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Cambodia Property and Tourism
By property | October 28, 2008
Tourism to Cambodia has increased more than 14 percent in the year to May from the same period in 2007.
The Ministry of Tourism said Cambodia was on track to attract 2.3 million visitors this year, adding that political stability and infrastructure improvements had increased the number of tourist arrivals to the country. Some $1.64 billion is expected to be generated in 2008 from tourism alone.
Visitor numbers had already grown to 2 million in 2006, and rose a further 20 percent in 2007. This sustained and aggressive growth in the tourist sector, as well as booming construction, property and garment manufacturing sectors is helping the country’s economy to enjoy near double-digit growth.
The real estate sector, in particular, is growing at a phenomenal rate and no more so than in the capital Phnom Penh where land doubled last year to $3,000 per square metre, up from just $500 in 2000. Add to this the growth in the tourism sector and rental yields in the city are also expected to grow.
Once known as the Pearl of Asia, Phnom Penh is a significant global and domestic tourist destination for Cambodia. The city is the wealthiest and most populous in the country, is its commercial, political and cultural hub and is home to more than two million people.
French villas along tree-lined boulevards remind the visitor of its colonist heritage, yet its oldest structure is the Wat Phnom from the founding days of the city, constructed in 1373. The French however, certainly left their mark and parts of the city are filled with colonial villas, French churches, boulevards, and famous landmarks such as the Art deco market Phsar Thom Thmei and the Hotel Le Royal.
Overseas specialists David Stanley Redfern Ltd are currently selling apartments in the chic riverside French quarter from as little as ÂŁ49,000. Their authentic French colonial period buildings have been completely refurbished and modernised and are expected to appreciate by 15-20 percent per year. Due to demand, the developer is also offering a rental guarantee of 9 percent net for the first two years, making this a safe investment in an aggressively growing market.
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