Housing prices, being a crucial market indicator, have consistently gained the attention of investors and home buyers. In this article, we will break down the different housing prices in Cambodia. Cambodia's Recent Housing Price ChangesOver the past 10 years, housing prices in Cambodia have been showing a steady upward trend. Especially in the capital city of Phnom Penh, due to the acceleration of economic development and urbanisation process, the rise of housing prices is more obvious.According to the National Bank of Cambodia (NBC), house prices in Phnom Penh rose by an average of about 8.7 per cent annually between 2010 and 2019. This is mainly due to the rapid economic growth of Cambodia and the increase in foreign investment, which has greatly increased market demand.However, due to the impact of the epidemic, Cambodia's real estate market has been hit to a certain extent, and there was a short-term decline in early 2020. With its economic recovery on the right track, coupled with the Cambodian government's stimulus measures and overseas investment, the market has begun to recover from 2022, and housing prices are gradually picking up.What Is The Average Property Price?As per a data report by the National Bank of Cambodia (NBC), the Phnom Penh housing price index is expected to reach 115.4 points in August 2022, marking a substantial 15.4% rise from the index based on 2020 figures. The housing price index is expressed in points, with each point representing a percentage change from the base year. This surge in prices puts the average cost of a property in Phnom Penh at US$114,164. How Much Do Apartments Cost In Cambodia? Cambodia's development continues to flourish, it offers an increasingly diverse range of properties, with apartments becoming a popular choice among foreign investors. The price of an apartment can vary depending on factors such as location, property quality, and delivery standards provided by developers.According to market research by Realestate.com.kh, the price range of apartments is typically between US$1,500 to US$3,500 per square metre, with high-end apartments in central Phnom Penh commanding prices above US$3,500 per square metre, and apartments in suburban or sub-central locations being relatively more affordable.For instance, a studio apartment with an area of 50 square metres would cost around US$100,000 at US$2,000 per square metre, while a one-bedroom apartment with an area of 80 square metres would cost approximately US$160,000. Moreover, buying an off-plan apartment could provide a 5% to 10% appreciation in a short period of time and can offer interest-free instalment plans. How About The Price Of Borey In Cambodia? When it comes to borey, prices can vary greatly depending on factors such as location, size, and level of luxury. It's helpful to have market data as a reference, such as the Phnom Penh Post's report of an average price range of US$1,000-1,500 per square metre for suburban borey in 2019. Luxury borey can go for more than US$3,000 per square metre.According to the market research conducted by Realestate.com.kh, it indicates that the average price of borey in Phnom Penh and surrounding areas will be around US$2,000 per square metre. Meanwhile, prices in other cities like Siem Reap and Kampot will be relatively lower, around US$1,000-1,500 per square metre.While ultra-low prices may be tempting, it is important to consider other crucial factors before making a purchase. For example, buyers should investigate whether the developer has obtained the necessary legal documents, such as title certificates and construction permits, as well as the reliability of the development plan, to avoid any potential scams. Visit Realestate.com.kh to find your dream propertyClick Here

For those who missed the weekend's events, we have put together a summary of the happenings in Cambodia. Our coverage spans a range of topics, including updates on the economy, SEA GAMES 2023, the real estate market, tourism, and development news.Night Tourism in Sihanoukville to Attract More VisitorsTourism Minister Thong Khon has revealed that the Ministry's aim to boost night tourism will involve a partnership with the Sihanoukville Provincial Government to establish a street bar. It is expected to attract a greater number of night tourists. Alongside the street bar plans to introduce night food streets are also under consideration, reflecting the growing trend for food-related tourism. Siem Reap which also has a "Pub Street" is one of the popular locations where F&B, especially during Khmer New Year, where locals gather to celebrate.Moreover, Minister Khon shared that the Sihanoukville-Siem Reap night bus service will soon be launched, catering primarily to international tourists. Departing from Westport at 7:00 pm, the bus will reach Siem Reap at 4:00 am the following day.More than 20 Tourist Attractions Approved by the CDCThe Cambodian Development Council (CDC) has given the green light for the development of over 20 islands in the province to be used as tourist attractions, out of a total of 30 large and small islands. Prominent among these are Koh Rong, Koh Song Saa and Koh Rong Sanloem. 28 companies have been granted approval to carry out these development projects.While some island development and operation projects were put on hold due to the COVID-19 pandemic, they have resumed operations. All development projects are executed according to the principles of sustainable development, with no negative impact on the environment or natural resources.SEA Games 2023: Cambodia Aims to Attract Half a Million Tourists to Boost Tourism IndustryAs the host nation for the 32nd SEA Games, Cambodia is preparing for a major tourism event that is expected to draw a significant number of international visitors. The country is gearing up to welcome around 500,000 international tourists during the Games, making it a grand tourism event for ASEAN and Southeast Asia as a whole.The tourism industry in Cambodia has been on an upward trajectory, with a total of 2.2 million international tourists expected to visit the country in 2022. The first quarter of this year alone saw 1.2 million international visitors arrive in Cambodia, and it is projected that this number will surpass 4 million by the end of the year.Phnom Penh-Siem Reap Expressway Feasibility Study to Conclude in May 2023The feasibility study for Cambodia's third expressway, the Phnom Penh-Siem Reap route, is set to be completed by May 2023. The Ministry of Public Works and Transport has authorized China Road and Bridge Corp (CRBC) to undertake a more comprehensive and formal analysis. The proposed expressway will span several provinces, including Kandal, Kampong Cham, Kampong Thom, and Siem Reap. Discover your dream home by exploring our listings Click Here!

