Logo of Phnom Penh Post newspaper Phnom Penh Post - Chinese push up Sihanoukville property prices

Chinese push up Sihanoukville property prices

Content image - Phnom Penh Post
Construction in Preah Sihanouk province’s Sihanoukville last month. The presence of Chinese investors and tourists in Sihanoukville continues to increase prices in the city. Heng Chivoan

Chinese push up Sihanoukville property prices

The presence of Chinese investors and tourists in Sihanoukville continued to push real estate transactions and increase prices in the city, with major construction activities underway, say property insiders.

Previously, local property insiders predicted that real estate transactions in Preah Sihanouk province would begin to saturate, that price jumps would slow down from this year onwards and that they had peaked during the 2017-2018 period.

However, Lucky Realty Co Ltd CEO Dith Channa says the real estate sector in Sihanoukville has continued to grow strongly since early this year, with both market activity and prices rising gradually.

He said due to the large demand for land in central Sihanoukville, prices have increased more than 10 per cent compared to the end of last year.

“The growth of the sector in Sihanoukville can now be said to be strong because most of the land is taken for construction by investors or to open businesses immediately. Land brokers are rarely seen keeping them for resale to make a profit.”

Currently, land prices in the city centre are around $4,500 per sqm, while they are less than $1,000 in suburban areas, according to Channa.

Content image - Phnom Penh Post

The influx of Chinese investors, the speed of economic growth and the Phnom Penh-Sihanoukville Expressway project will see the sector continue to grow, he said.

Key Real Estate Co Ltd director Sorn Seap echoed the assessment, saying Sihanoukville real estate transactions and land prices continue to grow.

“Opportunities to invest in real estate in Sihanoukville remains plentiful, especially in suburban areas [which are more spacious],” he said.

Seap said rental prices remain steady. Apartment rent in a commercial area can be between $5,000 and $8,000 per month.

However, Cambodian Valuers and Estate Agents Association president Chrek Soknim seemed to be less optimistic.

He said property price increases were set to slow. “This is a phase of the construction boom, so the price of buying and selling will not strongly increase thanks to it already peaking in 2018,” he said.

MOST VIEWED

  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one

  • PM urges end to ‘baseless’ international Ream base accusations

    Prime Minister Hun Sen urges an end to “baseless” foreign accusations surrounding the development of the Kingdom’s Ream Naval Base, as the US has consistently suggested that the base is being expanded to accommodate a Chinese military presence. Hun Sen renewed his calls while

  • Khmer ballet documentary debuts April 1

    A new documentary, The Perfect Motion, or Tep Hattha in Khmer, will premiere to the public on April 1. The documentary film follows two intertwined storylines: the creation of a show called Metamorphosis by the late Princess Norodom Buppha Devi (her very last production) and the

  • Water supply authority assures public shortages over early ‘24

    The Phnom Penh Water Supply Authority (PPWSA) asked for understanding from Phnom Penh residents in some communes where water pressure is weak. They assured residents that all supply issues will be resolved by early 2024, but have suggested that residents use water sparingly in the meantime.