Cambodia’s biggest tourist draw, the Angkor Wat complex, has been developing more rapidly than the rest of the country. Demand for higher-end properties has led to a bit of a building boom. One luxury complex in the town of Siem Reap, which is adjacent to Angkor, was quickly sold out recently. The lower level condos sold for more than $200,000 each, while the units on the top floor went for a cool half-million.
The speed at which these particular luxury units were snapped up suggests that more similar buildings might be on the way soon. In fact, the development is indicative of what is happening throughout mainland Southeast Asia. Land prices have been rising steadily over the past decade, but building and labor costs remain low. Therefore, constructing high-end buildings allows developers to get the most out of their investment. An interesting aside: the architects and consultants who have been working on most of these high end projects are based in Ho Chi Minh City, which is fast becoming a regional hub to challenge Bangkok.