There has been plenty of media coverage on the speculative and approved logistics projects and aligned infrastructure in the Kingdom. The push for investment from the government and private-public partnerships in the logistics sector could be a boon for all industries, including the demand for specialised commercial property and result in rising land prices in Cambodia.Comprehensive Intermodal Transport Master Plan 2022-2030 (CIT-MP)Minister of Public Works & Transport H.E. Sun Chanthol has provided recent updates on the Comprehensive Intermodal Transport Master Plan 2022 – 2030. More than 150 projects have been identified for investment - needing a total of around US$30 billion. There were hundreds more projects that have not yet been approved (around 332 projects needing a total combined investment of $48.6 billion).Most of these identified projects fall under the various master plans which are in varying degrees of competition and approval in the Kingdom. The CIT-MP is a large and comprehensive plan which includes infrastructure such as roads, railways, waterways, airways, logistics and ports. The main goal is the improvement and modernisation of the logistics framework to ensure the Kingdom can be elevated to a tech-savvy regional hub by 2030. offering world-class infrastructure within ASEAN.Logistics and Infrastructure in CambodiaAt the start of the year, we outlined a selection of key investments and new infrastructure projects. Most of these are on track and have had updates - but significantly even more projects have been announced to enhance logistical endeavours and upgrade major transport routes to ensure connectivity domestically and regionally.Some of the new projects announced since the start of 2023 are:Bassac Sea Link Project - Aims to connect the Bassac River to a seaport in Kep province, and the Bassac River to the Gulf of Thailand, providing direct access from the Phnom Penh Port to Cambodia’s seaports.Several more bridges are under construction; such as the tallest bridge in the country on National Road No.10, connecting Battambang and Pursat Provinces with Koh Kong Province.Expressways – The completed Phnom Penh-Sihanoukville Expressway, since its launch in October 2022, has seen more than 2.5  million vehicles make use of it. The Phnom Penh-Bavet Expressway construction is due by mid-2023 and could connect with a new freeway on the Vietnamese side to offer quicker access between the capital of Cambodia and Ho Chi Minh. A study is also being carried out on a Siem Reap Expressway connecting to Phnom Penh.Railways – No real concrete progress has been made but several options are still being explored to improve and modernise the rail network for freight and passengers and interconnect Cambodia to the region.Coastal Development -  a government-approved massive satellite city project in Kep is set to drastically increase land prices and 2 islands in Koh Kong and Preah Sihanouk have had investment projects worth $40 million approved.How Much Can Logistics Grow in CambodiaIn a recent presentation from Profitence, they stressed that ongoing policy dialogue between the private sector and the government is crucial and that the Kingdom has the benefit and advantage of learning from best practices abroad. The private sector can capitalize on this and international companies can transfer their technology and market know-how into Cambodia.Air passenger traffic could grow to between 26.5 and 30.5 million annually - the new much larger and modern airports are key to this - but also their transport connectivity domestically and the hotels, F&B, tourism etc built around the vicinity.Air cargo is predicted to reach 350,000 to 400,000 tonnes, railway freight could reach eight million tonnes per year and 1.5 million passengers annually by 2030 - all freight is set for growth as facilities are added, improved, and systems modernised and digitised.Impact on Land PricesThe January 2023 land prices from the Ministry of Economy and Finance of Cambodia suggested land prices are higher when situated close to main roads and infrastructure, while land bordering rivers or lakes impacts price valuations and may contribute to a higher land price.Although property prices have stabilised, data suggests land prices are still on the move in the popular areas of the capital. This will be driven by local and foreign buying interest, and comparatively stronger economic growth for the region in the untapped potential of the economy. In developed markets, the limited availability of land in prime city locations has driven up land values, and to alleviate demand and rental pressures, several authorities are establishing logistics hubs in neighbouring cities and provinces. This is where Cambodia should be targeting investment.What will Drive Growth - E-Commerce & Logistics OpportunitiesThe Southeast Asia E-Commerce Industry Report 2023 says that the Gross merchandise value (GMV) of e-Commerce increased from USD $10.9 billion to $131 billion between 2017-2022 in the region.The State of Logistics Asia-Pacific Focus Report 2023 also adds the surge in demand from e-commerce operators during the pandemic threw the entire logistics sector off as “asset owners were ill-equipped with the necessary space to accommodate it, particularly institutional grade properties.”  As the emerging market with the fastest economic growth and greatest development potential, the e-commerce industry in Southeast Asia has developed very quickly and continues to cater to the regional population of over 600 million. Southeast Asia has an overall economic growth rate higher than the global average and is one of the key drivers of future global economic growth.Within the region, Cambodia is tapped to have the strongest GDP growth.Yahoo Finance ranked Cambodia as the 14th Fastest Developing Country in 2023 with an expected GDP growth of 5.8%.Cambodia was ranked tied second with Vietnam for regional GDP growth according to the International Monetary Fund, projecting 5.8 per cent growth in 2023.The Asian Development Bank has projected Cambodian GDP growth of 5.5 per cent in 2023 but rising to 6.0 per cent in 2024.The governor of the National Bank of Cambodia, Chea Chanto, has set a 6 per cent target for 2023.The State of Logistics Report also highlighted the potential of an emerging market like Cambodia’s. “With evolving supply networks, emerging Southeast Asia is set to become an important investment market for logistics real estate. The region remains critical to supply chain diversification… In the longer term, its e-commerce potential is massive given its considerable and growing consumer class.”According to TikTok and Boston Consulting Group, the e-commerce gross market value (GMV) in APAC is estimated to reach US$3.5 trillion by 2025.Rebalance of supply chains and increased resilience – the decoupling from China will make SEA a top destination for foreign direct investment among emerging regions.Much of the domestic strategic planning needs to tap into technological trends and build now for the future. The Asian Development Bank (ADB) indicated that technology and big data are key to fast-tracking economic recovery in Southeast Asia (SEA). In terms of commercial spaces in the Kingdom, investors are still able to secure land and large-scale properties that can accommodate a range of logistical and technological needs and still be situated relatively close to urban city centres, and major new transport and logistics hubs. The rising price of land and property in the future will make these ambitions more expensive.Japan for example is sending an investment delegation for the third time in November 2023 to study potential investment projects in Cambodia such as factories, science and technology parks and EV charging stations. They have already been funding the Cambodia Post Operational Processes Upgrade to help transform Cambodia Post by upgrading processes, training and facilities to automate tracking and delivery of goods and better recording and delivery of services.For overseas investors now is an opportune time to gain long-term benefits as in-city hubs, urban warehouses and the needs in new satellite cities only gain in popularity.

