Land prices doubling in Sihanoukville
August 24, 2018 - Sihanoukville
Sihanoukville plots are in such high demand that land prices have doubled in areas near the centre of the Cambodian beach town, reported The Phnom Penh Post.
The huge influx of Chinese investors has caused property values to rise, especially the price of land, which has nearly doubled in some places near the centre.
Phnom Penh-based property firm Amatak Property Service Co Ltd, which is active in the Sihanoukville sector, noted that some parcels have increased 100 per cent in price.
Amatak CEO Tang Hour told The Post that the breakneck speed of development in the city has caused some plots to go for more than $3,500 per square metre.
“Nowadays, the price in some areas of Sihanoukville is almost equal to the price in Boeung Keng Kang district of Phnom Penh,” she said, adding that some areas which were $1,500 per square metre last year are now more than $3,000 per square metre.
The most attractive area is near the mountain opposite the sea. “Land in some areas has hit $4,500 per square metre,” she added.
A report from Key Real Estate Co Ltd, obtained on Wednesday by The Post, shows that land prices in Sihanoukville range from $200 to $3,000 per square metre.
Key Real Estate director Sorn Seap said the influx of foreign investors, particularly from China, Hong Kong, Macau and Singapore, has boosted demand for land to be used for construction projects like hotels, casinos, condos, apartments and office buildings.
“I think that land prices in Sihanoukville will continue to increase as Cambodian political factors remain stable,” he said.
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