycled materials. Dr. Evengroen believes that integrating these materials into construction projects will not only reduce environmental impact but also enhance cost-efficiency, making housing more affordable in the long term.
- Green Building Standards: He also emphasizes the adoption of international green building standards in Cambodia’s real estate sector. ASEAN Realtor Inc. works with developers to incorporate energy-efficient designs, renewable energy sources, and water management systems into their projects, aligning with global sustainability trends and reducing operating costs for property owners and tenants.
5. Market Opportunities and Investment Potential
- Growth in Condominium and Borey Markets: As urban migration continues and expatriates drive demand for condominiums, Dr. Evengroen predicts substantial opportunities in the high-rise sector in Phnom Penh and Siem Reap. Additionally, ASEAN Realtor Inc. is actively involved in facilitating investments in these areas, ensuring that both local and foreign investors benefit from the market’s appreciation potential.
- Government Support and SEZs: With increased government support and SEZs offering tax benefits, the commercial and industrial real estate segments are also expected to grow. Dr. Evengroen foresees SEZs as hubs that will attract foreign direct investment, creating demand for adjacent residential and commercial properties.
6. Regulatory Environment and Consumer Protection
- Clearer Ownership Structures: Dr. Evengroen supports the Cambodian government’s initiatives to protect consumers through enhanced regulatory oversight. For foreign investors, structures like nominee arrangements, landholding companies, and the Trust Law offer legally viable pathways to ownership, making the market more accessible and transparent. ASEAN Realtor Inc. is a trusted advisor on navigating these legal frameworks, helping investors make secure, informed decisions.
With Cambodia’s real estate market expected to reach a valuation of $0.65 trillion by 2029, there are immense opportunities for growth, particularly in affordable housing, sustainable developments, and diverse residential options like boreys and condominiums.
Dr. Alexander Evengroen’s leadership and vision, through ASEAN Realtor Inc., underscore the importance of strategic development that balances rapid urban growth with sustainability and affordability. His focus on sustainable building materials and green standards positions ASEAN Realtor Inc. as a forward-thinking leader, aligning Cambodia’s real estate sector with global best practices and ensuring its robust growth in the years to come.
