Cambodian real estate players optimistic for the return of tourism

The nation prepares for the reopening of tourism in Q4 2021, with an initial focus on welcoming fully vaccinated foreigners  

The real estate market in the province, particularly in Siem Reap town, will recover from the end of 2021 onwards. Source: JoshuaDavenpott/Shutterstock

According to The Phnom Penh Post, real estate players in Cambodia are upbeat for the revival of tourism in Siem Reap province, as the country undergoes an ambitious road construction project and prepares the welcoming of fully vaccinated international visitors to the Angkor area.  

In November, the government spent around USD150 million to revamp and build 38 roads in the province. The project also includes the development of rainwater drainage networks and flood protection systems, bicycle lanes, car parks, security camera systems, and more. 

Moreover, in early April, the Minister of Tourism Thong Khon asked Prime Minister Hun Sen to consider opening the doors of the Angkor area to tourists who have been vaccinated.  

Sorn Seap, Key Real Estate Co Ltd founder and director, said that the real estate market in the province, particularly in Siem Reap town, will recover from the end of 2021 onwards, at a pace depending on the status of the pandemic.  

“The real estate market in Siem Reap will improve from the end of this year, as road and infrastructure activities, as well as the opening-up to welcome foreign tourists, influence this market,” Seap said. 

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Sam Soknoeun, Global Real Estate Association president, said prices and transactions had seen some rebound as the 38-road project advances. 

This, along with the construction of a new airport and lower market prices in Sihanoukville, could bring a swift recovery, Soknoeun said. “Transaction volumes and property prices in Siem Reap town will pick back up by the end of this year.”  

“All road construction projects of the Ministry of Public Works and Transport are progressing according to plan,” Sotheayuth Heang, Ministry of Public Works and Transport spokesman claimed. He added that Siem Reap town’s roads will become a key role in attracting many tourists and investors to the epicentre of traditional Cambodian culture.