Villas, shophouses, and flat houses are the most common residential properties being considered by local and foreign buyers
According to Daka Kun Realty and IPS Cambodia, Siem Reap may be going through tough times but the temple town is attracting visitors looking for low-cost properties, reported Khmer Times.
Buyers coming to Siem Reap often seek properties listed as low as 40 percent below market price. Areas, such as Svay Dangkum and Sala Kamreuk, are often considered by property buyers if they aren’t looking for commercial properties located in the city centre.
Despite unchanged property sale prices in Siem Reap, local and foreign cash buyers are seeking to buy in any part of Siem Reap with distressed sellers, concurred IPS Cambodia.
Villas, shophouses, and flat houses are the most common residential properties being sought-after. Well-priced, Western-style homes and villas also remain strong as there is strong demand but low supply for such properties in the market.
Nevertheless, Siem Reap’s rental properties aren’t experiencing the same interest.
An agent said, “It’s been tough. I’ve tried a lot of things from cutting overheads, offering package deals, to outright reducing prices. I consider it a win if I break even for that month.”
As a result of COVID-19, tourist figures have plunged by 77 percent. Many rentals are then forced to either slash prices or suspend operations altogether. “Rental prices dropped to 30 percent with some to almost 50 percent below what they were before Covid”, said IBS.
Some executives still see hope, particularly with the ongoing 38-road project. The project includes improving and rehabilitating the drainage and sewage systems, electrical infrastructure, and construction of pedestrian walkways and bicycle paths across Siem Reap.
David Granger of IBS said, “Residential and commercial areas within a two-kilometre (km) radius of the city are going to see vast improvements in infrastructure. Those within a five km radius of the city are going to see improved access and spurred development of new residential areas. And property owners up to 10 km out from the city are going to enjoy better connectivity to the city centre and other parts of Siem Reap.”
The Property Report editors wrote this article. For more information, email: [email protected].
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