During yesterday's press conference for the launch of the new B2B Cambodia on April 27th, Tom O'Sullivan, the CEO and Director of realestate.com.kh, shared his observations on the real estate market in Sihanoukville and Phnom Penh. He noted that the Phnom Penh-Sihanoukville Expressway, along with the deep-sea port, Special Economic Zone, and the beautiful beaches and islands, are contributing to the city's revival. The government has been making efforts to address the issue of stalled investment projects in Sihanoukville to instil confidence among investors.
Cambodia's Industrial Development Policy 2015-2025 and Sihanoukville Masterplan aim to transform the coastal city into the "Shenzhen of Southeast Asia.".Sihanoukville is an investment hub with numerous projects that included hotels, commercial buildings, hospitals, schools, restaurants, and casinos. However, the changes in online gambling laws and the pandemic slowed down the city's growth.
Tom emphasised that there are indications of the city returning to its roadmap of revival, although he wasn't claiming a realty boom. He believes the city will become a vibrant hub catering to everyone's needs, including families, tourists, foreign investors, and more.
Tom also shared his thoughts on the real estate market in Phnom Penh, stating that it's currently a buyer's market. Foreign investors have focused on tier-one areas, including Chamkarmon, specifically BKK1 and Tonle Bassac, due to the current investment climate's risks. Chroy Changva is also gaining attention due to the upcoming SEA Games, the completion of a new bridge, and further connectivity to the area.
Despite the challenges posed by the current investment environment, Cambodia's consistent economic growth has solidified its position as a desirable destination for foreign realty investment. Tom pointed out that both the Borey and condominium markets are experiencing oversupply. He attributed this to the market being hot before the pandemic, and almost anything seemed to be selling. In addition, the CEO noted that although foreigners still prefer purchasing condominiums due to their straightforward ownership structure, the emergence of the Trust Law has led some to consider buying land or landed property.
Tom stated that China is the biggest foreign investor in Cambodia, but he noted increasing interest from the US, Europe, Singapore, Malaysia, Japan, South Korea, and others playing a major role.
Discover your dream home by exploring our listings
Comments