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Learn more about the Cambodia apartment market through trends and average prices.
Cambodia is a country in Southeast Asia, sandwiched between Thailand and Vietnam. Home to the once-powerful Khmer Empire, the country has a long and tumultuous history. Despite its difficult past, painful memories, and the traces of war that are still visible, modern-day Cambodia is flourishing. It is benefiting from two decades of relative stability and its economy is one of the fastest-growing in the world. The economy of the country is dominated by textiles, but tourism is currently booming as well. In 2019, the country welcomed over 6 million international visitors. Cambodia has a lot to offer, from spectacular temples and a rich cultural heritage to beautiful islands and lush jungles. In recent years, relocating to Cambodia is also becoming a popular choice amongst expats.
Due to the number of international visitors coming and expats relocating to the country, property developers are constantly building new apartment complexes. As a result, the country is experiencing a real estate boom.
Cambodia has a population of more than 15 million people living across its 25 provinces, with Phnom Penh as its capital and most populous city. Phnom Penh is home to approximately 14% of the country’s population. This charming and vibrant city is situated on a flat area at the meeting point of the Bassac, Tonle Sap, and Mekong rivers. Many people come to this city as a transit stop before visiting Siem Reap, but this city has plenty to offer. Visitors can stroll around the riverfront, try the world-famous food, discover the Royal Palace and Silver Pagoda, and walk around the city and see the French influence that is evident in the open-fronted shop houses.
The most popular area in Cambodia, besides the capital, is Siem Reap. Most people visit this city to see the mighty Angkor Archeological Park, which is located about six kilometers from the city. Angkor Archeological Park is one of the most important archeological parks in Southeast Asia. It has a number of magnificent temples, including the world-famous Angkor Wat. Aside from the archeological park, visitors can explore the Landmine Museum or take a hot air balloon ride over the Angkor ruins.
Another popular area where international visitors usually visit is Sihanoukville, which is a beautiful seaside town with fine sand beaches and blue waters. Here, visitors can relax and sunbathe, or take a boat to the tiny islands off the coasts. In the last few years, Sihanoukville is infamous for its nightlife scene and casinos.
Apartments in Cambodia vary widely in terms of size, style, service, and price, which typically depends on the quality and the location of the apartment complex. The types of apartment buildings can be divided into several categories, including high-rise, mid-rise, and low-rise apartment buildings.
High-rise apartment buildings are mostly located in Phnom Penh and Sihanoukville. These types of apartments may solely be residential or might also function as offices, shops, or hotels (mix-used real estate property). Mid-rise and low-rise apartment buildings are available across the country, including Siem Reap. They typically have fewer stories and units than high-rise apartment buildings.
All types of apartment buildings can have different sizes of units, ranging from a studio room to 4 or more bedrooms. A studio room is the smallest size of residential space as it usually consists of a single room that acts as the bedroom, living room, kitchen, and dining room, with a separate bathroom. In some places, an apartment building also features penthouses and is located on the top floor of a high-rise apartment building. Penthouses usually have more room and space and are mostly luxurious.
Most modern apartment units in Cambodia have built-in features, such as kitchen cabinets, worktops, and bathtubs, as standard. However, not all of them are fully furnished.
Apartments in Cambodia can also be serviced or not serviced. A serviced apartment usually comes with a gym, swimming pool, security guards, parking spaces, elevators, housekeeping, and laundry. Serviced apartments are usually glamorous and offer a hotel-like lifestyle.
While the standard of living in Cambodia has improved in the last decade, it is still relatively affordable and most foreigners can live comfortably in the country with a mid-range salary. The official currency of the country is Cambodian Riels (KHR) and 1 USD is equivalent to around 4,093 KHR. This exchange rate allows foreigners who come from Western countries to enjoy a relatively low cost of living.
Although the Cambodian Riels are the official currency, US dollars are also widely used. Visitors can find numerous ATMs in the country that dispense US dollars. Thai Baht is also accepted in areas that are near the Thai borders.
The people in Cambodia are known to be friendly and welcoming. More than 95% of the population is Buddhist, but other religions are also freely practiced. The official and most widely spoken language is Cambodian (Khmer) and English is only spoken in tourist areas and major cities.
The weather in Cambodia is generally warm and pleasant all year. The wet season, from May to November, brings rainfall during the day and increased humidity. The dry season is from December to April and the weather during this season is mostly pleasant and sunny.
Foreigners who want to stay in Cambodia for an extended period of time need to apply for an E-class visa (not to be confused with the electronic visa). E-class visa is valid for 30 days and can be extended indefinitely.