NovCambodia property market snapshot: sourced and dated
This snapshot is neither a forecast nor an offer. We've gathered the external macro context the Cambodia property market sits in — economic growth, demographics, urbanisation and risks — with a source and date for every figure. The goal is an honest frame for a decision, not to convince you that "prices will surely rise". Where no reliable public figure exists (rental yield, oversupply), we say so plainly instead of plugging in a tidy estimate. Every conclusion is context, not a guarantee for a specific property.
Macro context: economic growth
Cambodia's macro backdrop is positive but not linear. Per World Bank historical data, real GDP growth was 6.0% in 2024 and 5.3% in 2025. The Asian Development Bank forecast (ADB, Asian Development Outlook, April 2026) is 4.5% for 2026 and 5.0% for 2027. It's important to keep the historical series and the forecast separate: the first is a fact, the second an estimate.
| Indicator | Value | Period · source |
|---|---|---|
| Real GDP growth | 6.0% | 2024 · World Bank |
| Real GDP growth | 5.3% | 2025 · World Bank |
| GDP growth forecast | 4.5% | 2026 · ADB (Apr 2026) |
| GDP growth forecast | 5.0% | 2027 · ADB (Apr 2026) |
| Inflation forecast | 2.8% | 2026 · ADB (Apr 2026) |
| Inflation forecast | 2.5% | 2027 · ADB (Apr 2026) |
World Bank data is a historical series (checked 2026-07-05). ADB forecasts are from the Asian Development Outlook, April 2026. A forecast is not a guarantee; actual results may differ.
Risks per the IMF assessment
The International Monetary Fund (IMF), in its 2025 Article IV consultation materials (published 2025-12-02), gives a more cautious picture: 2024 growth is assessed at around 6.0%, the 2025 projection at around 4.8%, and the 2026 projection at around 4.0%. The IMF separately flags downside risks: financial-sector vulnerabilities, external trade-policy uncertainty and border tensions. We include this not to alarm but to show that even a positive macro backdrop has a flip side, and different institutions' estimates diverge.
Credit signals diverge: buyer demand and sector financing are not the same thing
The National Bank of Cambodia's Financial Stability Review 2025, published on 28 March 2026, reports that total credit from deposit-taking institutions grew by 5.3% in 2025. Lending to real-estate activities rose by 13.4% and construction lending by 11.3%, while the mortgage portfolio contracted by 5.4%. Funding to property-related businesses could therefore expand at the same time as household mortgage demand weakened.
At the end of 2025, non-performing loan ratios were 6.9% for mortgages, 6.8% for construction and 6.5% for real-estate activities; the National Bank described property-sector stress as partly stabilised but still elevated. For a buyer, the practical conclusion is that sector credit growth does not prove liquidity in a particular project. The developer's repayment sources, reliance on new sales and actual construction progress still require separate verification.
Demographics and urbanisation
Per World Bank data, Cambodia's 2025 population was about 17.85m, with the urban share at about 41.1% (2025). Rising urbanisation is one structural driver of demand for city housing, but on its own it does not guarantee price growth for a specific project. It's a backdrop, not a yield driver for an individual property.
| Indicator | Value | Period · source |
|---|---|---|
| Cambodia population | ~17.85m | 2025 · World Bank |
| Cambodia population | ~17.64m | 2024 · World Bank |
| Urban population share | ~41.1% | 2025 · World Bank |
| Urban population share | ~40.9% | 2024 · World Bank |
World Bank national series (checked 2026-07-05). A verified Phnom Penh-only population figure from the official source (NIS) could not be confirmed in this pass — so we don't publish it, to avoid presenting incomplete data as a fact.
A key distinction: asking vs transaction
When reading any market figures, keep one distinction in mind. Asking means the prices and rents in listings — what sellers and landlords request. Transaction means the prices of deals that actually closed. The former is almost always higher than the latter and is not equal to the real outcome. We keep such reference points visually and textually separate from a developer's contractual income programme (GRR): these are different kinds of figures, and mixing them is incorrect.
How to read the official price index: it does not measure condominiums
The National Bank of Cambodia's Financial Stability Review 2025, published on 28 March 2026, reports that the nationwide Residential Property Price Index fell by 3.8% year on year in December 2025, while the Phnom Penh index fell by 4.3%. The capital's decline had been steeper at 5.7% in June, so the December reading shows that the correction had eased from mid-year; it does not show that the whole market had moved into growth.
This index must not be applied to condominium prices. The IMF's RPPI technical assistance report, published on 3 May 2024, explains that the index is compiled from residential-loan data, excludes cash purchases, developer-financed transactions and financing from foreign banks, and that the published series covers houses only because there are too few condominium and apartment observations. A falling RPPI is therefore useful evidence about the loan-financed housing market, not proof that a particular apartment or condominium fell by the same percentage.
Yield and oversupply: what we don't publish
Honesty requires stating plainly what this snapshot does not contain. We did not find a reliable, recent public rental-yield benchmark for Phnom Penh with a date at the time of preparation — so we don't publish a single yield figure as a fact. The same applies to oversupply: no quantified public metric with a date could be found, so we don't quote an "oversupply" figure and limit ourselves to a qualitative statement.
Instead of substituting a citywide yield figure, build an evidence pack for the property itself: the current or most recent signed lease, proof of rent actually received, vacancy periods over the last complete year, tenant-acquisition costs, management fees, service charge, taxes, insurance, repairs and a replacement reserve. Calculate gross and net yield separately, and keep any contractual GRR programme separate from market rent. This avoids false precision and makes every assumption traceable to a document.
