Siem Reap Real Estate Market
Siem Reap is known for many things including an abundance of excellent foreign-owned and operated restaurants and pubs, disco’s and all-around vibrant nightlife. Local flavor is on exhibit everywhere from the Night Market to the hundreds of street-food vendors that pop up once the sun goes down. It’s easy to experience the fun and excitement of this little city just by stepping outside of your home, apartment or guesthouse. But Siem Reap has a serious side also, and for those wishing to stay awhile or perhaps invest in or rent a property or apartment, there are a few facts that make Siem Reap unique in the Cambodian economy.
Tourism Drives the Siem Reap Economy
Siem Reap is the home to one of the world’s top tourist attractions, Angkor Wat. According to TripAdvisor, Siem Reap was ranked as the number two tourist destination in the world as recently as such statistics became available in 2015. Like a college town in the west, a certain percentage of these young visitors fall in love with Siem Reap and decide to stay, make a home here and raise a family. (Read also: Relocation Guide: 10 Things to Consider When Moving to the Kingdom of Wonder) Although tourists come from all over the world, Chinese tourism is expected to continue to grow at an annual rate of 25%.
Foreigners are Prohibited From Owning Land
Newly-completed building projects usually acquire a “strata-title” as foreigners are limited to owning only upper floors, not ground floors of apartment and condominium buildings. In addition, condominium projects can only be 70% owned by foreigners. Properties can, however, be leased for up to 50 years with an option included for an additional 50. Related: The Nominee Structure for Foreign Buyers – How does it Work?
Full Compliment of Rental Options Available
Siem Reap has experienced phenomenal growth in recent years in the diversity of properties not only available for sale but also those available for rent. You can rent a flat, a villa or townhouse, or a serviced apartment for anywhere from $250 per month, to upwards of $2000 per month or more depending on your desired level of comfort and opulence. No matter what your budget is, Siem Reap has the property you desire at a price you can afford. A typical one bedroom apartment in Siem Reap rents for about $350 per month.
Commercial Properties are Abundantly Available
If you are looking for a land for residential, touristic, or industrial development, you will have the advantage of entering the market on an early stage. However the developing situation regarding infrastructure and access to basic facilities will require, you will need an in-depth market study and a strong partner like IPS in choosing the right property whether it’s brokering for land, office space, commercial buildings, hotel, or even a guesthouse property. The increasing availability in retail storefronts and office buildings attracts the settlement of start ups in the IT industry and more regional companies are establishing a regional base in Siem Reap. All these can be found in a low, medium, and higher price ranges.
IPS-Cambodia.com is Siem Reap’s and Cambodia’s property experts. We specialize in residential real estate, commercial space, and real estate investment. We are a team of knowledgeable and experienced realtors and have handled hundreds of Siem Reap real estate transactions successfully from the start to finish.
