‘Rental prices in Sihanoukville at highest rate’

Property rental in Sihanoukville, which has been skyrocketing due to the influx of Chinese investors, may fall in the next few years when major construction projects are completed, say real estate insiders.

Most houses, guesthouses, restaurants and hotels in the city’s main locations have been leased to the Chinese.

Two or three years ago, the rental was between $500 and $1,000 per month. Now, owners get $5,000 to $7000 per month, if they rent to Chinese nationals.

Khmer Foundation Appraisals president and CEO Noun Rithy said the increase of Chinese investors and residents made real estate prices in Sihanoukville rise faster than expected.

However, he said, in the next two or three years rental is unlikely to be as high as it is now, even if the number of Chinese remains the same.

“The construction of big buildings takes two to three years, so there will be lots of supply by then, and rental will not be so high anymore,” he said.

However, Rithy stressed that when supplies slow down or construction work is not completed on time, rental prices will be affected upwards.http://www.phnompenhpost.com/post-property/rental-prices-sihanoukville-highest-rate