Land prices doubling in Sihanoukville, developer says

Foreign investment inflows driving property boom along Cambodia’s urban coast

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.

Some parcels in the city have increased 100 percent in value from last year, even increasing from USD1,500 per square metre to more than USD3,000 per square metre, according to real estate firm Amatak Property Service Co Ltd.

“Nowadays, the price in some areas of Sihanoukville is almost equal to the price in Boeung Keng Kang district of Phnom Penh,” said Tang Hour, CEO of the Phnom Penh-based firm.

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The spike in prices is most prominent near uphill areas opposite the sea. “Land in some areas has hit USD4,500 per square metre.”

The boom in land prices is attributable to an inrush of foreign investors, especially those from China, Hong Kong, Macau and Singapore, in search of suitable parcels for casinos, hotels, condominiums and offices.

Sihanoukville plots currently fetch prices between USD200 and USD3,000 per square metre, the Post noted, citing data from Key Real Estate Co Ltd.

“I think that land prices in Sihanoukville will continue to increase as Cambodian political factors remain stable,” Key Real Estate director Sorn Seap told the Post.

(Article source: PropertyGuru’s Properties Report)