Mortgage Loans Reach US$4.6 Billion in Firsts Nine Months
AKP Phnom Penh, November 16, 2020 —
Demand for residential units and real estate in Cambodia continues to grow in 2020, despite the spread of COVID-19 pandemic, which has negatively affected the economic growth.
According to the quarterly report of the Credit Bureau of Cambodia (CBC), loans in the real estate sector reached US$4.6 billion by the end of September 2020, a significant increase from US$3.9 billion at the end of 2019.
The report shows that mortgage loans are part of the general loans recorded by the CBC and as of the first nine months of 2020, loans provided by banks and microfinance institutions reached US$9.11 billion.
General loans include personal loans, credit cards and mortgage loans.
According to the Cambodia’s Economic Trends report of the Ministry of Economy and Finance, there were 2,819 residential projects, accounting for 84% of the total 3,350 construction projects, in the first eight months of this year.
The report underlined that residential demand in Cambodia continues to grow even though the COVID-19 crisis has weakened other economic bases.
By Chea Vannak