Over the past decade, the GDP of Cambodia has grown by approximately 7%, driven by tourism, businesses and real estate. Thus, 2024 is the time for real estate investments in Cambodia. As the market emerges from a long stagnant period, the further increase in tourism, rapid urbanisation, and growth of the middle class are contributing to the rising popularity of the place.
The market is undergoing a resurgence as it moves to keep up with the country’s economy. As the investment opportunities increase, you’ll also likely get significant returns. As the real estate market of Cambodia increases, IPS Cambodia can bring in the best opportunities for investment with the numerous listed properties in Cambodia. However, as of now, look into the real estate market condition and forecast for 2024.
Cambodia’s Real Estate Market in 2023
In 2023, Cambodia’s real estate market was recovering from the aftereffects of the pandemic. While the economy was growing, the real estate sector was stagnant from 2020 to 2022, and in 2023, it was just recovering. Thus, various properties were being constructed, but it was stagnant.
Is 2024 a Good Time to Invest in Cambodia’s Real Estate?
Of course, it is.
As growth is anticipated in the economy and business sectors, 2024 may be the best time to invest in Cambodia, especially if you want a high investment return.
If you plan to invest in Cambodian real estate, you must leverage the trends, especially in inflation. You can check out the different areas in the growing stage and drive better investment opportunities.
Real Estate Market Trends in Cambodia
According to Statista, the real estate market in Cambodia is projected to reach US$601.20 billion by 2024. The real estate sector will grow after a stagnant market in the post-pandemic era. The luxury properties of Cambodia are ready to experience sustained growth in the coming times.
Increasing tourism and the growth of industries in Cambodia will call for increased demand for properties here. The house prices across Phnom Penh will eventually increase on a wide scale. Cambodia’s real estate sector will also observe a shift from short-term profits to long-term profits, especially for the region’s overall development. Apart from residential, many commercial properties will also be developed in Cambodia.
Areas that will Observe Massive Growth in Cambodia’s Real Estate
Considering the various factors that influence Cambodia’s real estate, several locations are coming up as key players. These locations are booming and providing an all-time growth. Some of the major areas that are likely to observe significant growth in real estate are as follows:
Phnom Penh
Phnom Penh is often hailed as the booming capital of Cambodia, as the demand for real estate is pretty high here. Ranging from commercial to residential, the properties at Phnom Penh cater to all your needs. The growing business sector is one of the major factors for the growth of Phnom Penh real estate demand.
Siem Reap
Another major place that would observe significant growth in real estate is Siem Reap. The gateway to Angkor Wat temple, Siem Reap, has established itself as a cultural hub. As tourism across this area increases, the local economy diversifies, and the residential properties will also grow.
Kampot
One of the major tourist places in Cambodia is Kampot by the riverside. With a range of various tourist locations, Kampot is promoting ecotourism, driving the attention of the audience. Many developments are also being made across this area, like properties around riverside, improved roads and seaports.
Construction and Real Estate May Grow in 2024
As Cambodia continues to prosper, urban expansion and development have become extremely common in this area. The development is engraved in the core of Cambodia. While many industries are flourishing in this area, two major sectors that will dominate the market include construction and real estate.
With the availability of numerous plots for sale, Cambodia will derive investments. The government of Cambodia is also introducing various measures to drive foreign investments, which can help companies grow significantly in different business areas. These foreign investments will eventually increase the demand for real estate in Cambodia, ranging from residential to commercial.
Construction will also occur across different areas as the real estate is being sold out. To facilitate ease for foreign businesses, construction will grow for the development of new properties and even improvements in roads and seaports. With real estate and construction growth, this may be the perfect time to invest in Cambodia and generate good returns.
Final Words
The real estate market of Cambodia is now in its growth stage. After a huge stagnant period, Cambodia’s real estate market is coming back, considering the benefits it offers. However, the only condition was to make investments positively with proper strategy. With experts like IPS Cambodia, you will surely make positive investments. This will also play an important role in ensuring you’re leveraging the most of the investments. Contact the IPS Cambodia team to learn more about real estate investments.
KH