During yesterday's press conference for the launch of the new B2B Cambodia on April 27th, Tom O'Sullivan, the CEO and Director of realestate.com.kh, shared his observations on the real estate market in Sihanoukville and Phnom Penh. He noted that the Phnom Penh-Sihanoukville Expressway, along with the deep-sea port, Special Economic Zone, and the beautiful beaches and islands, are contributing to the city's revival. The government has been making efforts to address the issue of stalled investment projects in Sihanoukville to instil confidence among investors.Cambodia's Industrial Development Policy 2015-2025 and Sihanoukville Masterplan aim to transform the coastal city into the "Shenzhen of Southeast Asia.".Sihanoukville is an investment hub with numerous projects that included hotels, commercial buildings, hospitals, schools, restaurants, and casinos. However, the changes in online gambling laws and the pandemic slowed down the city's growth.Tom emphasised that there are indications of the city returning to its roadmap of revival, although he wasn't claiming a realty boom. He believes the city will become a vibrant hub catering to everyone's needs, including families, tourists, foreign investors, and more.Tom also shared his thoughts on the real estate market in Phnom Penh, stating that it's currently a buyer's market. Foreign investors have focused on tier-one areas, including Chamkarmon, specifically BKK1 and Tonle Bassac, due to the current investment climate's risks. Chroy Changva is also gaining attention due to the upcoming SEA Games, the completion of a new bridge, and further connectivity to the area.Despite the challenges posed by the current investment environment, Cambodia's consistent economic growth has solidified its position as a desirable destination for foreign realty investment. Tom pointed out that both the Borey and condominium markets are experiencing oversupply. He attributed this to the market being hot before the pandemic, and almost anything seemed to be selling. In addition, the CEO noted that although foreigners still prefer purchasing condominiums due to their straightforward ownership structure, the emergence of the Trust Law has led some to consider buying land or landed property.Tom stated that China is the biggest foreign investor in Cambodia, but he noted increasing interest from the US, Europe, Singapore, Malaysia, Japan, South Korea, and others playing a major role. Discover your dream home by exploring our listings Click Here!

The Alliance for the Conservation of Fisheries Resources (FACT) has established a new initiative to build floating markets and bungalows in the provinces bordering the Tonle Sap Lake, including Kampong Thom, Kampong Chhnang, and Pursat. The project aims to improve the livelihoods of the local community while sustaining the fishery resources in the lake.Tonle Sap Lake is one of the largest freshwater lakes in Southeast Asia and a crucial resource for local communities who depend on it for their livelihoods. However, the overexploitation of fishery resources has resulted in the depletion of fish stocks and the degradation of the lake's ecosystem.To address these issues, FACT has initiated two projects. The first project aims to promote the rights of local communities towards the sustainability of fisheries resources. This involves engaging with local communities and empowering them to take an active role in the management and conservation of the lake's resources.The second project focuses on conserving biodiversity and addressing climate change. This includes developing sustainable practices that minimize the impact of human activity on the lake's ecosystem.To promote sustainable livelihoods, FACT is encouraging the diversification of income sources, such as processing fishery products and producing souvenirs and other flooded non-timber forest products. Additionally, it is promoting the development of tourism and ecotourism services through the construction of floating carp markets, bungalows, and centres focused on biodiversity, culture, and social activities.By engaging with local communities and promoting sustainable practices, FACT hopes to improve their livelihoods while preserving the ecological integrity of the Tonle Sap Lake. Developing sustainable livelihoods and conserving biodiversity and addressing climate change are crucial for the long-term health and well-being of the community and the lake.  Discover your dream home by exploring more of our listings Click Here!

Tbong Khmum is taking steps to enhance tourism by turning an artificial river into a SMART Area. The provincial authorities have been working hard to make the province more attractive to tourists, especially young people, after the past two years due to the COVID-19 crisis.The artificial river can hold up to three million cubic metres of water, making it an ideal place for people to enjoy water-related activities. The provincial authorities have been preparing this artificial river to become a SMART Area, which means that it will have modern technology integrated into it to make it more attractive and convenient for tourists.In addition to the artificial river, the province has also set up a garden around it, which will further enhance its appeal. The SMART Area is expected to attract young tourists to the province and will be an excellent addition to the existing tourist attractions in the area.Located in the eastern part of Cambodia, Tbong Khmum is a province that shares its border with Vietnam to the east. Despite being a new province, established only in 2013 after being separated from the larger province of Kampong Cham, Tbong Khmum has been working diligently to promote tourism and attract more visitors to its scenic landscapes, ancient temples, and cultural heritage sites. Discover your dream home by exploring more of our listings  Click Here!

