Understanding Siem Reap property market
Siem Reap is a tourist resort located in Northwestern Cambodia that holds its attraction to the proximity of ruins of the Angkor Wat Temple. The Siem Reap is one of the most populous tourist locations in the world, with millions of tourist travelling to this city yearly. This has boost not only the revenue of the locals living in the Siem Reap but Cambodia as well. The Siem Reap attracts visitors from all over the world for the beauty and history the town has to offer. The number of visitors has greatly influenced the economy of the town, create more businesses for locals and the expansion of established businesses.
This has also affected the property market in the Siem Reap, as we have seen increased activities in the development of land, housing properties to meet up with the increasing numbers of visitors. Houses and hotels are being built to accommodate the increasing numbers of tourist to the town. And also entertainment centres, shopping malls are being developed in the city.
Property Prices in Siem Reap
The analyst said the prices of properties in the Siem Reap has increased in recent years both in residential and commercial areas. The prices have increased as much as 5-8% in residential areas and much higher in commercial areas with an increase of 10-15% in prices. The houses in residential areas are being built for rent and sales while commercial areas are for businesses with the building of hotels, shopping malls and so on. The areas that are of primary focus in the property market are Sla Kran, Svay Dankum, Sala Kanraenk and Kouk Chal where most of the transactions are carried out.
Tourism has played a great part in the development of the property market in Siem Reap as statistics show that as at 2015, the number of tourists was 2.3 million which was more than the previous year which was 2.2 million. The number of tourist to the town is believed to be close to 2.5 million presently and expected to increase. This has seen the number of hotels increased in the city and more are under development. The number of hotels was about 186 with 14 5-star hotels and 25 4-star hotels with other entertainment location in the city.
Investing in the Siem Reap Property Market
Investing in the Siem Reap Property market is a very lucrative offer with the millions of tourist daily. You can choose to register in the residential areas or the commercial areas and still expect good returns yearly. While there are some restrictions for foreigners to invest in properties in Cambodia, they are ways you can successfully invest in land and housing properties in Cambodia. This is because the Cambodia government do not allow foreigners to invest directly in landed properties.
However, investment in properties in Siem Reap is an investment with high potential of return at a short time. You have to understand the law of the Cambodia government regarding investing in properties and partner with a reliable property agency in the country. There are agencies in Siem Reap which can help you acquire property to rent or buy and also invest for business purposes.