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All quiet in Siem Reap for houses and land

Tourists visit the world heritage Angkor Wat temple during sunrise in Siem Reap province in 2012. Built by King Suryavarman II in the 12th century, Angkor Wat is considered the largest Khmer temple complex in the world. MENG KIMLONG
Tourists visit the world heritage Angkor Wat temple during sunrise in Siem Reap province in 2012. Built by King Suryavarman II in the 12th century, Angkor Wat is considered the largest Khmer temple complex in the world. MENG KIMLONG

All quiet in Siem Reap for houses and land

Although Siem Reap is known as the land of smiles, the growth of the culture, civilization and power, the real estate sector in the province for the first six months of 2013 has not increased a great deal.

The buying or selling of properties in Siem Reap for the first six months of 2013 has seen very little activity, Po Eavkong, Managing Director of Asia real Estate Cambodia Co, Ltd, said.

Now land in the commercial areas and on the main roads in Siem Reap ranges from $1,500-$2,000 per square metre, while land along National Road No 6 to the Royal Palace is between $600-$1,000. Housing land is between $100-$300 per square metre or higher, depending on the location.

“The fact that residential land prices and land in the province has not increased much is due to the global economic crisis in 2008 when housing supplies exceeded the demand, while the value of land skyrocketed,” he said.

“The biggest potential investments for foreigners are only in hotels and guesthouses because there is less potential for trade,” he said.

For the last several years investments in large hotels in Siem Reap has been less active, he said, but guesthouses and motels have been increasing remarkably. Some housing that was built before the economic crisis and have been frozen until now, they are seeing less buying and selling activities.

Dith Channa, the General Manager of VMC Real Estate Cambodia, said much the same thing, but added that buying or selling land in Siem Reap has seen a small increase of between five to 10 per cent when compared to the same period in 2012.

Most of the buying and selling has been in commercial areas, he said. He added that before the global economic and financial crisis, land prices had already jumped and he doesn’t expect prices to rise again.

“However, in a few years the value of properties in the province will grow because when Cambodia is integrated into the ASEAN economic community, the number of tourists and investors coming to Cambodia will grow,” he said.

“The growth can be seen through Cambodia, the chair of ASEAN in 2012 and when Cambodia hosted the meeting of the World Heritage Committee. These events have made people more aware and interested in Cambodia.”

Property values in Siem Reap have not significantly changed compared to the same period last year, Chrek Sokhim, the Deputy of VTrust property Co, Ltd, said. The prices for people buying and selling have seen almost no change because the province does not have the potential to attract main investors, besides investing in infrastructure for tourism such as hotels, guesthouses and restaurants.

“What is important is the main investors are less focused on the goal there, that is the increase in tourists only,” he said.

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