Sihanoukville 2026: Apartment & Condo Prices per sqm, Trends and Real Investment Demand

Sihanoukville 2026 – The Market Context You Cannot Ignore

Sihanoukville is a market that has undergone one of the most brutal corrections in Southeast Asia.

This is NOT Phnom Penh.

This is NOT Phuket.

This is a market after overheating, freezing, and selective recovery.

So in 2026, the question isn't: "will prices rise", but rather:

which prices make sense, and which represent dead capital.

Price per sqm in Sihanoukville – Current Ranges 2026

The 2026 market is highly fragmented. There's no such thing as an "average price."

Economy Segment (older projects, poor locations)

Price per sqm: $700–$1,000

Profile:

• older buildings
• no brand recognition
• low liquidity
• minimal rental demand

This is frozen capital, not an investment.

Mid-Range Segment (most viable for investment)

Price per sqm: $1,100–$1,600

Profile:

• projects from 2018–2022
• urban location or near beach
• real rental demand
• room for price negotiation

This is today's Sihanoukville "sweet spot."

Premium / Beachfront Segment

Price per sqm: $1,800–$2,800

Profile:

• beachfront projects
• limited supply
• mainly owner-occupier demand, not speculative

This is NOT a mass market. This is a selective market.

Why Sihanoukville Will NOT Return to 2018–2019 Prices

This is crucial for every investor.

Before 2019, prices were driven by:

• casino capital
• speculation
• lack of supply control

After 2020, this model was systematically shut down.

In 2026, price increases (if any) result from:

• infrastructure
• port logistics
• industry
• genuine residential demand

This is a different economic model.

What's Actually Driving Demand in Sihanoukville in 2026

Port and Logistics Zones

The Autonomous Port of Sihanoukville now handles over 50% of Cambodia's maritime trade.

This generates long-term rental demand, not tourist demand.

Foreign Workers and Infrastructure Contracts

Demand comes from:

• engineers
• managers
• 6–24 month contracts

These tenants are NOT looking for "palm tree views."

Tourism Recovery – But Selective

Tourism is returning more slowly than in Phuket or Bali.

For investors, this means one thing:

short-term rentals work only in select locations.

Price Trends 2024–2026 – What's Rising, What's Stagnant

What's Rising

– completed projects

– buildings with real management

– urban locations near infrastructure

What's Stagnant

– off-plan without handover

– purely speculative projects

– buildings with high vacancy rates

What's Falling

– oversupply without demand

– "pretty renderings" without actual users

Costs That Impact Real Price per sqm

Purchase price is NOT the investment cost.

Typical costs:

• service charge: $10–$15/sqm/year
• sinking fund: 1–2% of unit value (one-time)
• rental management: 8–12% of income
• insurance: $200–$400 annually

These costs can consume 20–30% of "paper" ROI.

The Most Common Myth About Sihanoukville

"It's a rebound market – buy cheap, sell high"

No.

This is a selective market.

A poorly chosen project may NEVER rebound.

Sihanoukville in 30 Seconds – The Most Important Fact

Sihanoukville is an industrial-logistics market with a residential component,

not a resort investment destination.

3 Facts You Must Know (Sihanoukville)

Fact 1: Long-term rental is more stable than short-term.

Fact 2: Price per sqm without demand context is meaningless.

Fact 3: Liquidity is more important than a "bargain."

Investor Checklist – Sihanoukville (5 Points)

Is anyone actually living in the building?

Are there real lease agreements, not just listings?

Does the price per sqm fit the local range, not the seller's wishful thinking?

Are fixed costs calculated, not estimated?

Do you have an exit strategy if the market stalls?

Sources (used for data and trends)

https://www.cbre.com.kh

https://www.knightfrank.com/research

https://www.worldbank.org/en/country/cambodia

https://www.sihanoukvilleport.gov.kh

https://www.cambodiainvestment.gov.kh

https://bnglegal.com

Sihanoukville Price Scenarios 2026–2028 – What Must Happen

In Sihanoukville, there isn't one scenario. There are three possible paths, each depending on different factors than purely tourist markets.

Scenario 1: Selective Growth (Most Realistic)

Growth range: 3–6% annually

Applies only to selected projects.

Conditions for realization:

• stabilization of long-term rentals
• continued port and industrial zone development
• real absorption of existing supply

What's growing:

• completed condos with real occupancy
• units 45–75 sqm
• projects near urban infrastructure

What's NOT growing:

• off-plan
• purely speculative projects
• buildings with high vacancy

Scenario 2: Price Stagnation (Equally Likely)

Change range: –1% to +2% annually

Why this is possible:

• still large inventory of unsold units
• limited foreign capital inflow
• investor caution post-2019

In this scenario, you profit only from:

• rental income
• good cost structure
• purchasing below market value

Scenario 3: Correction (Project-Specific, Not Market-Wide)

Declines: –10% to –20%

Applies ONLY to poor projects.

Triggers include:

• lack of building management
• no tenants
• forced sales by speculative investors

This isn't a crash. This is market cleansing.

ROI in Sihanoukville – Real Math, Not Marketing Brochures

Sihanoukville is not a high-ROI market.

It's a stable cashflow market (if chosen wisely).

Base Model – 1BR Apartment (55 sqm)

Purchase price:

• $1,300/sqm
• Total price: $71,500

Entry costs:

• transfer tax: 4% = $2,860
• legal and administrative fees: $800–$1,200

Total entry cost: ~$75,000

Long-Term Rental – Realistic Scenario

Monthly rent: $650–$800

Conservative average: $700

Annual income: $8,400

Annual costs:

• management: 10% = $840
• service charges: $12/sqm = $660
• maintenance and reserve: $600
• insurance: $250

Total costs: ~$2,350

Net income: ~$6,050

Net ROI: ~8.0%

Short-Term Rental – Only in Select Locations

Average rate: $45–$70/night

Realistic occupancy: 45–55%

Annual income (average): $9,000–$11,000

Higher costs:

• management: 20–25%
• cleaning, OTA commissions, services
• greater seasonality

Net ROI: 7–9%, but with higher volatility

Sihanoukville vs Phnom Penh Comparison

Sihanoukville:

• lower entry price
• lower liquidity
• higher project risk

Phnom Penh:

• higher prices
• more stable demand
• easier resale

These aren't interchangeable markets. These are different strategies.

When NOT to Invest in Sihanoukville

Don't invest if:

• you're counting on a quick flip
• you're buying off-plan without handover
• you have no long-term rental plan

When Sihanoukville Makes Sense

Yes, if:

• you're buying below market value
• you're calculating ROI from rental income, not capital appreciation
• you have a 5–10 year time buffer

The Most Common Investor Trap

"The price is low, so the risk is too"

False.

Low price without demand = high capital lock-up.

Exit Strategy – Absolutely Critical

In Sihanoukville you must know:

• to whom you'll sell
• at what price
• in what timeframe

Without this, you don't have an investment — you just have a purchase.

Investment Summary (No Emotions)

Sihanoukville in 2026:

• is not a mass market
• is not a speculative market
• is a selective, numbers-driven market

Bad project = zero liquidity.

Good project = stable cashflow ~7–9%.