Sihanoukville is set to receive a boost in its efforts to maintain a clean environment with the upcoming opening of a new wastewater treatment plant. The third wastewater treatment plant, worth over 20 million US dollars, is expected to be operated by X-Water Technology, the developer of the plant.The government-licensed wastewater treatment plant will play a crucial role in treating wastewater from the city, which has been causing harm to the environment by being discharged into the sea. The new plant will join the first and second treatment plants in Sihanoukville, each with a capacity of about 5000 and 7,200 cubic metres per day.The third plant is designed to handle up to 20,000 cubic metres of wastewater per day, making it the largest of the three. The plants are expected to significantly reduce the amount of wastewater being released into the sea, thereby improving the quality of the water along the coast.According to Long Dimanche, the deputy governor of Sihanoukville Provincial Hall, in the future, people living in Sihanoukville will be required to pay for the drainage of sewage from their homes.The authorities are also planning to educate the public on the importance of environmental protection and encourage them to participate in conservation efforts. By doing so, it is hoped that the people of Sihanoukville will develop a greater sense of responsibility towards maintaining a cleaner city.As a popular tourist destination, the new wastewater treatment plant will not only benefit the residents but also attract more tourists to the area. With the completion of the new plant, Sihanoukville's wastewater treatment capacity will increase, potentially improving the overall environment and contributing to a more sustainable tourism industry.   Read More About the Latest in Sihanoukville Here

According to the latest report from the Cambodian Constructions Association (CCA), Sihanoukville has experienced a remarkable surge in high-rise buildings in recent years, with a total of 1,006 structures encompassing 902 projects.The coastal city has been a hub of construction activity, but the report also highlights that 614 projects are currently stalled, awaiting resolution by stakeholders. Among these, 359 buildings are suspended from construction activities, equivalent to 336 projects, while 255 completed buildings are unable to commence business operations, equivalent to 221 projects.Despite these challenges, there are still positive signs of progress, with 89 buildings currently under construction across 61 projects. Additionally, 303 completed buildings are operational across 284 projects.In addition, to address the issue of stagnant investment projects in Sihanoukville, the government has recently launched a comprehensive package of measures aimed at boosting investment confidence and stimulating market demand in the short, medium, and long term. These measures will be rolled out in stages, starting from April-May 2023, with a focus on identifying and resolving the issues faced by stuck investment projects.In a letter dated 23rd February 2023, the Ministry of Economy and Finance (letter No. 1438 MEFL) has expressed the government's unwavering commitment to resolving the challenges faced by these stalled projects and reviving the construction and business sectors in Sihanoukville. The measures include close coordination among relevant stakeholders, streamlining administrative processes, providing necessary support, and engaging with investors to find mutually beneficial solutions.

The construction work for the Norodom Business Tower, a 28-floor high-rise located on Preah Norodom Boulevard in the heart of Phnom Penh's hub has begun. Led by TPMG, a premier property builder in the Kingdom, and with esteemed partners such as Pan Pacific, MCC, Aedas, and others, this ambitious project is expected to be completed in just 30 months.  Norodom Business Tower will feature 10 floors of Grade A Serviced Offices with modern and natural designs, offering a prestigious and functional workspace for businesses in the city. Additionally, the building will house a 5-star hotel by Pan Pacific, spanning across 16 floors and providing luxurious accommodation, a restaurant, leisure facilities, a rooftop bar, and a pool with stunning city and riverside views.TPMG Group Chairman, Khun Ty, emphasized that the Norodom Business Tower project represents a significant milestone in the company's history. It is expected to bring new opportunities and potential partnerships, while also contributing to the development of the group's real estate portfolio in line with the long-term national interest, under the leadership and vision of Samdech Techo Hun Sen, Prime Minister of Cambodia.With its strategic location and world-class facilities, Norodom Business Tower is set to become a landmark in Phnom Penh's skyline, contributing to the city's economic growth and positioning itself as a premier destination for businesses and travellers alike.

After several years of construction, the Dara Sakor International Airport, located in Koh Kong Province, Cambodia, is nearing completion. As of March 31, 2023, the project has achieved a progress rate of 90.5%. His Excellency Sin Chanserivutha, Undersecretary of State and Spokesperson for Civil Aviation, confirmed the project's status and announced that the airport is expected to be officially inaugurated by mid-2023, barring any unforeseen delays.The construction of Dara Sakor Airport, undertaken by the Union Development Group, began in 2017 on a sprawling 218-hectare site. The airport is strategically positioned to serve as a vital transportation hub in the region, with the potential to boost economic growth and tourism in Koh Kong Province and neighbouring areas.Once completed, Dara Sakor Airport will feature modern facilities and infrastructure designed to handle both domestic and international flights, opening up new opportunities for trade, investment, and tourism in the region. Read More Cambodia News Here!

Construction for Cambodia's Second Expressway, the Phnom Penh-Bavet Expressway, is set to commence on June 7th of this year.The Phnom Penh-Bavet Expressway is expected to be 138 kilometres in length and is projected to be completed by the end of 2026 or early 2027. The estimated cost for the construction of this highway is approximately $1.638 billion. Preliminary studies reveal that the starting point of the Phnom Penh-Bavet Expressway will be the 3rd ring road of Phnom Penh City, and it will pass through Kampong Speu Province, Kampong Chhnang Province, and Kampong Thom Province, ultimately reaching Bavet City near the Cambodia-Vietnam border.The Phnom Penh-Bavet Expressway is anticipated to boost trade and commerce, improve transportation efficiency, and enhance connectivity between various regions of Cambodia.Cambodia's first expressway, the Phnom Penh-Sihanoukville Expressway, was opened to traffic on October 1st, 2022.According to a representative of the expressway operator CRBC, 2.53 million vehicles have been travelling on the Phnom Penh-Sihanoukville Expressway for 200 days since it opened to the public in October last year.  Read more news here! Article by:

