Due to a surge in the number of tourist arrivals and robust business activity, growth in the real estate sector will centre around Phnom Penh and Sihanoukville in the near future, industry insiders said at the country’s biggest real estate show on Friday and Saturday.
Speaking last Friday at seminars organised during the second Cambodia Real Estate Show, industry experts said the increasing number of tourists visiting the country – particularly Chinese visitors with a soft spot for luxury apartments and condos – will continue to support the development of the local real estate sector.
Sok Siphana, the managing partner of Sok Siphana and Associates, explained that Siem Reap, home of the temples of Angkor, will not be a future hub for the country’s real estate industry. Rather, it will be the capital, Phnom Penh, and the coastal city of Sihanoukville that will be centres of activity for the sector in the future, he said.
“Tourists usually go to Siem Reap only once, and don’t really return there. On the other hand, in Sihanoukville, tourists are likely to stay for a long time and visit many times, which is why demand for apartments and condos will increase,” Mr Siphana said.
Moek Chenda, the founder of Realestate.com who staged the event, said the sector is now developing at a moderate pace, but the number of developers is increasing.
“We can see real estate is booming in Phnom Penh, Sihanoukville and other provinces including Battambang, Siem Reap and Kampong Cham. In the future, however, two areas, Phnom Penh and coastal Preah Sihanoukville province, hold the most potential,” he said.
An agent of NC Max World, a Japanese-owned and operated real estate development and brokerage agency, said he believed an increase in business activity in Phnom Penh is supporting real estate growth in the city.
“Foreign investors will focus on Phnom Penh and other places, such as the coast, because there is a great movement of tourists, bringing up demand for apartments and condos,” he said.
The two-day Cambodia Real Estate Show was held from October 6 to 7 and attended by about 4,000 participants who visited the booths of more than 30 developers.