Land Prices along Norodom Blvd Reaches $7,000 per Square Meter

Phnom Penh, Real estate experts claim that land along Norodom Boulevard in Phnom Penh has been rising to $7,000 per square meter, up 15 percent in 2018.

Ann Sothida, director of CBRE Cambodia, said recently that the price increases because along the road there is not much land available for development; however, Norodom Boulevard does not go up all the time, depending on the area and the location.

She said that in some areas, the prices are below $7,000, and land from Chbar Ampov Bridge to Chamkarmon traffic lithg ranges $ 3,500 to $ 4,500. From Chamkarmon Chamkarmorn to Independence Monument to Central Market is priced from $5,000 to $7,000 but most remarkable area is the land around Independent Monument and Wat Phnom worth around $4,000 Per square meter because of the two areas are not allowed to build tall buildings. Overall, along the road, there is a lot of construction on buildings, offices, commercial buildings and banks.

Mr. Sorn Seap, founder and president of Real Estate Real Estate, said along Norodom Boulevard was a major road that has economic potential and is home to various diplomatic residential buildings and banks.

“Nowadays, we have seen a number of high-rise buildings appearing, and the price of land is rising too,” he said, “As demand increased, the price of land increased. If it is sold at a discount price, it can be bought without delay, as it is potential economically.”