The Siem Reap Angkor International Airport and Yunnan Air Investment Cambodia Airport Management committee held a meeting yesterday to confirm the eagerly anticipated flight trials at the airport, set to commence in mid-May, with the official launch scheduled for October.The Siem Reap Angkor International Airport construction project is being undertaken by Angkor International Airport Investment (Cambodia) Co., Ltd (AIAI) with a massive investment of over $880 million. Once completed, the airport will be classified as a 4E class facility, capable of handling long-haul aircraft, further enhancing its capabilities and connectivity.Currently, Cambodia has three international airports, located in Phnom Penh, Siem Reap Province, and Preah Sihanouk Province, with the Siem Reap Angkor International Airport serving as a crucial gateway for travellers visiting the world-renowned Angkor Wat temple complex, a UNESCO World Heritage site and a major tourist attraction in Southeast Asia. The upcoming flight trials and official launch of the airport are eagerly awaited and expected to contribute significantly to the growth of Cambodia's tourism industry and boost economic development in the region.  Looking for the property? Click Here

With a little over a week to go until Cambodia hosts the biggest and most significant sport event in its history, nerves have been allayed by excitement as the government and SEA Games organisers (CAMSOC) have hardly misstepped over recent weeks in promoting a sporting spectacle that should place the Kingdom front and centre of the regional and potentially global stage.Excitement Builds For 32nd SEA Games - What are the Costs?The 32nd SEA Games run from May 5-17, 2023 (while the 12th ASEAN Para Games takes place from June 3-9) and the major sporting events have been linked to several key infrastructure and transportation projects in Cambodia, which are expected to have a significant impact on investment and tourism in the mid and long-term future.The total expense of hosting the Games is estimated to be around $200 million. We assume this excludes the cost of the new Morodok Techo Stadium which cost between $150-170 million based on various reports, and it is unclear if the complexes were “donated” as some reports suggest. The precise economic benefits for Cambodia are hard to gauge right now. The generosity in recent announcement from Cambodia SEA Games and ASEAN Para Games Organising Committees (CAMSOC-CAMAPGOC) would have grown the budget of the hosting the Games and resulted in lost potential revenue streams:Free tickets for fans to attend (These were originally planned to be $25-$50 each)Free accommodation and food for delegates (which usually would cost $50/day per person)Free broadcasting rights (the figure initially linked to the broadcast rights was $800,000 from Thailand alone)Prime Minister Hun Sen in April 2023 said: “We don’t want to earn money by selling tickets. The biggest goal is to showcase Cambodia to the world through this event.”The removal of accommodation (full board) fees for the 11 participating NOCs of the 32nd SEA Games (which would not have been budgeted for considering how late it was announced) is a big cost-saving on food, accommodation, and transportation for the visiting delegations. Cambodia is the first host nation to do so, and with Bangkok due to host the SEA Games in 2025, Malaysia in 2027, and Singapore in 2029 - will the Kingdom have set a precedent that others cant follow?The Khmer Times suggested that this could have generated nearly half a million dollars a day from the coaching staff and athletes (which equates to nearly $6 million in total for the duration of the SEA Games alone).Between 11,000-12,000 sports delegates registered for the SEA Games-ASEAN Para Games 2023 in Cambodia. Even with CAMSOC’s Secretary-General Vath Chamroeun saying that “no fees” only applied to the coaching staff and athletes who are directly involved in training and competing, the announcements albeit positively greeted, means we may only know the full extent of the total cost of the events in the months to come, but in the long-term it may be a small price to pay.The three biggest delegates for the SEA Games 2023 are:Thailand - 1,985 delegatesIndonesia - 1,802 delegatesCambodia - 1,158 delegatesTo prepare for the provision of health protection and emergency services during the upcoming SEA GAMES, the Ministry of Health has tasked in total, 833 doctors (457 in Phnom Penh), 114 ambulances (72 in Phnom Penh), 9 mobile clinics (6 in Phnom Penh), and 11 health tents (7 in Phnom Penh).Cambodia’s Minister of Tourism Thong Khon had suggested that 5,000 law enforcement officers and as many as 3,000 medical workers will be on duty during the sporting events.What Sports Are Taking Place and Where?The SEA Games 2023 gets underway on 5th May, and in total, there are 608 events across 37 sports on display over the two weeks. Cambodia has waited 64 years to host the SEA Games and ASEAN Para Games for the first time - and in 2023 the slogan is “Sports - Living in Peace”.Fans will be able to collect free tickets online (via the mobile app SEA Games 2023 and website Cambodia SEA Games 2023) or at the venues hosting the competition. These resources also outline the full schedules, venues and dates for all of the sporting events (our tip is to download the guides on the app which are all very informative).2023 Southeast Asian Games by the numbers:The Opening and Closing ceremonies will feature 1,000 artists, 2,000 athletes & soldiers.Volunteers who have signed up total 5,000 for the SEA Games and 2,000 for the ASEAN Para Games.The Morodok Techo Stadium in Phnom Penh will host the opening and closing ceremonies for the events as well as; Athletics, Swimming, Diving, Table Tennis, Badminton, Tennis, Basketball, Kickboxing, Kun Khmer.National Olympic Stadium (NOS) is host to 9 different sports; Men’s Football, Soft Tennis, Gymnastics, Volleyball, Weightlifting, Water Polo, Petanque, Sepak Takraw, Dance Sports.Four stadiums will be used for football -  women’s matches are at RSN and Army stadiums, and men’s football matches will be played at the Olympic and Prince stadiums - all four are based in Phnom Penh.The Olympic Stadium has undergone some upgrades such as laying grass to replace the artificial turf which was funded by FIFA several years ago. All stadiums also have seating installed (the centrally located NOS for example usually has concrete seating).Aside from the many events taking place around the capital, cities in Cambodia that will host events are:Siem Reap - Angkor Wat hosts the Marathon and Road Cycling races.Kulen Mountain - Will provide the backdrop for Mountain Biking.Preah Sihanouk - Will host the Sailing (May 1-8), Beach Volleyball (May 11-16) and Jet Ski events (May 13-16).Kep - Triathlon/ Aquathlon/ DuathlonKampot - Traditional Boat RaceEconomic Impact of the SEA Games 2023In total Cambodia hopes to attract between 250,000 – 500,000 foreign tourists for the SEA Games-ASEAN Para Games 2023 according to Thong Khon, Minister of Tourism and Permanent Vice President of the CAMSOC.With so many key infrastructure and transportation projects developed in preparation for the events and the growth of Phnom Penh in particular - these are expected to have a significant impact on investment and tourism.Worldbridge Sport Village was intended to include 12 buildings with 1747 rooms providing accommodation capable of holding up to 7,000 athletes, during the Games. They will be converted afterwards to housing - you can find out more here.On April 10, 2023 Chamroeun said the village will accommodate half that number (3,500 athletes) during the SEA Games, and that sports delegations and athletes will also be staying at four-star hotels and other places located near venues on Chroy Changvar.We previously looked at the housing and development spin-offs from the SEA Games and the areas which are most likely to benefit from visitors (all potential visitors).The weeks of international media coverage leading up to and during the Games, as well as the foreign visitors to Cambodia should all be favourable for the property market, businesses, and the economy in the long run.Recently reported financial and economic data is already painting Cambodia in a very positive light in 2023 despite the ongoing headwinds and global trepidation:Cambodia is ranked tied second with Vietnam for regional GDP growth according to the International Monetary Fund (IMF) which has projected 5.8 per cent growth in 2023.The Asian Development Bank (ADB) has said that Cambodia’s GDP growth is expected at 5.5 per cent in 2023 and 6.0% in 2024.Economists Intelligence Unit (EIU) forecasts that Cambodia’s real GDP growth will accelerate slightly to 5.3% in 2023.Yahoo Finance indicates that Cambodia is the 14th Fastest Developing Country in 2023 with an expected GDP growth of 5.8%.Chea Chanto, governor of the National Bank of Cambodia has set a 6 per cent target for 2023.The 2023 Southeast Asian Games is something we should get excited by and cherish, but aside from nation-building and celebrating sporting prowess, these events could showcase the Kingdom for an injection of foreign investment and a shot in the arm for the long-term economic development of the Kingdom of Cambodia.

