{"id":11618,"date":"2021-03-16T10:33:10","date_gmt":"2021-03-16T03:33:10","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11618"},"modified":"2021-06-04T16:09:31","modified_gmt":"2021-06-04T09:09:31","slug":"sihanoukville-real-estate-cautiously-advances-the-promise-of-robust-growth","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/sihanoukville-real-estate-cautiously-advances-the-promise-of-robust-growth\/","title":{"rendered":"Sihanoukville real estate cautiously advances the promise of robust growth"},"content":{"rendered":"

Ongoing COVID-19 cases and delayed road construction are hindering<\/span>\u00a0the real estate market<\/span> from making a significant <\/span>recovery<\/span>\u00a0<\/span><\/p>\n

\"\"
The province\u2019s property market has started to show growth\u00a0since the end of 2020. Yulia_B\/Shutterstock<\/figcaption><\/figure>\n

According to observers in\u00a0<\/span>Cambodia<\/span>, the\u00a0<\/span>property market of\u00a0<\/span>coastal town Sihan<\/span>oukville is slowly moving forward\u00a0<\/span>in its promise of robust growth that was ushered in 2018, <\/span>even with<\/span>\u00a0the surge of\u00a0<\/span>nearly completed<\/span>\u00a0<\/span>road inf<\/span>rastructure projects<\/span>, reported Phnom Penh Post<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

At the end of 2019, the government allotted USD300 million from the national budget for the construction<\/span>\u00a0of<\/span>\u00a034 roads<\/span> and other infrastructure projects in Preah Sihanouk province.\u00a0<\/span>\u00a0<\/span><\/p>\n

The funding aimed to\u00a0<\/span>rebuild\u00a0<\/span>its provincial capital Sihanoukville and\u00a0<\/span>neighbouring<\/span>\u00a0areas\u00a0<\/span>into a multi-purpose model special economic zone and a sustainable pole of national development that will attract further foreign investments and tourists. <\/span>\u00a0<\/span><\/p>\n

Oem\u00a0<\/span>Senghou<\/span>, a branch manager at Sihanoukville-based Century 21 Zillion Holding, a sub-franchise of real estate agency Century 21 Cambodia, stated that th<\/span>e province\u2019s property market has started to show growth<\/span>\u00a0since the end of 2020.\u00a0<\/span>\u00a0<\/span><\/p>\n

However, this optimism\u00a0<\/span>succeeded with\u00a0<\/span>an intense period of sharp decline in property rentals and transactions as Chinese tourists and investors step back,<\/span>\u00a0following the nationwide government ban on online gambling<\/span>, as well as the ongoing COVID-19 pandemic.<\/span>\u00a0<\/span><\/p>\n

The February 20 community spread also plunged the market to new lows, as the latest transmission \u201cis having a number of repercussions for the real estate market in Preah Sihanouk, especially the rental market, which<\/span>\u00a0has been pushed to deadlock after authorities identified a series of positive cases of COVID-19,\u201d\u00a0<\/span>Senghou<\/span>\u00a0said.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cIf the number of COVID-19 cases detected in Preah Sihanouk continues to increase, the market will continue its decline,\u201d he added.\u00a0<\/span>\u00a0<\/span><\/p>\n

As stated by\u00a0<\/span>Senghou<\/span>, Sihanoukville land prices per square\u00a0<\/span>metre<\/span> range from USD1,800 to 3,500 in commercial areas, while remote suburbs are <\/span>around<\/span> USD250 to 300 and<\/span> areas adjacent to main roads are at USD500 to 700. <\/span>\u00a0<\/span><\/p>\n

More: Cambodia\u2019s warehouse rental market stabilises as COVID vaccines rollout<\/strong><\/a><\/p>\n

Nevertheless,\u00a0<\/span>Senghou<\/span>\u00a0believes that \u201cafter the construction of the infrastructure is complete and COVID-19 is completely under control, I\u00a0<\/span>thi<\/span>n<\/span>k<\/span>\u00a0the market will start its recovery process to pre-2020 levels.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Sam\u00a0<\/span>Soknoeun<\/span>,\u00a0<\/span>Keller Williams (KW) Sen Sok regional operation principal<\/span>,<\/span>\u00a0said that property prices in the c<\/span>ity’<\/span>s prime locations can<\/span>\u00a0reach more than USD4,000 per square\u00a0<\/span>metre<\/span>\u00a0when the provincial real estate is at its peak.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cReal estate can only make a significant recovery if COVID-19 is controlled 100 percent effectively and the roads are ready. However, property prices will no longer see such leaps \u2013 and that\u2019s because in Preah Sihanouk province they are already astronomical,\u201d\u00a0<\/span>Sok<\/span>n<\/span>oeun<\/span>\u00a0said.\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Ongoing COVID-19 cases and delayed road construction are hindering\u00a0the real estate market\u00a0from making a significant\u00a0recovery\u00a0<\/p>\n","protected":false},"author":12,"featured_media":21077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[177,1064,179,1152],"class_list":["post-11618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-cambodia","tag-recovery","tag-sihanoukville","tag-slow-growth","news_country-cambodia","news_author-property-report"],"acf":[],"yoast_head":"\nSihanoukville real estate cautiously advances the promise of robust growth | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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