Property Hunt In Siem Reap

The hunt for commercial and residential property is a different game in the much smaller city of Siem Reap, according to property expert Fabien Lesecq. When looking to set up shop in Siem Reap, Lesecq, managing director of Siem Reap Properties, says the top spots in the city are around the bustling and central Old Market and Pub Street areas. However, space here is limited, lease conditions can be complex and prices are hiked. Because of this, business is moving elsewhere to developing areas such as the riverside, Sivutha Boulevard, Psa Kandal, Wat Bo, Wat Damnak, Wat Po Langka and Svay Dangkun.

“These are interesting alternative locations for business development,” Lesecq says. “However, many hotels, schools or companies have grown outside these places, which are more off the beaten track and are working pretty well as infrastructure continue to improve.”

The obvious advantage to locating your business further outside the city is cost, with commercial spaces such as shops costing as little as $200 a month compared with $1,800 in prime locations like Pub Street. But Lesecq says distance is all too often people’s top priority and they will not even consider visiting property outside of what they consider to be the town centre.

“What they usually miss is the fact that Siem Reap is still a small provincial city and we are nearly always only five to 15 minutes away from the commercial activity in town,” he comments. He adds another common misconception with potential tenants is the length of the lease of a property, with many believing a shorter lease offers a more flexible tenure.

“What they overlook is the matter of unexpected increases in rent when deciding to continue or extend their stay,” he says, adding that many also expect the same or similar standards to that in the West. “People have to accept that it is very much a developing country and its high level of poverty evidently influences any business transaction,” he says.

When it comes to renting property in Siem Reap, the offering is more geared towards villas than the Western-style apartments and condominiums that are becoming commonplace in Phnom Penh. Rental prices are also significantly cheaper than in the capital, with a two-bedroom, furnished apartment costing between $450 and $1,400 a month. A semi-furnished and equipped, three-bedroom villa costing on average $500 to $600 a month.

Lesecq advises tenants looking to rent property in Siem Reap to ask about the water connection. If it is city sourced the property may incur occasional shortages whereas if it from a deep well, it may need installation of proper filtrations for sanitary and hygienic purposes.

“Another question should be if the area is flood-free or not, as the city has faced it twice over the past four years,” he adds. Another vital issue to consider is the neighbourhood’s status at night, and not just in terms of safety.

“You need to think about if the music or noise from the beer garden or karaoke place down the road can be heard from your bedroom, or if there's a congested population of dogs in the area which orchestrates a chain of howling cries at midnight,” he comments.

For more information on commercial and residential property in Siem Reap, visitwww.siemreap-properties.com