Cambodia is set to see a boost in infrastructure development with the Bassac Sea Link Project, as the Ministry of Public Works and Transport announced that the feasibility study for the project has found no technical issues or environmental impacts. The project study is set to be submitted for Cabinet approval soon.The project aims to link the Bassac River in Kandal province to a seaport in Kep province, providing significant benefits to Cambodia's transport and logistics sectors.The Bassac River, a tributary of the Mekong River, originates in Phnom Penh and passes through Kandal province before crossing the border into Vietnam. With a total length of about 180 kilometres, the waterway connects the Tonle Bassac to the seaport of Kampot province.It is poised to bring about significant infrastructure development in Cambodia, improving transport and logistics capabilities, and fostering economic growth.Once approved, it is expected to contribute to the country's overall development goals and further enhance its connectivity with regional and international markets. Looking for the best property in Cambodia? Click here! Article by:

The Ministry of Economy and Finance announced measures to support the Construction and Real Estate of borey amidst global economic uncertainties.According to the announcement, despite Cambodia's social and economic recovery gradually taking shape in the form of a new normal, global financial and economic uncertainties remain high and continue to pose concerns for the country's economic growth. These uncertainties include slower-than-expected global economic recovery, escalating tensions in Russia and Ukraine, prolonged tightening of monetary policies in developing countries, ongoing disruptions in global supply chains, and intensifying global financial stress.In this regard, to maintain stability in the construction and real estate industry, which is considered a priority sector for supporting overall economic growth and ensuring sustainable employment for workers, as well as enhancing the affordability of housing for low to middle-income populations, the Cambodian Government has decided to introduce a series of additional measures:Developers of borey development projects currently operating and holding a real estate business license from the regulatory authority for real estate and mortgage loan business will continue to be exempted from phased taxation until the end of 2024. For developers who do not yet have a real estate business license, it is mandatory to register their projects with the regulatory authority for real estate and mortgage loan business and obtain the license, in accordance with the valid procedures, by the end of 2023 at the latest, in order to have the tax exemption extension until the end of 2024.The tax payment deadline for developers of borey housing projects with a value of less than $1 million will be extended from 12 months to 18 months, while for those with a value of $1 million or more, it will be extended from 24 months to 36 months.New developers or developers planning projects must pay taxes in accordance with the existing procedures and must keep proper accounting records.The implementation of capital gains tax will continue to be deferred only for the real estate until the end of 2024.The stamp duty for ownership or transfer of all types of housing within borey with a value lower than or equal to $70,000 will be exempted and extended until the end of 2024.Banks and financial institutions are encouraged and required, based on voluntary agreements and principles of the institution with borey developers, to restructure loans based on their actual capacities, in accordance with the regulations on "credit risk rating and provisioning for real estate" issued on December 1, 2018.Other penalties for borey developers will be waived, but developers are still required to fulfil their obligations in accordance with the regulations on the Prakas No. 089 MEF.PrK "Management of Real Estate Development Business".The implementation of the obligation for an independent audit of financial statements, as issued by the Ministry of Economy and Finance on July 10, 2020, will be deferred until the end of 2023. The Economic and Monetary Policy Committee (NRPC) will establish a working mechanism to regularly monitor and evaluate the situation in the construction and real estate industry and will propose more specific policy measures in addition to the measures already taken by the Cambodian Government.With these measures, the Cambodian Government aims to provide support to the real estate sector, promote economic growth, and ensure sustainable employment for workers while enhancing the affordability of housing for low-middle-income populations in Cambodia. Looking for the best properties ? Click Here Article by:

