Welcoming Vaccinated Tourists by Year’s End Will Also Boost Real Estate Sector, says Expert

• 9 April 2021
• Local News
• 2393 Views

Real estate expert and President of KW Cambodia Dr Kim Heang has expressed optimism that the real estate sector will also gain momentum if the government decides to allow vaccinated international tourists to enter Siem Reap by Q4 this year.

Dr Kim Heang said that this is a smart move by the government, like many other countries.

“Obviously, tourists will help restore the economy, especially tourism and hospitality. Besides, the construction and real estate sectors will also gain that positive effect,” said Dr Kim Heang.

“When tourists return, consumption will also increase, more jobs given to locals, and locals’ incomes increase. Thus, the real estate sector will automatically grow as well,” he added.

The plan to welcome international tourists to Siem Reap Angkor by the end of this year was proposed by Minister of Tourism HE Thong Khon on 07 April along with a tourism roadmap, with the aim to restore the economy.

However, at this stage, the government is still considering the option and has yet to decide on anything, but observing the actual situation first.

In the meantime, the COVID-19 crisis has put even more pressure on the market given the continuous surge in the community outbreak. According to the latest report by CBRE Cambodia, demand in all sectors of the real estate sector declined quite significantly. (Read more)

Condominiums, for instance, are facing oversupply. Similarly, retail was at -50% below the baseline, while borey prices were down by about 15% on average during the past six months.

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