Siem Reap sees property gains fuelled by tourism, economic integration

Siem Reap sees property gains fuelled by tourism, economic integration

Siem Reap city land prices have continued to increase year-on-year since 2008, despite the impact of the global economic crisis elsewhere.

Sorn Seap, general manager of KEY Real Estate, said that land prices in Siem Reap city in early 2014 saw an increase of 15 per cent compared with the first half of 2013, and the average price of land was now around $1,010 per square metre. But he also noted that while land prices were increasing in the city, they were stable on the outskirts of Siem Reap.

“Siem Reap city is small, but the demand for land is high so land prices downtown increase every year, while on the outskirts of the city they’ve remained stable,” he said.

A recent study by KEY Real Estate divided Siem Reap into nine zones.

In Zone A, which includes the Pub Street area along the main road, land is priced at between $2,300 and $4,000 per square metre, and at $1,200 to $1,700 per square metre on the sub-roads. In Zone B, which extends from the Central Market to National Road 6, prices on the main road range from $1,500 to $2,300 and from $500 and $1,000 per square metre on the sub-roads.

KEY Real Estate has divided Siem Reap into nine zones for assessing land prices.
KEY Real Estate has divided Siem Reap into nine zones for assessing land prices. PHOTO SUPPLIED

In Zone C, which includes the main road in the Angkor Night Market area, prices range from $950 to $2,300 per square metre, and from $300 to $600 on the sub-roads. Zone D stretches from Wat Domnak to Wat Reach Bo via National Road 6, and prices range from $1,000 to $2,000, and on the sub-roads from between $300 to $800 per square metre.

Zone E stretches from Wat Reach Bo to National Road 6 and prices there range from $800 to $3,000, and from between $100 to $300 on the sub-roads. Zone F stretches from Sameki Market along National Road 6 to Angkor Pyongyu, and land prices on the main road range from $800 and $3,000, and from $100 to $250 on the sub-roads. Zone G ranges from the Sokha Hotel (next to National Road 6) to the western outskirts of the city, where prices range from $800 to $1,500, and from $100 to $300 per square metre on the sub-roads. Zone H stretches along the main road from Krom Market to the western outskirts of the city, and price range from $600 to $800 and from $70 to $200 on the sub-roads.

In Zone I, which stretches from Angkor High School prices range from $170 to $350 on the main road and from $50 to $180 per square metre on the sub-roads.

Seap said he is very optimistic about property in Siem Reap.

“I see the property sector continuing to trend upwards in Siem Reap province due to annual economic growth, the flow of investors into the country, and ASEAN Economic Integration in 2015, which will result in a more open local market.”

Meanwhile, at present the tourism sector is the main catalyst in boosting the prospects of other sectors, in particular the real estate sector, he added.

The number of foreign tourists coming to Cambodia grew to around 4.2 million in 2013 compared to around 3.5 million in 2012, an increase of 17.5 per cent. Total income from the tourism sector in 2013 was about $2.5 billion compared to $2.2 billion in 2012, a 15.5 per cent year-on-year rise, according to statistics provided by the Ministry of Tourism.

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