Logo of Phnom Penh Post newspaper Phnom Penh Post - ‘Rental prices in Sihanoukville at highest rate’



‘Rental prices in Sihanoukville at highest rate’

Content image - Phnom Penh Post
A construction building constructed in Sihanoukville earlier this year. Heng Chivoan

‘Rental prices in Sihanoukville at highest rate’

Property rental in Sihanoukville, which has been skyrocketing due to the influx of Chinese investors, may fall in the next few years when major construction projects are completed, say real estate insiders.

Most houses, guesthouses, restaurants and hotels in the city’s main locations have been leased to the Chinese.

Two or three years ago, the rental was between $500 and $1,000 per month. Now, owners get $5,000 to $7000 per month, if they rent to Chinese nationals.

Khmer Foundation Appraisals president and CEO Noun Rithy said the increase of Chinese investors and residents made real estate prices in Sihanoukville rise faster than expected.

However, he said, in the next two or three years rental is unlikely to be as high as it is now, even if the number of Chinese remains the same.

“The construction of big buildings takes two to three years, so there will be lots of supply by then, and rental will not be so high anymore,” he said.

However, Rithy stressed that when supplies slow down or construction work is not completed on time, rental prices will be affected upwards.

The Asian giant has become the leading source of foreign funds in Cambodia, fuelling the construction sector with huge casinos and hotel projects.

Preah Sihanouk province, which has become a hotbed for Chinese investment in the country, has seen huge leaps in the manufacturing, tourism and gambling industries.

Lucky Realty Co Ltd CEO Dith Channa sees a similar trend. “I think rent will continue to increase at least for another three years,” he said.

However, he said, Sihanoukville will continue to receive more investors, causing rental to increase for a long time to come. “For now, it seems too early to evaluate the evolution of the property market in Sihanoukville,” he said.

Channa said generally, the real estate sector in Preah Sihanouk will have higher potential in the future because of many development projects such as deepwater ports, airports, special economic zones and a plan for a highway to Phnom Penh.

Besides, Cambodia, he said, was politically stable.

Meas Vichet, who rents his coffee shop near Phsar Leu to Chinese nationals said they pay him $2,500 a month whereas before he used to get $500.

“Since the Chinese pay high rental, I leased my shop to them,” he said, adding that it was a better alternative to running his own business as the Chinese preferred using their own services.

MOST VIEWED

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting

  • Cambodia gears up for muted New Year festival

    The recent curfew and restrictions imposed in the capital and other Covid-19 hotspots were intended to break the chain of transmission, Ministry of Health spokeswoman Or Vandine said as municipal and provincial authorities issued new directives banning certain activities during the upcoming Khmer New Year

  • Covid-19 vaccination now obligatory

    Prime Minister Hun Sen on April 11 issued a sub-decree making Covid-19 vaccination compulsory for individuals unless they have a medical certificate proving they have pre-existing health conditions that prevent them from doing so. «This applies to all members of the armed forces and civil servants