Preah Sihanouk real estate recovers as local transactions rise

Multiple factors have contributed to this improvement including an increase in tourists and COVID-19 prevention 

The real estate market of Preah Sihanouk province is finally presenting positive signs after a slowdown due to the pandemic and withdrawal of Chinese nationals, reported Phnom Penh Post.  

The government issued a sub-decree establishing an inter-ministerial technical committee to develop the province into a “multi-purpose model special economic zone”.  

Moreover, the National Assembly (NA) approved a draft Law on Investment, which would help further encourage foreign investment.  

Im Seng Hour, branch manager of Century 21 Zillion Holding in provincial capital Sihanoukville, said that the real estate market is gradually moving towards recovery, with local investors starting to buy and rent properties to do business. 

He attributed the revival to factors such as an uptick in tourists, the effectiveness of COVID prevention and management, progress in coronavirus vaccination drives, and development in road infrastructure and the airport.  

“The real estate market in Sihanoukville has revived, especially the rental market [for both land and buildings], and prices have changed a little bit compared to the beginning of the year,” he said. 

Additionally, the province’s tourism industry and key seaport present an abundance of avenues open for investments. The Ministry of Tourism announced that Cambodia plans to host the ASEAN Tourism Forum 2022 in Preah Sihanouk to outline a map for tourism recovery, regional reopening, and rebuilding a more resilient, sustainable, and responsible future.  

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Sam Soknoeun, president at Global Real Estate Association, speculated that real estate transactions in Preah Sihanouk will be in higher growth mode for the foreseeable future, noting that prices now are relatively high.  

“The market is starting to resume again and it will be more vibrant when COVID-19 is under control. The government’s measures and efforts to develop and amend investment laws will boost Cambodia’s economy in all areas,” he said.