Property prices in Sihanoukville are on the rise with premium main road and beach front properties selling for about 10 per cent more than this time last year, says Po Eavkong, managing director of Asia Real Estate Cambodia. Eavkong said properties along backstreets had gone up 5 to 7 per cent.

Land along the seafront was priced between $700 to $800 per square metre, around the commercial area from $800 to $1,000 per square metre and sub-road land prices were valued between $150 to $300 per square metre, he said.

“Land prices in Metta Pheap commune saw a big increase, but land outside of the city and along the National Road Number 4 remained stable, comparing to the same period last year,” he said.

Sung Bonna, director of Bonna Realty Group, said the Sihanoukville real estate market was still developing slowly as it was seen as a tourist area.

“It’s increasing slowly because the area is popular for tourists only in peak season and they only stay a short time,” he said. “The number of people in the area is not attractive for investors yet.”

Cheng Kheng, the director of real estate firm CPL and president of the Cambodian Valuers and Estate Agents Association, said land transactions in Sihanoukville were increasing notably.

But he complained some land owners were demanding unrealistic prices and keeping developable property locked up.