Prek Pnov to Become the New Property Hotspot

• 13 July 2018
• Local News
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Prek Pnov District

Prek Pnov District, a suburburn area in the north west of Phnom Penh has recently become more popular and has attracted small and medium scale land buyers as the city continues expanding.

The latest survey by Key Real Estate Co., Ltd shows that during the first half of 2018, the land prices in Prek Pnov are saw a significant increase compared to H2 of 2017. The land price itself is not really high compared to other districts, but it saw a significant jump from last year. The highest priced land located along the main road in Prek Pnov Commune has risen up to US$ 880 per square metre.

In H1 2018, in term of increasing rate, Prek Pnov is on top of list with the rate of 7.1% followed by Sen Sok, Touk Kork, and Meanchey with the increasing rate of 6.7%, 6.3%, and 5.9% respectively.

In an exclusive interview with the Construction & Property Magazine, the founder and CEO of Key Real Estate Co., Ltd., real estate analyst, and former vice-president of the Cambodian Valuers and Estate Agents Association (CVEA) Mr Sorn Seap expressed his optimism for Prek Pnov District as it has great potential for future real estate development.

“There are several factors that make me predict that Prek Pnov will be a high-potential district. First of all, Prek Pnov is a neighbouring district to the fast-growing districts of Sen Sok and Russey Keo. As the two districts keep growing, the development will soon also spread to the Prek Pnov District in the near future,” said Mr Sorn Seap.

“Another reason is that Prek Pnov is located nearby the 2,000 hectares development land of L.Y.P Group, by just crossing the bridge. Meanwhile, another factor is from as yet unclear project of a new tourist island in Prek Pnov. Even though the project is not yet clear, if we analyse through the geographical perspective, the area is quite appropriate for that kind of project,” he added.

Due to these factors, Mr Sorn Seap also voiced his opinion that Prek Pnov can also be considered as good location for land investment at the moment as the land price is still low.

“So far we have seen a lot of small and medium scale land buyers now buying the land in the area with the wish to sell them later afterwards for a better price,” he added.

In addition, the survey also showed that the land prices in Phnom Penh as whole have also seen a slight increase during H1 2018 compared to H2 2017. Duan Penh, 7 Makara, Chamkarmorn, and Toul Kork districts still top the highest land prices for districts in Phnom Penh, of which the highest area is in Psar Thmey commune where land prices are up to US$8,800 per square metre.

Last but not least, Mr Sorn Seap also predicts that the land prices in Phnom Penh will grow more after the election as most investors prefer to stand still during the election period.

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