Massive fall in Sihanoukville’s land prices and property rents.

Prof. Alexander Evengroen, CEO of ASEAN Realtor Inc., former Chief Advisor of the CVEA and CEO of a few well-known Real Estate organizations and real estate Strategist predicted a long time ago that people should be careful and not be Pennywise and dollar foolish.

He mentioned that if it is too good to be true, it is most likely not true so a great danger to fall for a bubble situation like this one in Sihanoukville. If the normal rent prices are around $250 and overnight increasing to $3000 every clear-thinking person knows this is a situation waiting to implode. Investors renting guesthouses for $20.000 per month without any guest staying. This should have raised some red flags as well.

Let this be a very hard lesson learned and start moving forward to re-build Sihanoukville to become the beautiful place it was before with plenty of great opportunities. We also have to remember that the economy is not only real estate.

Real beneficial development takes time and requires people to study the positive, as well as the negative sides on any development, put in place. The next step is now to also look into the quality of the projects and the knowledge of the companies implementing them. We have a lot to fix but must see this as a great challenge to put our shoulders under this together.

The Real Estate will pick up again for sure as well as tourism. We have to give it some time and while doing so we can start rebuilding and preparing for all the good things that will come as well as working hard on updating the country’s infrastructure. This also means that we can be ready for the 2023 Sea Games.

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