Bavet prices flat

Bavet prices flat

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Emperor Hotel & Casino. Photograph: Rachel Will

Land prices in Bavet town in Svay Rieng province have been “stable” despite a great deal of purchasing seen in early 2013, property experts said.

Bavet is on the international border between Cambodia and Vietnam.

Its main economic resource is its position on National Highway 1 between Ho Chi Minh City and Phnom Penh.

Nuon Rithy, general manager at the Bonna Realty Group, said there have been lots of land trading in Bavet so far this year, but prices have not soared. The prices in Bavet are hovering around $100 to $200 per square metre along economic zones, $20 to $25 in special economic zones for factories, and $10 to $20 in housing areas. Most of Bavet’s plots are bought for turning in to guesthouses and restaurants.

“Bavet prices aren’t significantly changed due to poor potential and small demand because casinos haven’t invested more,” he said. “There are more then 30 casinos in Bavet, but some casinos are not in operation. So this sector is latent”

There are four special economic zones in Bavet, including Tai Seng, Mohathan Bavet Nekareach, and the San Tong Special Economic Zone.

Kim Heang, CEO of Khmer Real Estate said Bavet land prices are quiet while some casinos have closed their doors due to a small amount of guests. The prices have not dropped since the start of the economic crisis in 2008, and can reach $300 to $400 per square metre along the most in-demand areas. Though there are four special economic zones, but only two zones are in operation, while others ceased to operate.

“I see that there are many sellers but few buyers. However, the land for agriculture, housing, and industry are still popular, but economic lands are faring poorly.”

Po Eav Kong, managing director of Asia Real Estate Co said not much has changed in Bavet since the start of the global economic crisis in 2008. Before the crisis, several casinos arose, but now some casinos have closed their doors, so the demand for land is low.

“Because the land demand is low and supply is high, it is hard to raise the prices,” said Kung.

Dith Channa, general manager of VMC Real Estate Cambodia, has the opposite opinion, saying the prices are gradually growing in the central part of town, between 5 to 10 per cent, but the suburbs are not.

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