Economic and property indicator glossary

Real GDP

Output adjusted for changes in the general price level and measured at constant prices.

For a property buyer: it describes economy-wide activity, not the price change of a particular apartment.

Nominal GDP

The value of output at the current prices of the relevant period.

For a property buyer: it can rise because of real activity, inflation, or both.

Constant prices

Prices from a selected base year used to separate volume growth from inflation.

For a property buyer: a constant-price series is not directly comparable with a transaction value in dollars.

Current prices

The actual prices of the period, without removing inflation.

For a property buyer: nominal rent growth may not increase purchasing power.

GDP per capita

GDP divided by population; it is not an average wage or household income.

For a property buyer: it cannot be used directly to estimate the rent a local resident can afford.

GDP deflator

A price index for all goods and services included in GDP, not only the consumer basket.

For a property buyer: it differs from consumer inflation and is not a renovation or construction-cost index.

Contribution to growth

The portion of overall GDP change associated with a sector or demand component.

For a property buyer: a fast-growing sector can make a small contribution when its starting size is small.

Preliminary estimate

An early value released before the full source data set is available.

For a property buyer: it should be treated as less settled than a final result.

Forecast

An estimate for a future or incomplete period based on an institution’s model and assumptions.

For a property buyer: it is not a promise of price appreciation or income.

Data revision

A change to a previously released series after new information or a method update.

For a property buyer: the old value may have been correct when published but no longer be the current vintage.

Consumer Price Index

The change in the cost of a defined household basket of goods and services.

For a property buyer: it does not directly measure rent growth for a specific housing segment.

Year on year

A comparison with the same month or quarter one year earlier.

For a property buyer: it reduces seasonality but can be distorted by an unusual base period.

Month on month

A comparison with the immediately preceding month.

For a property buyer: it can be volatile and requires a seasonal-adjustment check.

Period average

The average value across the entire year, quarter or month.

For a property buyer: an average exchange rate is not the rate applied to a specific bank transfer.

End of period

The value on the last day or reporting date of a period.

For a property buyer: it can differ materially from the average for the same year.

Dollarisation

Extensive use of a foreign currency for pricing, payments, savings and credit alongside the national currency.

For a property buyer: the pricing, obligation, settlement and expense currencies must be checked separately.

Exchange rate

The amount of one currency required to buy a unit of another.

For a property buyer: the contract should state whose rate applies and when.

Currency appreciation

An increase in one currency’s value relative to another.

For a property buyer: the effect depends on the currencies of income and expenses.

International reserves

Liquid external assets held by the central bank for external payments and stability.

For a property buyer: they indicate macro resilience, not a guarantee for a bank deposit or development.

Import cover

The number of months of imports that international reserves could theoretically cover.

For a property buyer: it is a broad macro indicator, not a literal countdown for operating without imports.

Broad money M2

Cash and a range of deposits available for payments or close substitutes.

For a property buyer: M2 growth does not automatically imply stronger mortgages or apartment prices.

Foreign-currency deposits

Bank deposits denominated in a foreign currency.

For a property buyer: their share indicates banking-system dollarisation, not the currency of every transaction.

Credit growth

The change in outstanding lending over a period.

For a property buyer: aggregate credit growth does not show how much financing is available to a foreign buyer.

Non-performing loans

Loans with material arrears or another impaired status under regulatory rules.

For a property buyer: a rising ratio can tighten bank standards but does not reveal the quality of a specific developer.

Loan-to-value ratio

The loan amount as a share of the appraised or purchase value of collateral.

For a property buyer: the valuation basis and eligibility of foreign borrowers must be confirmed.

Foreign direct investment

Cross-border investment reflecting a lasting interest and significant influence in an enterprise.

For a property buyer: not all inflows relate to construction, and they are not equivalent to foreign apartment purchases.

Current account

The balance of trade in goods and services, primary income and current transfers with the rest of the world.

For a property buyer: it helps assess external resilience but does not forecast an individual asset price.

Fiscal balance

The difference between government revenue and expenditure over a period under a specified definition.

For a property buyer: a deficit does not automatically imply a new property tax.

Public debt-to-GDP ratio

Public debt expressed as a share of annual nominal GDP.

For a property buyer: it indicates the scale of obligations, not a schedule of future tax rates.

Approved project

A project that has obtained the specified administrative approval.

For a property buyer: approval does not mean construction has started, units are sold, or completion will be on time.

Completion

A building meeting the source’s definition of completion.

For a property buyer: physical completion must be distinguished from handover and title issuance.

Existing stock

Properties or units the source counts as completed and within the defined market.

For a property buyer: it is not necessarily the number of vacant units or active listings.

Pipeline

Projects or space expected to complete under the source’s criteria.

For a property buyer: part of the pipeline may be delayed, altered or not completed.

Net saleable area

The area treated by the source as saleable within a unit; treatment of walls and balconies depends on the convention.

For a property buyer: price per square metre is comparable only under the same area convention.

Gross floor area

Total floor area under the source’s rules, often including space that is not usable apartment area.

For a property buyer: a GFA-based price is generally not comparable with a net-saleable-area price.

Net lettable area

Commercial space on which rent is commonly calculated under the market convention.

For a property buyer: office NLA should not be mixed with apartment area.

Occupancy rate

The share of space or units the source considers occupied.

For a property buyer: the method may count a lease, physical use or another status, so the definition must be checked.

Vacancy rate

The share of unoccupied space or units under the source’s method.

For a property buyer: it is not always 100% minus occupancy from another report.

Absorption

The net change in occupied space or sold units over a period under a market method.

