Estatedia

Prey Veng​ suburb and borer development pushes up land prices

PREY VENG: Currently, development in Cambodia’s general real estate sector has spread almost throughout the country, with only a few provinces showing high potential and others showing little interest.

Prey Veng, a province that is not potential in the real estate sector, is now beginning to gain significant momentum in land prices, particularly in developing urban and border areas.

Mao Monirotana, branch manager of Century 21 Zillion Holding in Prey Veng, recently told AMS over the phone that the province has historically had little potential for land or property market. Even though land prices are low, it hardly finds a buyer.

However, after the government developed the Cambodia-Vietnam border area and opened a border crossing between Cambodia and Vietnam in Prey Veng province, the province gained interest, causing land prices to skyrocket. He stated that opening the border crossing has resulted in numerous benefits for trade and transportation between Cambodia and Vietnam, increasing the value of the land.

“In the future, we expect that the investment potential in Prey Veng will increase, as will the price of land in this province so that real estate investors can buy land in Prey Veng to profit in the future,” he added.

Oknha Nuon Rithy, Chairman and CEO of Khmer Appraisal Foundation (KFA), mentions that the investment potential in Prey Veng will increase once the Royal Government begins construction on the Phnom Penh-Bavet Expressway.

This mega project offers Prey Veng is closer to Phnom Penh, making it convenient to transport goods to the border. As a result, the area along the Phnom Penh-Bavet Expressway will be becoming a dry port and warehouse.

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