Increasing numbers of tourists, along with political stability and economic growth, have lifted land prices in the small eastern city of Kratie significantly since 2013, officials said.
Ron Pheara, head of the Kratie Tourism Department, said the number of local and international tourists climbed in 2014 and that further increases are slated for 2015, when Kratie will hold its first river festival.
The Ministry of Culture and Fine Arts is also attempting to list Kratie city as a UNESCO world heritage site, which would attract even more tourists, Pheara added.
The number of international tourists increased almost four per cent to 23,662 people in 2014 from the year before, while local tourists rose almost five per cent to 232,000 people, according to data from the Kratie Tourism Department.
Land prices in Kratie and on Troung island in front of the city have increased, and vacant land is becoming increasingly scarce, Pheasa said.
Kao Madilen, head of Kratie’s Department of Land Management, Urban Planning, and Construction, said Kratie city land prices have boomed since the national election.
In some cases, certain plots that sold for $7,000 in 2014 are now listed at $20,000 to $25,000, Madilen said.
“The infrastructural preparation for the river festival and the potential listing as a UNESCO world heritage city will strongly help lift city land prices.”
A master plan has been formulated by the city government already, but has not yet been approved by the Ministry Of Land Management, Urban Planning, Construction, Madilen said.
The master plan aims to boost land potential, safeguard the environment, and attract more investors to the city, he added.