SIHANOUK VILLE: With the investment of many foreigners, mostly Chinese, and the Royal Government of Cambodia’s development plan, Sihanoukville has grown into a big business hub. One of Cambodia’s and the driving force behind this province’s real estate market has a lot of potentials.
Mr. Sam Sok Noeun, President of the Global Real Estate Association (GRA), stated that Sihanoukville, among provinces and cities other than Phnom Penh, is still the most promising and prosperous province whether now or in the future, because the province is very convenient in terms of transportation, and there is not much province that is adjacent to the sea.
According to Mr. Sam Sok Noeun, “in general, the coastal provinces are considered to be economically viable, comparable to trade hubs, and favorable to water transport.”
At the same time, he stated that real estate prices in Sihanoukville were already high before the outbreak of Covid-19. This province is now populated by Chinese people who buy from Cambodia and resell to other Chinese people; the value of Chinese investment in this province is higher than in other areas.
Even though some Chinese have returned to their home countries, the real estate sector in the Sihanoukville market can still maintain its value. In general, although current real estate prices cannot rise, this does not imply that they will fall, which may fall slightly or remain at the previous price.
Following the notable progress of Sihanoukville under-investment from the Royal Government of Cambodia and the private sector, a senior official of the Chinese province recently sent a letter requesting an alliance of Hubei Province with the other three provinces, with Sihanoukville also on the list of Chinese applications.