What can be said qualitatively and without a figure: supply conditions vary by district and project; the mass condo segment grew faster than others, which creates pressure in over-densified locations. The market yield reference often cited in the 6–10% range is exactly that — a reference, not a confirmed dated benchmark — and the actual yield depends on the property, the district, vacancy and management costs.
Project approvals: the increase was driven mainly by landed housing
According to the National Bank of Cambodia's Financial Stability Review 2025, published on 28 March 2026, the number of projects approved within its residential-development section rose from 40 in 2024 to 55 in 2025. Landed-housing projects increased from 27 to 41, while condominium approvals slipped from 12 to 11. The rise in the overall project count should therefore not be read as a new broad condominium launch wave.
Planned capital investment in residential development reached USD 982.4 million, up 22.1%; landed housing accounted for 55.3% of the total and investment in that segment grew by 35.6%. An approval is future pipeline, not a completed, sold or occupied property. Measuring supply pressure still requires segment- and district-specific evidence on execution, actual completion and absorption.
Segments and districts: context, not generalisation
The Phnom Penh market cannot be described with one average figure — the segments are too different. Here is how to read the district context correctly.
| Segment | How to read it |
|---|---|
| BKK1 / central Phnom Penh | A central, more liquid listing market. Don't transfer BKK1 rates to all Phnom Penh projects |
| Koh Pich / Diamond Island | Waterfront OCIC development district. Don't equate with BKK1 dynamics |
| South Phnom Penh (Mean Chey, etc.) | A separate southern context. Don't transfer BKK1/Chamkarmon assumptions to southern projects |
| Sen Sok | Northern, mall-led urban context — where the project location supports it |
| Siem Reap / Bakong Village | Tourism/resort context. Don't compare directly with Phnom Penh condo yields without a dedicated Siem Reap source |
District context is a qualitative frame, not a yield forecast. Specific project figures are verified individually and set out in the project page.
Office, commercial and industrial property are moving through different cycles
The National Bank of Cambodia's Financial Stability Review 2025, published on 28 March 2026, puts office occupancy at 65.0% in 2025, down slightly from 65.2% in 2024, while the total approved area for new commercial construction fell by 41.1%. Over the same period, approved industrial construction area increased by 124.9%.
These opposing signals show why saying that 'the property market is growing' is too imprecise. Industrial and logistics expansion can coexist with soft office demand and says nothing automatically about condominiums. Every market conclusion should identify the segment, geography and indicator being measured.
Need a breakdown of a specific project in its district, not "the market" in general? Tell us your goal and budget — we'll build a shortlist with honest district context, a separation of asking and the contractual programme, and caveats on what needs confirmation.
Contact usTelegramTake the quizInfrastructure context: major projects and dates
Major transport and urban infrastructure shapes how a project's location reads — but on its own it does not guarantee price growth, liquidity or rental demand. Below are only major items with a confirmed date or status and a source. This is context for understanding the district, not an argument that "therefore prices will rise".
Techo airport: stated capacity differs by source — AP cites an initial capacity of 13m passengers per year, the official airport site states up to 15m in the first phase; we give both figures with source attribution. OCIC items (Koh Pich, Canadia Tower 2009, Tourism City 2017) are launch/development milestones, not proof of a completion year for Diamond Bay Garden. Exact opening dates for AEON Mall Phnom Penh and AEON Mall Sen Sok could not be confirmed from official pages as of the check date (2026-07-05) — so we don't publish them. No infrastructure item is presented as a promise of price growth.
Frequently asked questions
How is Cambodia's economy growing?
Per World Bank data, real GDP growth was 6.0% in 2024 and 5.3% in 2025. The ADB forecast (April 2026) is 4.5% for 2026 and 5.0% for 2027. This is macro context, not a forecast of property prices.
What is the rental yield in Phnom Penh?
We did not find a reliable, recent public yield benchmark with a date at this time, so we don't publish a single figure as a fact. Asking prices and rents in listings are requested figures, not the prices of actual deals.
Is there an oversupply in Phnom Penh?
We did not find a quantified, dated public oversupply figure at this time and do not publish one as a fact. Qualitatively: supply conditions vary by district and project, and the mass condo segment grew fastest.
What risks do international sources point to?
IMF 2025 Article IV materials point to slower projected growth in 2025-2026 and flag risks: financial-sector vulnerabilities and external trade-policy uncertainty. The macro backdrop is positive but not linear.
Has Cambodia's property sector returned to its 2019 level?
Not fully. The National Bank of Cambodia's Financial Stability Review 2025, published on 28 March 2026, estimates that construction activity in 2025 was about 88% of its 2019 level, while real-estate activity was at 84.0%. These are sector-activity measures, not a price index or transaction count, so they indicate an incomplete recovery without implying a discount on any specific property.
Sources
World Bank — real GDP growth, population and urban-share series for Cambodia, checked 2026-07-05 · Asian Development Bank (ADB), Asian Development Outlook, April 2026 — GDP growth and inflation forecasts · International Monetary Fund (IMF), 2025 Cambodia Article IV consultation, published 2025-12-02 — growth assessment and risks · infrastructure block: AP News (Techo airport opening, 2025), official site techoairport.com.kh, Khmer Times (Sihanoukville 2022 / Bavet 2023 / Siem Reap–Poipet 2023 expressways), OCIC (Koh Pich, Canadia Tower, Tourism City), AEON Mall Cambodia (Mean Chey, opened 2023-04-07), all checked 2026-07-05. Data is given as macro and location context. Forecasts and infrastructure projects do not guarantee future results; rental-yield and oversupply figures are deliberately not published due to the absence of a reliable dated public source at the time of preparation.