Real Estate Developers Asked to Ease Financial Burden of Clients for One Year

The Royal Government of Cambodia has called on all real estate developers in Cambodia to ease the financial installment payment for one year for the clients who have bought houses and condominiums in the context of ongoing COVID-19 pandemic.
The move was made following a meeting here yesterday between the National Bank of Cambodia and the Ministry of Economy and Finance to review and discuss the challenges of the real estate sector amid the COVID-19 crisis, according to a joint press release.
The real estate developers are also encouraged to consider the possibility of adjusting the installment terms with the actual situation of customers and exempt the fines imposed on buyers of real estate in Borey and condominiums in case they do not pay the installments on time, it added.
Moreover, the source pointed out, buyers must not subject to interest or additional penalties for the late payment.
Besides, all real estate developers are asked to put in place supporting policies for their clients on installment payments of real estate in Borey and condominiums and to implement the above-said measures effectively until the end of March 2022, it said.
The National Bank of Cambodia and the Ministry of Economy and Finance will continue to monitor the latest developments and provide good cooperation in implementing the above measures to all banking and financial institutions and real estate developers, read the joint press release.

Source: Agency Kampuchea Press