> Property prices in Cambodia's once-booming real estate market haven
> fallen by as much as 20 percent since June, a real estate expert said
> Monday.

> The global financial crisis, the Thai-Cambodia border standoff and
> loan restrictions set out by commercial banks were all contributing to
> a fall in prices, said Sung Bonna, president of the National Valuers
> Association of Cambodia.

> "The drop may continue for a long or short time," he said in opening
> remarks at a real estate investment training course in Phnom Penh. "It
> is up to the reform of the Cambodian situation. Some crises will be
> solved."

> Between June and October, values in property fell between 10 percent
> and 20 percent, he said.

> "When the decline is going on and on, we are very concerned about the
> real estate price in Cambodia," he said. "But we hope it will recover
> soon."

> Cambodia in recent years has experienced a boom in property prices,
> leading many rural and urban residents to sell off their land at very
> high prices, raising rents and values, and boosting the construction
> sector.

> But the property bubble was now of concern, especially considering the
> bust of the US housing market, which has led to a global financial
> crisis, said Finance Minister Keat Chhon.

> "The real estate market in Cambodia is also indirectly affected by
> this world crisis," he said. "Starting from this bad experience facing
> the world, Cambodia is paying her critical caution in the process of
> the developing real estate sector in Cambodia."

> The falling property prices are expected to stunt Cambodia's economic
> growth, he said, acknowledging that both the economic crisis and the
> border standoff, which has continued since mid-July, were factors in
> the drop.

> Neither were in the hands of Cambodia to fix, he said.

> "Cambodia is a political hostage to Thailand's internal conflict," he
> said, referring to a mass movement of opposition supporters who are
> calling for a change of government in Bangkok.