NovCambodia economy and finance
A dated, property-focused view of Cambodia’s economy: growth, prices, currencies, investment, credit, construction and the practical meaning of each indicator for an apartment buyer.
What this means — 10-second read
- Key takeaway
- For a homebuyer, Cambodia combines fast development with greater sensitivity to foreign capital, credit conditions and the construction cycle.
- What to do
- Look beyond headline growth and test demand in the specific city, district and housing segment you are considering.
Data: Period: 2026-Q2 · checked 22.07.2026
Information only, not investment or financial advice.
Period: 2026-Q2 · checked 22.07.2026
Indicators and their vintage
Each figure keeps two dates: the period it measures and the date it was published. A 2025 result released in mid-2026 was not available at the end of 2025, and a forecast is never shown as an observed outcome.
World Bank estimate; the National Bank of Cambodia estimated 5.0%.
World Bank forecast, not an observed outcome.
After the World Bank’s June forecast, a later IMF staff vintage became available. The mission statement released on 8 July 2026 projected Cambodia’s 2026 growth at 3.0% and average inflation at 5.6% [1]. These are preliminary staff projections, not an observed outcome or a final Executive Board report. The 3.9% and 3.0% projections should not be averaged; they should be retained as separate vintages based on different information sets.
About eight months of imports according to the source.
NBC reports KHR 4,011; the difference reflects the data series and methodology.
Knight Frank estimate, not an official register.
The card has no separate release date; verification date is retained.
All rented dwelling types, not condominiums only.
Key takeaways
Economic data can frame a property decision, but it cannot underwrite a specific apartment on its own. At the latest check, current sources placed Cambodia's 2025 real growth at 5.0–5.3%, the official residential property price index was lower by December 2025, and banking and international reviews continued to flag property-sector vulnerability. Those signals matter for demand, project finance and counterparty risk; they are not forecasts of rent or resale for one unit.
Read every indicator with its observation period, release date, unit, evidence status and limitation. Where methods differ, keep the estimates separate. A forecast remains a forecast, even when it is the newest number on the page.
The economy and household demand
Current estimates point to slower growth after a 6.0% real expansion in 2024: the World Bank placed 2025 at 5.3%, while the National Bank of Cambodia used 5.0%. Both were released in 2026 and remain estimates rather than a final result known at the end of 2025.
For housing, the location and quality of employment matter more than the national headline. Cambodia Socio-Economic Survey 2023 found that 25.9% of Phnom Penh households rented their dwelling, but the category includes rooms, houses and apartments of every kind. The reported median disposable income of KHR 772,000 per person per month is not household income and should not be used as a ready-made rent budget.
Currency and banking
The riel is Cambodia's national currency, while the US dollar is widely used for prices, contracts, deposits and settlement. The Financial Stability Review 2025 reported foreign-currency deposits equal to 84.4% of broad money. That depth of dollarisation does not remove transfer fees, conversion costs, correspondent charges or the distinction between pricing currency, contractual currency and the currency actually debited from the buyer.
Record the SPA currency, beneficiary account, payment-crediting rule and full banking route. After completion, keep dollar rent separate from operating costs incurred in riel. A published exchange rate does not replace the bank statement or the terms of a particular transfer.
Housing supply and prices
GDP covers the whole economy; an apartment competes within a building and micro-market. Knight Frank Cambodia estimated existing Phnom Penh condominium supply at 63,334 units in H2 2025. It is a consultancy estimate of stock, not an official unit register or a count of directly comparable listings.
The National Bank of Cambodia reported the residential property price index down 3.8% nationally and 4.3% in Phnom Penh year on year in December 2025. The index reflects its covered housing-loan data and does not capture every cash purchase, assignment or developer-financed deal. A unit still requires current comparables, actual occupancy, competing layouts, building costs and evidence of time on market.
