Sleepy Kampot wakes up to a property boom

Sum Manet / Khmer Times No Comments Share:
Kampot has become a popular place for tourists who enjoy the river and the mangroves as well as the seaside and nearby mountains. Supplied

Kampot property prices surged significantly in the early part of this year and at the end of 2017, compared with the previous year, thanks to the growth of the tourism sector, insiders say.

Po Eavkong, the CEO and co-founder of Advance Real Estate Company, said the Kampot property situation has dramatically changed due to the surge of tourism investment as Kampot is an attractive destination with a river and coastal area.

“The growth of property investment in Kampot is related to the tourism sector because lately the number of both local and international tourists has increased, which has made the demand for boutiques and resorts increase,” Mr Eavkong said.

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“Now investors have started to change their investment direction from Sihanoukville to Kampot because Sihanoukville is full of investment related to the tourism sector as well as Chinese investment,” he added.

“I think Kampot has a lot of potential for property investment and development related to the tourism sector.”

One of the bridges over the river in Kampot, where tourist boats and sunset cruises are popular. KT/Chor Sokunthea

Recently a new tourism port has been announced for Kampot which will attract more tourists to come to the province, he added.

The new port is expected to service 360,000 international and domestic tourists a year when it opens in 2019 and 442,000 by 2022, according to the Asian Development Bank.

Business support services will be provided for at least 375 micro, small and medium-sized enterprises located in the seaport’s premises. Capacity building services for governmental agencies, including the Ministry of Tourism, will also be made available.

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Eoun Rosnovomrern, the owner of Kdat Sanaka Resort, said Kampot property prices have seen a remarkable increase due to the increasing number of tourists visiting the area.

The current asking prices for property ranges from $100 to $130 per square metre along the coastal area, while it was priced from $30 to $60 per square metre in 2016, and property prices along the mangrove creeks start from $20 to $30 per square metre, compared with $5 per square metre in 2016, according to Mr Eoun.

“I know the property prices because there are buyers who came and bought some land around my resort and there are also some investors interested in buying my resort,” he said.

The Kdat Sanaka Resort in Kampot, whose owner has had offers from investors who want to buy it. Supplied

“I think the property prices increased quickly because Kampot has a lot of potential for tourism with beautiful coastal areas and mangrove areas.

“Two years ago I came to Kampot and bought land at a low price for my resort and now there are people from Sihanoukville coming to invest in Kampot to build resorts and tourism sites and where I see the potential of the Kampot property is along the coastal areas and mangrove creeks,” he added.

There were 128 construction sites, translating to 49 233 square metres in total, in 2017 and it was worth about $16 million of investment capital, according to data from Kampot’s Land Management Department.

In 2017, Kampot welcomed 1.6 million tourists, both local and international, according to the provincial tourism department.

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