NovCambodia News
Cambodia’s housing index rose in May, but Phnom Penh and the provinces moved differently
The National Bank of Cambodia released the May RPPI figures on 31 July. They attracted attention in early August because the nationwide index moved higher after a run of weaker months.
The index was still below its 2020 base level of 100. That makes May a useful data point, but not evidence that residential prices across Cambodia have returned to an earlier peak or entered a sustained upswing.
Phnom Penh rebounded monthly but was still down year on year
Phnom Penh’s index increased 1.88% from April to 99.92. On a month-to-month basis, the capital therefore performed more strongly than the national index.
The annual comparison points in the opposite direction. Phnom Penh was still 1.93% below its May 2025 level, which makes the monthly increase better read as a rebound within a weak period rather than proof of a completed market turn.
For someone evaluating a home in the capital, that distinction matters. A city-level index cannot tell you how liquid a particular building is, whether comparable units are actually selling, or what discount a seller may need to accept.
Provincial prices moved the other way
Outside Phnom Penh, the residential index fell 1.89% from April to 93.89. Yet it remained 1.95% above its level a year earlier.
That creates an almost inverse pattern to the capital: Phnom Penh was up on the month but down on the year, while the provinces were down on the month but up year on year. A single national figure therefore hides materially different local movements.
For owners and investors, the RPPI is best used as broad market context. It does not replace evidence from comparable properties, completed transactions, rental demand, time on market or the condition and management of a specific development.
What the May rebound can and cannot tell buyers
The May figures offer a cautious sign that the market may have been stabilising after weaker months. They do not establish a durable recovery. That would require a longer sequence of data rather than one positive monthly move.
The RPPI is also not an average asking price for a Cambodian apartment. It is a statistical market index, so a 1.19% monthly increase should not be converted directly into a forecast for a particular unit, a rental return or a future resale price.
The practical takeaway is more modest: Cambodia’s residential market was not moving as one block. In the same month, Phnom Penh and the provinces went in opposite directions, and their year-on-year comparisons told a different story again.
Sources
- National Bank of Cambodia — Residential Property Price Index, May 2026 — 31 July 2026.
- Khmer Times — Cambodia residential property prices rebound 1.2% in May — 6 August 2026.
- Angkor Times — Cambodia Housing Prices Show Signs of Recovery — 6 August 2026.