Culture upholds the roots of Cambodia. Even today, Cambodia reflect its culture when we are moving towards modernisation. Therefore, this blend of modernization and culture is vital in increasing Cambodia’s real estate market’s popularity.
Since culture shapes various aspects of our society, we must acknowledge that the property market is no exception. Cambodia is a culturally rich and diverse country whose values and customs impact property trends. Cambodia’s cultural perspective on land or real estate has fueled the demands for property ownership and land, driving the growth of real estate investment opportunities in the country.
Scroll down this blog to find few-real time facts that might help you with better opportunities!
Impact of Cambodian Culture on Property Trends
None of us can deny how influential culture is in our lives. Especially in a Southeast Asian country like Cambodia, culture impacts every small sector. Various aspects of culture are important and can affect property trends.
Based on our experience of serving investors with real estate options in Cambodia, here are some of the essential ways through which the culture has been affecting Cambodia:
- Spiritual Beliefs and Superstitions
In today’s time, we may say we don’t rely much on spiritual beliefs and superstitions. But is it true? Not really.
A country like Cambodia has its roots in its superstitions and spiritual beliefs. The majority of Cambodians follow Buddhism. These ideals can eventually be seen in their temples through unique spaces and architecture.
The architectural design is deeply rooted and incorporated into the elements of property designs. Almost all properties have small dedicated prayer rooms where the people pray. Local or national buyers in Cambodia often look for properties that have these dedicated properties. The superstition of Feng Shui is deeply rooted in Cambodians. Therefore, they will look at Feng Shui tips on interior designs and property selection.
READ ALSO: Feng Shui: The Right Colors You Need at Home
- Family Value and Living Arrangements
Every Southeast Asian family gives significant importance to family life. Similarly, the family has an important role to play across the entire Cambodian society. The changing property trends have often hinted towards how important family values and living arrangements are.
The concept of nuclear families in Cambodia is quite rare as most of the families are joint families living together. Cambodia has seen the concept of multi-generational living as family members of different age groups live together.
Since extended families live together, they need a bigger space. If you look at Cambodian residential properties, you will find big villas and even bedrooms with more than five rooms. This indicates that the properties have been designed to accommodate bigger families. In Cambodian culture, it is believed that when families live together, they bring forth the feeling of togetherness.
- Architectural Design and Cultural Aesthetics
The blend of Cambodian and Buddhist traditions has impacted the residential property. The unique combination of indigenous styles is available across Cambodian properties. For example, some residential properties still reflect the Buddhist style of architecture.
To attract the attention of tourists, many hotel owners design their properties after Buddhist structures. These properties have traditional Khmer design elements like motifs, carvings and more.
Whether you’re an investor in any commercial property or want to buy a house, you can find these designs in the properties. You must connect the cultural heritage designs if you’re looking for these designs. The actual property owners are still upholding these designs so that they can attract the attention of investors. These designs eventually preserve the cultural value of Cambodia.
- Cultural Heritage Preservation
Cultural heritage is paramount to people, irrespective of where they belong. Especially in Cambodia, people uphold the integrity of cultural heritage preservation.
In the past few years, preserving historic buildings has become quite common. Many organisations are taking it as their responsibility to preserve cultural heritage properties. They are also taking steps to restore these historical buildings.
A lot of cultural and heritage properties have been restored and put up for sale. Many commercial property owners are converting these cultural properties to commercial ones, such as hotels. Since significant importance is being given to cultural heritage, there is a rise in taxes, too, especially in culturally significant areas.
This is also applicable to transforming properties into loveable places. Most of them are also receiving boutique accommodations. However, this significantly depends on the buyer’s or investor’s preference.
One cannot deny the influence of tourism in the real estate sector of Cambodia. This is a major driving factor contributing to the growth and economic growth. Cambodia is home to tourist destinations such as Phnom Penh and Siem Reap.
The sudden increase in tourist activities has increased demand across commercial properties. As a result, the focus is being laid on catering to the needs of the hospitality sector, such as resorts, hotels and vacation rentals.
This also has a cultural touch to it as most people are also moving to visit the cultural heritage. The rising tourism and real estate sector is a plus point for all investors. They get an opportunity to capitalise on the destination and acquire more property. With flourishing tourism-related businesses, investors can relish the property market growth.
The significance of culture can be felt in Cambodian air itself. When you visit Cambodia, you will be surprised to find how closely connected each person is to another. This itself reflects how much they give importance and respect their roots and culture.
The same values are very adequately reflected in the property market of this sector. The blend of traditional and modern elements has contributed to the growth and rise of property. If you’re interested in the real estate market of Cambodia, it is important to learn the factors that affect the market such as its culture.
To ensure a safe and sound investment journey in Cambodia, contact us to connect you with our property experts who have been serving investors’ interests for the past 7+ years and have developed a deep study on how culture can impact your real estate buying decision.