NovTourism and property demand in Cambodia
Who tourism statistics count, why an arrival is not a rental night, and how to separate national visitor flows from demand for a particular apartment in Phnom Penh, Siem Reap or the coastal market.
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.
What counts as an international arrival
The Ministry of Tourism records border entries by non-residents, purpose and transport mode. These are arrivals, not necessarily unique people: the same person can cross the border more than once. The number also does not show where the visitor slept or whether private accommodation was used [1][2].
Cambodia registered 5.57 million international arrivals in 2025, 16.9% fewer than in 2024. Yet air arrivals rose 19.2%, while land and water arrivals fell 37.0% [1]. The national total therefore conceals opposing channel trends.
For property, composition matters alongside volume: origin market, trip purpose, entry city, length of stay, repeat travel and accommodation type. The official report answers some of these questions, but does not connect an individual traveller to a particular rental segment.
What happened in 2025
The decline was concentrated in the second half of the year: quarterly and monthly tables show a particularly severe fall in land arrivals after mid-2025 [1]. The market cannot therefore be described by a single annual percentage without identifying when the shock occurred.
China and Vietnam became the largest origin markets and the mix changed materially. Vietnam represented 21.9% of 2025 arrivals, China 21.6% and Thailand 18.4%; Chinese arrivals increased while Thai arrivals fell sharply [1]. Different trip profiles create different implications for Phnom Penh, Siem Reap and border destinations.
The official report divides travel into holiday, business and other purposes. “Business” is not the same as long-term corporate leasing, and “holiday” is not the same as renting an apartment. It is high-level segmentation rather than a ready-made demand estimate.
Early 2026: a national decline with different city outcomes
Cambodia recorded 1.54 million international arrivals in January–May 2026, 47.8% below the same period of 2025 [2]. Land and water arrivals fell 67.5%, while air arrivals fell 19.8%. A property near an airport and one in a border location should not be assessed through the same national headline.
Airport trends also diverged: traffic through Techo International Airport fell 25.9%, Siem Reap Angkor fell 11.2%, while Sihanouk International Airport rose 112.3% from a low base [2]. A large percentage increase in a small channel does not prove equivalent growth in accommodation or rent.
Regional visit counts tell an even more uneven story. In January–May, domestic visits to Phnom Penh increased, while Cambodian visits to Siem Reap fell 37.5% and foreign visits fell 31.9% [2]. These series measure regional visits, not unique people or overnight stays.
An arrival, a night and a lease are different units
For short-stay accommodation, nights, average length of stay, occupancy and accommodation mix matter more than entries alone. The Ministry report provides a historical 7.1-day average stay and 77.8% hotel occupancy for 2024, but neither automatically applies to 2025 or to private apartments [1].
For long-term rentals, tourism may be secondary. Expatriates, company employees, students and local households form a different demand base and stay longer. In Phnom Penh the first question is whether the particular asset depends on visitors at all.
The formula “arrivals × average stay = apartment demand” is invalid without overnight share, repeat crossings, city distribution and private-accommodation share. This page deliberately does not manufacture such a series.
Phnom Penh: business travel is not corporate leasing
The capital receives air arrivals, business trips, domestic visits and worker migration. Tourism statistics do not show how many visitors stay for a week, a month or a year, how many stay with relatives, or how many use hotels.
For an apartment near office clusters, building-level tenant profiles, lease duration, corporate payer share and vacancy periods are more informative. The increase in domestic visits to Phnom Penh in January–May 2026 [2] does not by itself establish stronger long-term rental demand.
The demand funnel should move from the national total to the actual audience: arrival → purpose and duration → district → accommodation type → budget → suitable unit. Without the final steps, tourism statistics remain context.
Siem Reap: stronger tourism exposure requires stricter evidence
Siem Reap is more exposed to Angkor visitation, seasonality and international access. The World Bank reported a 30% year-on-year decline in Angkor revenue in the first quarter of 2026 [3]. This is a useful directional indicator, but it measures complex revenue rather than occupancy in every hotel or apartment.
