SIHANOUKVILLE: The Royal Government of Cambodia officially announced the implementation of a new program to solve the real estate crisis in Sihanoukville while promoting more investment on January 31, 2024.
The government has established an inter-ministerial working group to monitor the over 400 empty or unfinished buildings in Sihanoukville and boost investment.
To solve the real estate issue, Prime Minister Hun Manet announced "special benefits,” including tax exemptions for construction completion and renovation of stagnant buildings. He also announced more efficient permit and license application procedures, concessions on inspection fees and other certifications related to construction.
The government seeks to establish policies to facilitate the real estate market including investor matching services, reference prices for real estate in Sihanoukville, and out-of-court dispute resolution mechanisms for disputes related to real estate.
Currently, there are 362 officially confirmed buildings that stand unfinished in Sihanoukville, requiring over $1 billion in investment to complete. An additional 176 buildings have been completed but are not yet operational and stand empty. The government says this is due to Covid-19 and other global challenges.
To rehabilitate and boost the economy of Sihanoukville, the Royal Government has introduced a series of supportive measures, including the construction of the Phnom Penh-Sihanoukville Expressway and the construction of major roads and infrastructure in the province to support tourism and strengthen security and order.