Real estate first to bounce back after COVID-19
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Over the past few months, Cambodian real estate agencies and developers have indicated the beginning of a downward trend in terms of prices due to fears caused by the pandemic. Home buying activity has slowed down and several developers have limited or suspended their operations in preparation for slow industry activity and to prevent any of their properties from becoming vectors for the virus.
But once global fears subside and health authorities, especially in Cambodia, establish increased healthcare protocols, it can be expected that the real estate sector would see a gradual increase in activity.
The scale as to how COVID-19 has affected the global economy is somewhat similar to that of the 2008 Financial Crisis. Not in terms of prices, but in terms of jeopardizing the general feeling of security homebuyers and other property investors require to close deals.
The first signs/stage of economic recovery can be derived from a sense of confidence in how healthcare authorities have a control on the situation; be it curbing new infections, recovery speed, adequacy of healthcare provisions, and especially, limiting the death toll. However, any recovery or upticks in activity stemming of this stage is not sustainable.
While Cambodia certainly has a grasp on its COVID-19 situation, the government is still advising the population to observe basic hygiene and social distancing measures as the country is still susceptible to a second-wave of infections.
A sustainable economic recovery, leading to that of pre-COVID-19 levels, can only be seen through the announcement of a commercially viable vaccine. Highly-industrialized countries, and their governments, have fast-tracked the development of these vaccines. However, vaccines require a lot of time through research and testing in order to determine its efficacy.
Article Source:Khmer time