Investor guide: Cambodia real estate from scratch

This material is a starting point for anyone looking at Cambodian real estate for the first time. Without marketing gloss: how the Phnom Penh market works, what ownership forms are available to a foreigner, what GRR and buy-back are, which taxes and risks to consider, and how Cambodia differs from Dubai, Thailand and Turkey.

Why investors look at Cambodia in 2026

The Phnom Penh market attracts investors for several reasons: a dollar economy (transactions are in USD), 100% foreign ownership of apartments, a lower entry threshold than Dubai and Thailand, and GDP growth of around 6% per year. At the same time, honest context matters: Cambodia is a developing market. The potential return here comes with risks that need to be considered, not ignored.

Ownership forms for a foreigner

The main form is strata-title (freehold on the unit): direct ownership of an apartment or office above the ground floor. The land under the building does not pass into foreign ownership — that is the standard across the whole Cambodian market. Foreigners can own apartments within the building's quota (typically up to 70% of the floor area in a condominium). More on this in the article about strata-title in Cambodia.

What GRR (Guaranteed Rental Return) is

GRR is a guaranteed rental income programme from the developer. The developer pays a fixed annual percentage regardless of the property's actual occupancy. Example: GRR 8% net for 5 years on Odom Tower. What to check in the contract: the base the percentage is calculated from, who acts as guarantor, how and when the income is paid, and what happens on early termination.

What GBB (Guaranteed Buy Back) is

GBB is the developer's obligation to buy the property back at a price agreed in advance. Example: a 110% buy-back after 5 years on Odom Tower means the developer returns 110% of the purchase price in year 5. Combining GRR + GBB gives, over 5 years, a total return of around 150% of the invested sum (principal + rent + buy-back premium). That's the "total return", not net profit: net profit above the invested sum is around 50%. Don't confuse the two figures — this is fundamentally important when planning.

Comparing Cambodia with other markets

Figures are indicative, for comparing orders of magnitude. The tax and currency law of all markets changes — check the current terms before a deal.

The main risks — honestly

Investing in property in a developing market carries risks that are important to understand in advance: construction delays; changes in rental demand and rates; limited resale liquidity; developer quality; changes in tax and currency law; management and maintenance costs. This list is not exhaustive.

How to reduce the risks

Check the developer's track record — how many projects they've delivered and on what timelines. Read the contract, not the marketing materials: guarantees live in the SPA, not in the presentation. Don't invest money you may need in 1–2 years — the horizon here is long. Before a deal, consult an independent lawyer. More on taxes in the article about taxes on property in Cambodia.

Where to start

A sensible sequence: 1) define your goal — income, capital growth or relocation; 2) set your budget and investment horizon; 3) study the projects and developers; 4) consult NovAsia and get a calculation for your task; 5) request the contract and study it (with a lawyer if needed); 6) make a decision. When choosing a property, the comparison of the three projects and the material on how buying works will help.