Credit, construction and sector risk
Money growth, credit growth and finance available to a particular development are different questions. Private-sector credit was growing 5.6% year on year by February 2026, but the aggregate does not reveal how much supports developers, construction, home buyers or other sectors, nor the collateral and covenants behind one project.
The IMF's July 2026 mission statement identified property weakness as an important risk channel as broad regulatory forbearance ended. For an off-plan buyer, translate that system-level concern into documents: identify the borrower, security package, unit-release mechanism, buyer-payment account and consequences of a covenant breach. The sector assessment is not evidence that every bank or development is distressed.
What this means for a buyer
Start with the asset hypothesis: who is expected to rent or buy the unit, what budget supports that demand, and which alternatives compete nearby. Then pair every macro indicator with evidence at project level.
- For rent, use achieved leases, vacancy and tenant evidence rather than tourism or GDP alone. - For off-plan property, review funding, construction evidence and the obligations of each party. - For resale, identify competing stock, assignment limits, costs and the likely next buyer. - For currency exposure, retain the date of the price, rate, offer and each payment. - For ownership costs, separate confirmed amounts, ranges and unresolved items.
Where the chain from a national statistic to the unit depends on several unverified assumptions, the underwriting case should become more conservative.
What the data do not prove
Open sources do not provide a real-time record of every apartment transaction, discount, marketing period and resale. Comparable district-level occupancy, foreign ownership by building and net yields after all expenses are not published systematically.
A listing records an asking price, a consultancy report reflects its sample, an official index tracks its covered data and a developer document states one party's terms. None of them alone confirms future rent, liquidity or the resale price of a selected unit. A missing value stays unknown until the appropriate document or observation resolves it.
Topics of this section
Each topic explains one published series: what it measures, who releases it, how often it is revised and where it stops being useful for a property decision.
Period reviews
A review says what changed in one period and keeps its own cutoff date. Only periods with enough published evidence exist here; a preliminary review is labelled as preliminary and keeps its address when it is finalised.
Frequently asked questions
Does GDP growth guarantee rising apartment prices?
No. GDP measures economy-wide output; an apartment price depends on local demand, supply, financing and the individual asset. The economy expanded in 2025 while the official residential property price index was lower year on year in December [1][2].
Which 2025 growth estimate is the correct one?
At the check date, at least two current estimates were available: 5.3% from the World Bank and 5.0% from the National Bank of Cambodia [1][2]. Until final national accounts are released, both should be shown with their dates and methods.
Why monitor the riel when property is priced in dollars?
Because the pricing currency is not always the settlement or expense currency. Conversion, bank fees, taxes, utilities and repairs can arise in different currencies.
Is 63,334 an exact count of every condominium unit?
No. It is Knight Frank’s estimate of existing Phnom Penh supply for H2 2025 [4], not an official unit-by-unit register. Comparisons must preserve the source and its market definition.
How often will the hub be updated?
Cards are updated after a material primary release, with a full reconciliation at least when new World Bank, National Bank and major market reports become available. Every page displays its last check date.
Is this investment advice?
No. The section explains published data, methods and limitations. A decision on a particular asset requires document, price, ownership-cost and personal-circumstance checks.
Can GDP per capita or median income be used as a tenant’s ready-made rent budget?
No. GDP per capita is a macroeconomic average, while the KHR 772,000 per month shown on this page is median disposable income per person in Phnom Penh, not household income or an affordable rent ceiling [6]. The 25.9% figure covers all renting households, including rooms and houses, rather than condominiums alone. A project-level estimate requires household size, the number of earners, recurring obligations and a verified tenant profile.
Apply this to a specific property
Tell us the project and the goal — we will say which of these numbers actually bears on that decision and what still has to be confirmed in the building’s own documents.
WhatsApp Contact formInformational material based on public, dated sources. It is not a public offer and not individual investment, tax or legal advice, and no forecast here is a promise of price or yield. Figures carry the period and the release date of their source and may be revised by the issuing body. A decision on a specific property requires document, price and ownership-cost checks with an independent Cambodian lawyer.