Phnom Penh is the largest city in Cambodia, located in its south-central region. Native residents and international visitors visit this city to purchase or lease properties. With a population of over 2,281,000, Phnom Penh receives the highest volume of tourists, students, and job seekers, compared to other cities. It has increased the city’s demand for properties, houses, and rentals.
If you’re looking for a place to settle down in Phnom Penh, you’ve got many options, ranging from fancy flats to cosy homes that are easier on the pocket. To know more, contact IPS Cambodia and get your dream home.
According to a recent real estate survey, the Cambodian government has said yes to more than 61,000 building projects. And the total registered capital for all these projects is approximately $70 billion! Therefore in this blog, we will learn how the residential and industrial sectors have significantly contributed to Phnom Penh’s real estate market growth.
Contribution Of Phnom Penh’s Residential Sector To Cambodia’s Economy
Phnom Penh City has seen rapid business, trading, and tourism growth. Because of this, many people have shifted to this city and are continuously searching for housing and other facilities. Let’s read it in detail.
– Employment Opportunities
Phnom Penh is a hub for massive corporations and international firms that hire many locals. These employment opportunities attract people from all over the country and other states to settle in Phnom Penh.
– Tax Collection
The Government of Phnom Penh invests the collected taxes from the locals and businesses for public services and infrastructure. This leads to a better lifestyle for the citizens of Phnom Penh and, eventually, a better future for everyone.
– Infrastructure Development
The government has significantly invested in enhancing the city’s public facilities like roads and bridges, creating more jobs and boosting economic growth.
With this, the residential sector of Phnom Penh has significantly contributed to the economy’s growth.
Contribution Of Phnom Penh’s Industrial Sector To Camdodia’s Eco
After the recent development and government support in the industrial and service sector, people are shifting to Phnom Penh to start a business or get a job. Here are some reasons people like to start a business in Phnom Penh.
From skilled to unskilled labour, raw material availability, big industries and companies like Airlines, Banks, etc., Phnom Penh has attracted people from all over the country to live and start their businesses or do jobs in the city.
– Strategic Location
The city is near Vietnam, Thailand, and other neighbouring countries, providing businesses with convenient access to foreign markets. This simplifies utilising trade agreements between countries, increasing Cambodia’s economy’s growth. Also, Phnom Penh easily connects roads and highways and has many ports, which provide businesses with access to maritime trade.
Businesses are drawn to the city to set up operations and benefit from its many advantages.
Why Is Phnom Penh An Attractive Destination For Travellers?
You can visit famous tourist destinations in Phnom Penh on the Mekong and Tonle Sap rivers – from stunning temples and old colonial-style buildings to bustling night markets. Besides, it also has impressive landmarks like the Royal Palace, National Museum, and even the infamous Killing Fields. This has attracted travellers to visit Phnom Penh in their free time or to go around during business visits.
With this, the government has to spend on luxury hotels and resorts, packed with amenities like spas, infinity pools, grand restaurants and striking bars, which boost Cambodia’s overall economy.
If you are looking for the best guesthouses and hotels in Phnom Penh for your next visit, you get various options, including riverside hotels or near the Russian market. People on business trips like to stay in the BKK1 area because it is the economic zone of the city. So choose your stay wisely.
Why Is Phnom Penh An Attractive Destination For Students?
From universities to internship programs, Phnom Penh gives various opportunities to students to learn and grow in the city. Due to this, students from outside Cambodia come and live in the city, boosting Cambodia’s economy.
Phnom Penh has some reputed universities, like the Royal University of Phnom Penh, the National University of Management, and the University of Health Sciences, that offer courses and programs in everything from engineering to business to medicine.
They also have plenty of internships and research opportunities for students to gain practical experience in business, engineering, and medicine.
So if you’re looking for a great place to further your education and career, Phnom Penh can easily provide students with housing and other facilities at affordable rates!
So, if you are a foreigner looking to start a business or just shifting to Cambodia, Phnom Penh is your place to live. By now, you know that starting your life in this city has many opportunities for all residents.
For all those who think finding a house or flat in Phnom Penh is tough, look for buying or renting a property in Cambodia with IPS Cambodia. Their team has connections in every part of the city to provide your residence, hotels, or homestays at an affordable price.