Phnom Penh: The real estate sector in Battambang city has shown increased activity as domestic and international investors seek new investment opportunities.
Chrek Soknim, president of Cambodia Valuers and Estate Agents Association, said that Battambang province is experiencing increased real estate investment activity due to a number of Chinese investors seek opportunities to invest in the sector. The sector is primed for growth, he said.
“The city’s real estate sector sees more improvement because the local investors from Phnom Penh are buying land and property for investment. The property sector in the city has seen a lot of transactions. The area with the highest real estate trading value is along the Sangke River,” he said.
“I see that the sale of land and real estate values in Battambang city start at $1,000 per square meter, and it may be higher based on the location, size of the land, and the home. It can be worth as much as $300,000 per unit. The value of land and real estate in Battambang city may not be so different than in Phnom Penh as the city starts seeing more development and investment,” Mr. Soknim added.
Battambang Provincial Governor Nguon Rattanak said recently that the real estate sector has shown much progress and development projects begin increasing at a faster pace.
“Today, Battambang is more attractive than ever because of the development of infrastructure in both the state and private sectors. The private sector has grown substantially in the real estate sector, especially the housing sector,” said Rattanak.
“The investment in residential construction ranges from small to large scale, with thousands of housing projects. Some companies are struggling to complete their projects and some companies have just begun new ones because of the increase in market demand from local residents is high,” he added.
In addition to housing development, there has also been an increase in hotel and guesthouse investments to welcome international tourist arrivals. Most investors are Cambodian.
“The activities of the development and growth of the above-mentioned construction are driving the price of land and property more than last year,” he said.