Tourism and real estate in Cambodia will suffer from Coronavirus?

Following the detection of the Novel Coronavirus in the 60-year-old Chinese national in Sihanoukville, residents say they feel unsafe going outdoors and businesses have temporarily shuttered over fears of infection.

Jia Jianhua and three family members arrived at Preah Sihanouk International Airport on January 23. He tested positive for the virus two days later. 

Due to coronavirus pneumonia, panic has gradually pervaded the country. Many schools have announced that classes have been suspended. Many companies have postponed resumption of work. Masks have also been sold out.

As a neighboring country, many people are also worried that the Coronavirus will affect Cambodia's economic growth, especially the development of the two pillar industries of tourism and real estate. In terms of tourism, the total number of international tourists visiting Cambodia in 2019 was 66,105,592, of which about 2.361,849 were Chinese tourists, a year-on-year increase of 16.7%. Chinese tourists ranked first among the total number of international tourists.

Affected by the Coronavirus,  from January 25, Chinese travel agencies and online tourism companies suspended the operation of team travel and "ticket + hotel" products, resulting in a sudden drop in Chinese tourists to Cambodia, and many of the scheduled teams were temporarily cancelled or delayed Recently, tourists from other countries have also reduced their travel plans. A large number of tourists have been reduced. Cambodia ’s hotels, travel agencies, and Chinese restaurants have suffered heavy losses.The ban on illegal online gambling in 2019 has led to the withdrawal of a large number of Chinese. The outbreak of the Coronavirus is undoubtedly worse for the Cambodian tourism industry. Tourism revenue will decrease in the short term.

From the perspective of the real estate industry, on January 30, Zeng Song, chairman of the Cambodian Real Estate Appraisal Association, said at the annual summary meeting of the Cambodian Real Estate Appraisal Association: Recently, some countries including Cambodia, have experienced the Novel Coronavirus, but the Novel Coronavirus has not Has a greater impact on the real estate sector in Cambodia.

Cambodia's real estate is mainly investment. Compared with the service and retail industries, the transaction time is relatively long. The outbreak has seen a decline in house viewing appointment, but currently it does not pose a major threat to the Cambodian real estate market, and its subsequent impact remains changeable.

At present, the Novel Coronavirus has spread to more than 20 countries and regions around the world. Economic impact is inevitable, and it is urgent to take effective measures to respond. China-Cambodia relations have always been friendly. Prime Minister Hun Sen stated that at the moment of the Novel Coronavirus, Cambodia will not "betray" China and is willing to share difficulties with the Chinese government and people during this special period. Hun Sen also praised the swift response of the Ministry of Health of the Cambodian government and said that he would not suspend Chinese flights, he would not stop the transportation business between Cambodia and China, and he would not evacuate Cambodian students who has studying in China. Cambodia government will cooperate with China embassy to provide tourists preferential and convenient conditions.

Rather than creating panic, the Novel Coronavirus prevention and control is the top priority at the moment. We must fighting the virus together then we can achieve the greatest economic benefits. Compass reminds you: everyone is responsible for preventing and controlling the Novel Coronavirus . Do not going out, if not necessary. Do not gathering if not necessary. Do not not panic.  Do not create or spread rumors.Do wash hands frequently. Do wear a mask when you go out.