Siem Reap’s vibrancy is slowly and gradually coming back, not with the fast-paced buzz it once had, but with a new kind of energy. The city isn’t trying to repeat its old patterns. Instead, something different is taking shape: steadier growth, smarter development, and a shift toward travelers who value experiences over checklists. Slowly, Siem Reap is transitioning from mass tourism to lifestyle-driven, sustainable demand

I. Tourism Drives the Rebound with a New Demographic (Source: Ministry of Tourism)

Tourism is still the heartbeat of Siem Reap’s recovery. Visitor numbers are climbing at a slow but steady pace, reaching about 65–70 percent of pre-pandemic levels, according to the Ministry of Tourism. Q3 of 2025 saw a 38% drop from last year, likely influenced by the ongoing Cambodia–Thailand border tension and the typical low-season slowdown.

But behind those numbers, the story has changed.

Domestic travelers have taken center stage. From January to September 2025, Siem Reap welcomed 2.6 million Cambodian visitors — a massive 71% increase from 2024. Their presence brings stability to the city never had before, especially during major events and local festivals.

Meanwhile, Gen Z and young regional travelers are now shaping what Siem Reap becomes next. They’re exploring beyond Angkor: joining artisan workshops, trying wellness retreats, visiting eco-spots, and seeking hands-on, meaningful experiences. This shift is quietly redefining demand, from what people want to do to the kind of places they want to stay.

II. Infrastructure Catalysts for Global Reach and New Development

Siem Reap’s next phase is being shaped by infrastructure built for a more connected and livable city. These projects aren’t just upgrading — they’re redefining who comes to Siem Reap and how people choose to live here.

• Siem Reap–Angkor International Airport (SIA)

Opened in October 2023, SIA’s long-haul capacity and new routes from markets like India and Turkey bring in higher-spending, experience-focused travelers. This expands Siem Reap’s reach beyond regional tourism, strengthening demand for boutique stays, villas, and long-term accommodations.

• Phnom Penh–Siem Reap–Poipet Expressway

The expressway has completed its feasibility study. Once operational, it will cut travel time from Phnom Penh to about two hours, boosting weekend travel, improving logistics, and increasing interest in second homes and commercial activity. Investors are already eyeing land near future entry points.

• DreamVille

DreamVille’s 34-hectare masterplan reflects Siem Reap’s evolution into a lifestyle city. With villas, retail, parks, and a school, it caters to families, long-stay expats, and young professionals. Its Phase 1 launch in Q3 2025 highlights rising confidence in Siem Reap as a place to live — not just visit.

II. Real Estate: A Shift Toward Strategic, Lifestyle Investments

Prices continue to grow at about 7–9 percent year-on-year, especially in residential and land segments. Siem Reap’s property market feels more grounded now. Today’s growth is steady, realistic, and closely tied to lifestyle trends.

The Type of Property Buyers Are Looking For

The strongest opportunities in Siem Reap’s property market reflect the new kinds of travelers and residents shaping the city. It’s no longer about massive projects or speculative spikes — it’s about spaces that people actually want to live in, work from, or enjoy.

·        Service apartment rentals

Small, well-managed apartments designed for longer stays are performing well. Digital nomads, long-term travelers, and expats are snapping up units that offer convenience and comfort. Price starts from $250-$850 for a 1-bedroom apartment, $550-$650 for a 2-bedroom, and $1,500 for a 3-bedroom house.

·        Condo

Famous among expats and retirees, condo developments including Sky Park, Angkor Grace, & Rose Apple Square successfully sold a collective 300 units over the past three years.

·        Landed villa

Modern, fully equipped villas are appealing to both expats and locals looking for a second home or a slower-paced life outside Phnom Penh. These homes are more than investments; they’re lifestyle choices, with prices ranging from $89,000-$950,000 according to the Hunter Estate’s listing.

·        Café-friendly spaces

Ground-floor commercial units in walkable neighborhoods remain in high demand. Retailers, cafés, and small businesses that cater to lifestyle trends are drawing both locals and tourists, making these spots a reliable income stream. Commercial building/space is best suitable for this business venture, with a monthly rate ranging from $500-$1000 for a 2-3-bedroom unit shophouse as listed on the IPS website.

Who Is Buying Now?

Today’s buyers are more strategic and long-term focused. While the percentage of the buyer segmentation is unavailable, Cambodians make up the majority of the buyers, while foreign investors account for Accounting for around 25-40%.

Foreign investors are still active, especially in condos and apartments, supported by laws that allow up to 70% foreign ownership above the ground floor.

Expats and retirees often seek modern villas and quiet surroundings, while still offering proximity to conveniences such as markets, cafés, restaurants, and other entertainments. The infrastructure development, improved connectivity, and tourism revival will make Siem Reap more attractive to expats and those seeking a retirement location.

Now, where to invest?

The most strategic investors are targeting neighborhoods that align with the new, experience-focused traveler:

• Wat Bo (within Sala Kamreuk commune): Known for its proximity to the Old Market and Pub Street, this village is a lifestyle neighborhood, offering high returns for investors.
• Sala Kamreuk: This commune offers a mix of relaxed, suburban atmosphere while remaining central. Highly favored by long-term expats and digital nomads.
• Svay Dongkum: Benefiting from its centrality, this commune is a hub of Pup Street, markets, boutiques, guesthouses, and restaurants.
• Riverside Corridor: The properties fronting the Siem Reap River offer an irreplaceable location advantage and are subject to stringent development controls, ensuring value preservation.

III. What to Look Out for in 2026

By 2026, Siem Reap will feel less like the bustling transit hub of the past and more like a city finding its own rhythm. Tourism will stabilize, long-stay travelers will define demand, and premium lifestyle pockets like Wat Bo and Sala Kamreuk will continue to thrive. Meanwhile, land along the future expressway corridor is quietly gaining value. For investors, this is a year to watch closely; early movers in the right locations stand to benefit from predictable, sustainable growth

Siem Reap’s Next Chapter

Siem Reap isn’t trying to return to what it used to be. It’s building something new, calmer, more intentional, and driven by people who value experiences, community, and quality. For investors who focus on strong locations, lifestyle-driven demand, and properties built for long-stay living.

The city’s evolution is already underway — slow, sustainable, and full of potential.

*Source: The Ministry of Tourism, Hunter Estate, DreamVille Siem Reap, Cambodianess, Bambooroutes.

By Sreyneth Kem

Project Marketing & Communication