The Royal Government of Cambodia is planning to take proactive steps to address the issue of stalled investment projects in Sihanoukville and Introduce "package measures" to instil investment confidence and market demand in the short to medium term to resolve halted investment projects in the coastal city. A draft plan to tackle the issue, which is seen as a blight on the broader vision of the city, is outlined in Letter No. 356 of the Council of Ministers dated March 29, 2023, from the Office of the Council of Ministers. If approved, it will align with the Sihanoukville master plan roadmap but will take several years.The area was a major investment hub pre-pandemic,  and various construction projects such as hotels, commercial buildings, hospitals, schools, restaurants, and casinos transformed the city, but changes in the online gambling laws and the pandemic put a break on the city’s development which has also underseen positive wholesale changes in the infrastructure, roads and beachside developments.The development of this province is a big part of achieving the vision of turning Cambodia into a middle-income country by 2030 and a high-income country by 2050.Cambodia’s Industrial Development Policy 2015-2025 & Sihanoukville MasterplanAs part of Cambodia’s Industrial Development Policy 2015-2025, the roadmap to develop Sihanoukville into a ‘second Shenzhen city’ has been mentioned by media and government officials. The hope is for Sihanoukville to be a major advanced economic zone that serves the regional and global production chains through the usage of technology and smart equipment - and see it become a SMART city.Long Dimanche (Deputy Governor Preah Sihanoukville Province spoke earlier this year at the Great Real Estate Debate about the issues and said that the Sihanoukville population will increase to nearly one million people, up from the current 300,000 with the implementation of a new master plan. The second phase of the Sihanoukville master plan was prepared with the support of China’s Urban Planning Design Institute of Shenzhen (UPDIS), and as of March 2023 was under review, but it outlined the ambitions to transform Sihanoukville into a multi-purpose special economic zone.Sihanoukville is already a key economic hub for Cambodia and the Sihanoukville SEZ is already the largest in the Kingdom. What Is Being Suggested To Breathe New Life Into Stalled Projects in Sihanoukville?According to the aforementioned letter, the Cambodian Government will introduce a series of measures to build investor confidence and market demand through a step-by-step approach Sihanoukville.These measures mirror what the Deputy Governor revealed in February but the consultation and information sharing will be provided to the relevant stakeholders - a broad outline of the plans is as follows:Detailed survey of the market and projects & identifying investment areas (as many as 1,000 are believed to be incomplete) - April-June 2023.Identify buildings and correct ownership & the legalities behind each case - July-September 2023.Develop a program to promote and raise awareness on how to resolve stalled investment projects - second half of 2023 and ongoing.Study and prepare visa policy for long-term investors - August-October 2023.Incentivise investors/developers who are looking to enter the market - these could include tax breaks for example.Programs to promote and raise awareness about the importance of completing these investment projects will also be carried out, but critically, a feasibility of budget allocation and evaluation of the quality of construction will be undertaken to assess the resolution process.The Cambodian government has categorised the investments into four groups:  Group 1School projects, hospital projects, duty-free shopping projects, housing projects for retirees, affordable housing projects, and other projects with high economic potential as determined by the Royal Government.Group 2 Investment activities that fall under the Investment Law of the Kingdom of Cambodia, and other relevant laws and regulations.Group 3Business activities such as guesthouses and non-suburban housing construction under the Investment Law of the Kingdom of Cambodia.Group 4Fundraising activities of joint ventures and/or governance in compliance with the law and provisions in force.What Are the Incentives?There are specific conditions for each group to be eligible for the government's incentives for settlement and the main goals are to promote economic growth, create employment opportunities, and attract further investment in the region.The government ultimately intends to generate investor confidence and a favourable investment climate in Sihanoukville by tackling this issue and implementing the master plan for the city.Requirements for Incentives - Sihanoukville ProjectsGroups 1 & 2- Investment capital must have been generated between 2016-2020 - with a minimum investment capital of USD $1 million.- Sufficient resources in terms of construction and implementation of the investment project.- A master plan and investment plan must be provided.Group 3- Minimum investment must be $500,000 & sufficient resources for conducting the intended project.- Business plan must be provided.- This Group is marked for tax incentives.Group 4- Joint venture and/or governance fundraising activities must be legally registered.All four groups of projects must comply with the following conditions:Authorised to import construction materials, construction equipment and production equipment by customs duties, special taxes, & VAT at the expense of the state after obtaining a construction permit and assessment of actual needs.Must invest to complete construction and/or renovation within 2 years.Receive tax incentives after the building is completed and/or renovated.Possible Incentives - Sihanoukville Stalled ProjectsGroups 1 & 2- Stamp duty exemption for transfer of title or possession of real estate between 2023 and 2025.- Annual state property tax between 2020 and 2025 halted? - Government will facilitate issuance of construction permits.Group 3- Exemption from withholding tax on rental of real estate for 3-5 years.- Government will facilitate issuance of construction permits.Group 4- Tax relief term on income for 9 years.- Government will facilitate issuance of construction permits.The program will continue to analyse and evaluate the implementation of measures until 2026 to assess its impact.Citizenship and Long-Term Residence Options For InvestorsInterestingly, the draft outlined the possibility of relooking at long-term visa options for potential investors which is slated to take place between August-October 2023.The Cambodia My 2nd Home (CM2H) Program was introduced in 2022, and there already exist options to obtain Cambodian citizenship through investments. Although it is a translation of the document, it outlined that there is an intention to “study and develop long-term visa and permanent residence visa policies, including the possibility to grant citizenship to investors or co-investors and tourists who come to stay, invest, and/or do business on existing investment projects in Sihanoukville.Based on the Cambodia Real Estate Survey 2023, although Phnom Penh was the most popular area for all property buyers, Sihanoukville was seeing increased interest and still is in the top three locations for buyers in the Kingdom. There also are an increasing number of flights to Cambodia, while investment into grand projects such as the Bay of Lights in Ream City in Sihanoukville is hoping to add jobs, raise tourism numbers and investment into the region.

