Property News Roundup 6th January 2025
We’re delighted to share the weekly news highlights below.
- Cambodia reduces e-visa fees for tourists
Starting January 1, 2025, Cambodia will reduce e-visa fees for tourists and business travelers. The new fees are $30 for tourist visas (down from $36) and $35 for ordinary visas (down from $42). This move aims to attract more visitors and boost tourism. Cambodia is known for its cultural heritage sites like Angkor Wat and its beautiful coastline. In 2024, the country saw a 22% increase in international tourists, with 6 million visitors in the first eleven months.
December 30th 2024 | Khmer Times | Link: https://tinyurl.com/46v53std
- Asia Pacific Real Estate Forecast 2025: Navigating Challenges with Resilience and Opportunity
The Asia Pacific real estate market is set for steady growth in 2025, driven by easing global interest rates and a projected regional GDP growth of 4.4%. Interest Rates: Declining rates globally, including significant cuts by the People’s Bank of China, are expected to boost real estate activity, Japan: A stable market with rising office rental rates and a booming tourism sector, Southeast Asia and India: Strong growth in GDP and real estate demand, especially in industrial and office spaces and China: Ongoing challenges with oversupply and high vacancy rates, but fiscal stimulus may support growth. Overall, despite some challenges, the region’s real estate market remains resilient and attractive for long-term investments.
December 30th 2024 | Construction & Property| Link: https://tinyurl.com/yvusj854
- Cambodia’s NBC approves Stablecoins and Backed Coins, but excludes Bitcoin
The National Bank of Cambodia (NBC) has approved commercial banks and payment institutions to offer services involving Category 1 crypto assets, such as stablecoins. This is the first time NBC has allowed such services, aiming to regulate digital currencies and align with global financial trends. Institutions must get NBC approval to exchange crypto for fiat, transfer crypto between accounts, and offer custody services. They are prohibited from using customers’ crypto assets for their own purposes.
December 30th 2024 | Khmer Times | Link: https://tinyurl.com/29kxn85v
- Kingdom’s industrial sector to grow nearly 9% next year
Cambodia’s industrial sector is projected to grow by 8.6% in 2025, driven by balanced growth in garment and non-garment sub-sectors. Garment Sub-Sector: Expected to sustain pre-Covid growth due to global demand and the Cambodia Footwear and Bag Development Strategy, Non-Garment Manufacturing: Robust growth from external demand and government support for SMEs, Construction Sub-Sector: Slower growth compared to pre-Covid levels, with a focus on real demand in housing and industrial projects. The new Cambodia Investment Law and significant infrastructure projects are attracting investments, particularly from China, Vietnam, and Thailand.
December 31st 2024 | Khmer Times | Link: https://tinyurl.com/2k4ezkx4
- Chinese airline launches new route between Phnom Penh and China’s Xi’an
The resurgence of Chinese tourists has led to expanded flight routes between China and Cambodia. On December 29, Spring Airlines launched its first flight from Xi’an to Phnom Penh. This new route adds to their existing flights between Shanghai and Phnom Penh. Chinese tourist arrivals have surged, with Cambodia receiving six million foreign visitors from January to November 2024, a 22% increase from 2023. Chinese tourists ranked third, with 769,775 visitors, a 54.5% year-on-year increase. This expanded connectivity supports Cambodia’s tourism industry, with popular destinations including Siem Reap, Phnom Penh, and Sihanoukville.
December 31st 2024 | The Phnom Penh Post | Link: https://tinyurl.com/5cevk2n3
- Cambodia draws over 3.5M tourists on New Year’s Eve
That’s a significant number of tourists! It seems like Cambodia had a very busy and successful end to 2024. The “Celebrating Cambodia” event in Phnom Penh must have been quite a draw, contributing to the high number of visitors. Phnom Penh, with its rich cultural heritage, attracted the most tourists, both local and international. Sihanoukville, Siem Reap, Battambang, and Kampot also saw a good number of visitors, each offering unique experiences from beaches to historical sites and tranquil countryside.
January 02nd 2025 | Khmer Times | Link: https://tinyurl.com/3m2cvny5
- Property tax incentives took effect from January 1
The new property tax incentives in Cambodia, effective from January 1, 2025, aim to support home buyers and the real estate sector. Stamp Duty Exemption: For homes valued at $210,000 or less, the full exemption applies. For homes above this value, the first $210,000 is exempt, First-Time Home Buyers: Special exemptions and preferential tax rates are available, Second or Subsequent Homes: A $70,000 deduction from the stamp duty base is allowed and Housing Developers: Must prepare buy-sell contracts based on actual market prices and submit them to the tax administration. These measures are expected to boost the real estate market and make homeownership more affordable.
January 02nd 2025 | Khmer Times | Link: https://tinyurl.com/ye22tapp
- US Tech Giants Eye Cambodia’s Renewable Energy Potential
That’s an exciting development for Cambodia’s renewable energy sector! Ripple Inc.’s interest in establishing solar panel production in Cambodia could significantly boost the local economy and support the country’s ambitious renewable energy goals. Prime Minister Hun Sen’s support for this initiative highlights the government’s commitment to sustainable energy and carbon neutrality by 2050. With targets to increase renewable energy use to 70% by 2030, this partnership with Ripple could be a major step forward.
January 02nd 2025 | Construction & Property | Link: https://tinyurl.com/2nakawnp
- Jan-Nov Cambodia-Malaysia trade jumps 30%
Trade between Cambodia and Malaysia surged by 34.5% in the first 11 months of 2024, reaching nearly $780 million. Malaysian exports to Cambodia were $649.3 million, while Cambodia’s exports to Malaysia were $127.55 million, resulting in a trade deficit for Cambodia. Efforts to boost domestic production and attract investments are expected to enhance Cambodia’s export capacity. Additionally, a new MoU aims to improve financial innovation and cross-border payments, facilitating business and tourism between the two countries..
January 03rd 2025 | The Phnom Penh Post | Link: https://tinyurl.com/49xtv4xe
- Confiscate Fake US Dollars from Customers, NBC tells Banks, FIs
The National Bank of Cambodia (NBC) has urged banks and the public to help prevent counterfeit US dollar banknotes. Banks must confiscate and report counterfeit notes to the US Secret Service. The public should check USD notes carefully and report any suspected fakes to NBC. Rath Sophoan, Chairman of the Association of Banks in Cambodia, assured that modern technology and expertise make it difficult for counterfeit money to circulate through banks. The use of digital payments and the Cambodian riel also helps reduce counterfeit USD circulation.
January 03rd 2025 | Kiripost | Link: https://tinyurl.com/3jxjd9a4