The decline in regional visits to Siem Reap in January–May confirms a weak period [2], yet units serving long-stay, education or wellness audiences may have a different profile. A city average should not be applied to a project without occupancy history.
A short-stay model also needs building rules, local requirements, management costs, channel commissions and seasonal pricing. A single annual gross rate without monthly occupancy hides the exposure.
The coast and Sihanoukville: small bases and large percentages
Air arrivals through Sihanoukville rose 144.5% in 2025 and another 112.3% in January–May 2026 [1][2]. Absolute traffic nevertheless remained far below Phnom Penh and Siem Reap. Percentage growth from a small base cannot be converted into a claim about absorption of the entire residential stock.
Coastal demand depends on flights, group travel, casinos, beach seasonality, infrastructure quality and hotel competition. It is particularly important not to equate tourism with foreign property purchases: these are different decisions, funding channels and time horizons.
A specific project needs an actual record of short- and long-stay bookings, not airport statistics alone. For an unoperated project, the model remains a scenario and should disclose its assumptions.
How to test a “tourism demand” claim
First identify the unit: arrivals, nights, guests, bookings or leases. Then identify geography, period, transport mode, origin market and comparison base. A large national flow may bypass the specific district.
For an operating asset request monthly occupancy, realised rate after discounts, average stay, repeat-guest share, commissions and cancellations. For long-term rental, examine contract lengths and exit reasons. An aggregate “90% occupancy” claim without a unit, period and sample is not verifiable.
Finally compare the unit with alternative accommodation: hotels, serviced apartments, guesthouses and nearby condominiums. Tourism growth does not automatically create scarcity in the exact product being sold.
What this means for a property buyer
Tourism is relevant but not universal as a rental driver. It can be central in Siem Reap and parts of the coast; employment, education and local households matter more for many Phnom Penh apartments.
A buyer should build a funnel from official arrivals to actual nights and the relevant accommodation type. The more steps depend on assumptions, the wider the scenario range should be and the weaker the basis for calling income guaranteed.
An operating asset can be tested against booking history. A new project must be tested through the plausibility of its audience, operating rules, management cost and competing supply—not the national arrival total alone.
What we do not know
Open official tables do not regularly disclose the share of visitors using private apartments, realised rates in that segment or district-level occupancy.
The December report provides average stay, hotel occupancy and receipts through 2024. We do not carry those values into 2025 or 2026 without a publication [1].
Domestic “regional visits” are not unique people. They cannot be converted into population, tenants or nights without additional methodology [2].
The May 2026 report is accessed through a stable PDF mirror. The Ministry of Tourism is the author, but a stable government URL was not located at the time of checking; the limitation is disclosed rather than presenting the mirror as an independent source.
Frequently asked questions
Are 5.57 million arrivals 5.57 million different tourists?
Not necessarily. The statistic counts border arrivals, so repeat trips by the same individual may be counted more than once.
Can arrivals be multiplied by average stay to obtain nights?
Only with compatible methodology, period and treatment of repeat entries. The latest average in the reviewed table is for 2024 and should not be mechanically applied to 2026.
Does growth at Sihanoukville airport mean higher rent?
No. It shows a change in one arrival channel from a small base. Nights, accommodation mix and project-level competing supply are still required.
Are tourism data useful for Phnom Penh?
Yes, as one contextual layer for short-stay and serviced apartments. Employment, corporate demand, schools and household profiles are often more important for ordinary long-term leases.
What should a short-stay manager disclose?
Monthly occupancy, realised rate after discounts, commissions, cancellations, average stay and the full expense structure. Gross revenue alone does not reveal the risk.
How do international arrivals differ from regional visits?
International arrivals are recorded at the border; regional visits count trips within the country under the Ministry’s methodology. One person can create multiple visits, so the series cannot be added as unique individuals.
Where this leads next
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.