The government has approved the construction of a massive satellite city project in Kep, the coastal town of Kep Province. The investment project, developed by real estate tycoon Khun Sear's company, covers a total area of 1,467 hectares in Sangkat Kep, Kep City, and Pong Teuk Commune, as well as Ang Kol Commune in Damnak Chang Eur District.The satellite city project is set to transform the coastal area of Kep with a wide range of amenities and facilities, including commercial centers, hotels, condominiums, residential areas, shopping malls, restaurants, and service areas. It will also feature sacred sites, resorts, golf courses, bungalows, accommodation areas, vacation homes, sports centers, parks, and healthcare providers, among other relevant tourism service centers.The development of the satellite city has received a grant from the government, further fueling anticipation of a significant increase in land prices in Kep. The project is expected to attract local and international investors, as well as tourists, driving up demand for land in the area.As a result, current landowners in Kep may experience a surge in property values, making it a potentially lucrative investment opportunity.The satellite city project in Kep is also expected to have a positive impact on the local economy. It is projected to create job opportunities in the construction, hospitality, and tourism sectors, boosting employment prospects for local residents.The increased economic activity from the development is also likely to spur further growth in the surrounding areas, benefiting local businesses and communities.  Looking for the best property in Cambodia? Click here!Article by:

Cambodia is poised for a major economic transformation with the construction of the tallest bridge in the country. Located on National Road No.10 and connecting Battambang and Pursat Provinces with Koh Kong Province, this ambitious infrastructure project is nearly 64 per cent complete. Rising to an impressive height of 90 meters and spanning 530 meters in length with a width of 10 meters, this landmark bridge promises to bring a host of benefits to Cambodia's economy.One of the key advantages of the bridge is its role as a crucial transportation link. It is expected to enhance trade, investment, agriculture, industry, and tourism, particularly with neighbouring countries. The improved connectivity between provinces will facilitate the movement of goods and people, fostering economic growth in the region.With an estimated cost of $188.38 million, the project is financed by the Chinese Government, with additional contributions of $23 million from the Royal Government of Cambodia.  Once completed, this transformative infrastructure project is set to pave the way for increased economic opportunities in the country.The construction of the bridge commenced on March 9, 2020, and is on track to be completed by May 2025. Looking for the best property in Cambodia? Click here! Article by:

The long-awaited construction of a bridge across the Tonle Sap River in Phnom Penh is almost complete. This will be a significant development in the city, easing traffic congestion that has plagued the area for years.The bridge will be a crucial link between the eastern and western parts of the city and will also provide a direct connection between two major districts: Russey Keo, National Road 5, passing through the roundabout OCIC Boulevard to National Road 6 in Chroy Changvar. The bridge will contribute to improving the transportation of goods and services across the city.The bridge has a total length of 922 meters and a width of 20.5 meters. The speed limit on the bridge is 40 km/h. As the country prepares to celebrate Khmer New Year, the Phnom Penh Municipal Administration announced the temporary opening of the bridge across the Tonle Sap River yesterday, following orders from Prime Minister Hun Sen.The total cost of the project is about 35 million US dollars. The Overseas Cambodian Investment Corporation (OCIC) undertook the construction of the bridge. The construction company has a long history of involvement in infrastructure development projects in Cambodia.  Looking for the best property in Cambodia? Click here! Article by:

The Royal Government of Cambodia is taking proactive steps to address the issue of stalled investment projects in Sihanoukville, as per Letter No. 356 of the Council of Ministers dated March 29, 2023, from the Office of the Council of Ministers. Sihanoukville, the coastal city in Cambodia, has been a major investment hub in recent years, with various construction projects such as hotels, commercial buildings, hospitals, schools, restaurants, and casinos.However, some of these projects have experienced delays, suspensions, or lack of investment and business activities since 2016. To tackle this issue, the Cambodian Government has introduced a series of measures to build investor confidence and market demand in the short, medium, and long term. The government's approach to resolving the stalled investment projects in Sihanoukville involves several steps, including the identification of the stagnant investment projects. This will be followed by a thorough study and analysis of the status of each project. Consultation and information sharing will also be provided to the relevant stakeholders.Additionally, the government plans to develop programs to promote and raise awareness about the importance of completing these investment projects. Furthermore, the feasibility of budget allocation and evaluation of the quality of construction will also be assessed as part of the resolution process. To streamline the resolution efforts, the government has categorized the investment into four groups based on their nature and potential Group 1School projects, hospital projects, duty-free shopping projects, housing projects for retirees, affordable housing projects, and other projects with high economic potential as determined by the Royal Government.Group 2Investment activities that fall under the Investment Law of the Kingdom of Cambodia, and other relevant laws and regulations.Group 3Business activities such as guesthouses and non-suburban housing construction under the Investment Law of the Kingdom of Cambodia.Group 4Fundraising activities of joint ventures and/or governance in compliance with the law and provisions in force. Each group of projects must comply with specific conditions to be eligible for the government's incentives for settlement:For projects in Groups 1 and 2: the investment capital must have been built between 2016 and 2020 and not yet completed, with a minimum investment capital of 1 million US dollars.sufficient resources in terms of construction completion and implementation of the investment project.a master plan and investment plan must be demonstrated.For projects in Group 3: the minimum investment must be $500,000, and sufficient resources for conducting business. a business plan must be presented.For projects in Group 4: joint venture and/or governance fundraising activities must be properly registered according to the law and provisions in force. This initiative to resolve stalled investment projects in Sihanoukville is aimed at promoting economic growth, creating employment opportunities, and attracting further investment in the region.By addressing the issues faced by these projects and providing tax and customs incentives for their completion, the government aims to boost investor confidence and create a favorable investment climate in Sihanoukville.