Property price growth slows

Content image - Phnom Penh Post
A house on sale in central Siem Reap town in June 2018. CHUN CHAMNAN VIA FACEBOOK

Real estate prices in the Kingdom’s major cities only saw small increases last year, though land prices in coastal provinces saw a sharp increase, according to a second-half 2018 Key Real Estate Co Ltd report obtained by The Post on Wednesday.

Land prices in Siem Reap town ranged from $100 to $5,500 per sqm, an increase of around five to 10 per cent compared to 2017, according to the report.

Key Real Estate Co Ltd director Sorn Seap said prices in central Siem Reap town did not experience similar increases as the area is already well-developed and near its peak.

He added that Preah Sihanouk province saw much larger increases in comparison due to its lower base level of development and the influx of Chinese investors and tourists.

“The situation in Siem Reap town and Phnom Penh is similar because both places have already been developed,” he said, adding that high-rise building applications are also restricted owing to Siem Reap being a conservation area.

Cambodian Valuers and Estate Agents Association president Chrek Soknim said the provincial sector remains healthy despite the lower increases.

“An increase of this level may be good for the sector. The increase was consistent with regional and Cambodian economic growth,” he said.

He said the volume of hotels, guesthouses, supermarkets and commercial centre projects in Siem Reap town is gradually rising.

On Tuesday, Angkor Enterprises published a press release of their own saying the Angkor Archaeological Park welcomed 2.59 million tourists last year, up 5.45 per cent compared to 2017. This generated more than $116.64 million in revenue, up eight per cent on the previous year.