For a property buyer: developer sales and actual occupation cannot be treated as the same measure without a definition.

Asking price

The price requested by a seller or landlord before negotiation.

For a property buyer: it does not establish the signed transaction amount.

Transaction price

The price recorded in a completed transaction under the source’s definition.

For a property buyer: the inclusion of furniture, taxes, commissions and concessions must be known.

Residential Property Price Index

An index of residential property price change within the compiler’s sample and model.

For a property buyer: it shows the direction of an aggregate series, not the value of every apartment.

Gross yield

Annual rent before expenses divided by the selected property value.

For a property buyer: the measure is ambiguous without a value basis and rent period.

Net yield

Income after a defined set of expenses divided by asset value or invested capital.

For a property buyer: the full expense list must be visible; there is no universal definition.

Service charge

A recurring fee for management and common-area operation under the project’s rules.

For a property buyer: a per-square-metre rate should state the area basis, period, tax treatment and included services.

Gross non-performing-loan ratio

The share of loans classified as non-performing before provisions are deducted.

For a buyer: it shows the scale of asset-quality stress, not the bank’s residual loss or the status of a particular project loan.

Net non-performing-loan ratio

Non-performing loans after deducting provisions, measured against the relevant credit base.

For a buyer: do not compare it directly with gross NPLs without checking coverage and denominator.

Liquidity coverage ratio

The ratio of high-quality liquid assets to expected net cash outflows during a stress period.

For a buyer: system liquidity does not guarantee protection of a deposit paid to a developer.

Capital adequacy

A bank’s regulatory capital relative to risk-weighted assets.

For a buyer: it is loss-absorption capacity, not a quality rating for an individual transaction.

Approved investment

A project and stated capital that received administrative approval; it is not yet recorded FDI or an operating asset.

For a buyer: verify funding, construction and commissioning separately.

Reinvested earnings

The foreign investor’s share of profit retained in the enterprise and recorded as FDI instead of being distributed.

For a buyer: higher FDI may include accounting reinvestment rather than a new cash payment into a project.

Workers’ remittance inflows

Money entering the country from workers abroad before deducting outward remittances.

For a buyer: this is not the same as net remittances or secondary income.

Net remittances

Incoming remittances less outgoing remittances under the selected method and period.

For a buyer: always check whether a percentage of GDP refers to a gross or net series.

Secondary income

A broad balance-of-payments category for current transfers without a corresponding good or service.

For a buyer: the category is broader than workers’ remittances and does not show household housing expenditure.

Budget execution

Revenue and expenditure actually recognised or paid during a period, distinct from the approved plan.

For a buyer: a budget line becomes evidence of spending only after execution is checked.

Loan commitment and disbursement

A commitment is signed financing; a disbursement is money actually provided to the borrower during the period.

For a buyer: neither measure by itself proves infrastructure completion.

Assessed value for tax

A value determined for tax calculation under official rules; it may differ from the SPA price and market valuation.

For a buyer: tax should not automatically be calculated from an advertised or contract price.

Year-on-year monthly inflation

The change in one month’s CPI from the same month a year earlier. It is not the calendar-year average.

For a buyer: a high monthly rate cannot automatically be used to index rent.

Annual average inflation

The average movement in the price level across the calendar year relative to the previous year.

For a buyer: it describes the cost background, not a specific apartment price.

International tourist arrival

A recorded border entry by a visitor under tourism-statistics methodology; one person can create more than one arrival.

For a buyer: an arrival is not an overnight stay or a lease.

Regional visit

A trip by a Cambodian or foreign visitor to a region under the Ministry’s method; not necessarily a unique person.

For a buyer: visits cannot be added to border arrivals as unique tenants.

GTF

The combined export category for garments, travel goods and footwear.

For a buyer: GTF growth supports part of employment but does not equal income growth for all tenants.

Export-market concentration

A high share of exports directed to one country or region.

For a buyer: concentration can support jobs in a favourable scenario and increase volatility during a trade shock.

Population census

A full statistical count of the population at a specified date.

For a buyer: a census is an observed period fact but can age quickly for a changing district.

Population projection

A modelled future population based on fertility, mortality and migration assumptions.

For a buyer: a projection is not an observed buyer count.

Household

People who organise living and expenses together; a household is not necessarily the same as a family or one owner.

For a buyer: households are closer to housing-unit need than population, but still require tenure and income analysis.

Renter-household share

The share of households occupying rented dwellings under the survey definition.

For a buyer: it can include rooms, houses and apartments and is not the condominium-renter share.

Demographic dividend

The potential economic benefit of a large working-age share when jobs, skills and productivity are present.

For a buyer: age structure alone does not guarantee solvent demand.

Old-age support ratio

The number of working-age people per older person under specified age definitions.

For a buyer: a declining ratio changes long-term housing and service needs but does not forecast price.

Gross NPL ratio

The share of problem loans before provisions and certain adjustments.

For a buyer: it reflects bank asset quality but not the security of a specific project.

Net NPL ratio

Problem loans after provisions and adjustments under the source methodology.

For a buyer: a lower net ratio does not cancel gross exposure and must be read with capital.

Data vintage

The information and estimates available at the release date. The same period can have multiple vintages after revisions.

For a buyer: an old forecast is an expectation from that time, not a current fact.

What we do not know

Some sources use a term without fully disclosing the sample. In those cases, the page definition is limited to what the source itself explains.

A translated term does not guarantee the same legal or statistical meaning. For a contract, the document’s own definition and applicable law take priority.

Market terms can change between editions of a consultancy report. Series comparability is checked even when the indicator name appears unchanged.

Frequently asked questions

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