The name 'Phsar Leu' translates 'Upper Market', because it is in a sector that includes the Wat Leu (Upper Pagoda) that is really located at the top of the hill, while the market is down... then downtown. The market is at the 7 Makara Street (7th of January St.) and it is the real heart of the city, about 2 kilometers away from O'chheuteal beach. I think it is a safe and good place to get in direct contact with the native people and its local economy. Be careful of your wallet and buy in local currency as a recommendation (though you can use US dollars, buying in dollars means a special increase in the cost of everything you want to buy, although you can practice your abilities to bargain in this market.) The market is divided in sections of Khmer food, fruits, vegetables, clothing, seafood, flowers, stationary, tailors, jewelry and barbers. It is a popular market, but it has a nice building structure and it is closed after 7PM.
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