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- Phnom Penh
Learn more about the Phnom Penh apartment market through trends and average prices.
Phnom Penh is the capital as well as the most populous city in Cambodia. The city was once referred to as the “Pearl of Asia” because it was known as the most beautiful French-built city in Indochina.
Today, it has become the industrial, economic, and cultural center of Cambodia. The city is also a notable tourist destination due to its historical architecture and attractions. Some of the more popular attractions in the city are the National Museum of Cambodia, the Silver Pagoda, the Royal Palace, and the Tuol Sleng Genocide Museum.
As Cambodia’s economic center, Phnom Penh accounts for a huge portion of the country’s economy. In the past few years, the city has experienced an economic boom that triggered the development of numerous new restaurants, bars, hotels, as well as high-rise commercial and residential buildings.
Commercial interest, such as trading, garments, and small to medium enterprises are the driving force of Phnom Penh economy. Thanks to the economic boom, the real estate business in Cambodia is also thriving. The city welcomes an ever-increasing number of foreign investors and the demand for apartments for sale is high and as a result, apartment prices in the city are increasing rapidly.
Phnom Penh population is expanding, which makes the demand for housing remains high. Various developers are building new apartment projects in various sizes and styles. Apartments are available in two categories: high-rise and low-rise. High-rise apartments are usually located in the city center and provide the best views. Low-rise apartments are usually located in residential areas and have larger units. Both categories can have luxurious amenities, such as gyms, swimming pools, gardens, clubhouses, and parking areas.
Investors also have the option to choose between Khmer-style or Western-style apartments. Khmer-style apartments are scattered around the city. They are usually smaller and have fewer units with simple amenities, such as parking areas. Western-style apartments are usually bigger and have more units. Since they are normally built by well-known developers, they also provide top-notch amenities and services.
Before buying an apartment in Phnom Penh consider off-plan Vs a completed apartment. Buying an off-plan apartment means buying the apartment before it is built or before the apartment is finished. Off-plan apartments are ideal for investors who are not looking to generate income immediately. Those who want to move in or generate income right away and prefer to buy properties with lower risk usually choose to buy completed apartments.
One of the most popular areas for foreigners is the Boeung Keng Kang or BKK1. It is where embassies, UN and NGO offices are located. The area also has various cafés, restaurants, boutiques, and spas. It is also filled with modern Western-style apartments and flashy condos. Those who love shopping or want to live closer to commercial areas may choose to invest in Tonle Bassac. In this area, visitors will find an array of stores, Aeon Mall, boutique bars, diners.
Many people considered the area around Wat Phnom and the northern part of Phnom Penh (Daun Penh) as the city center. This area houses numerous hotels, upmarket dining venues, and beautiful historical colonial architecture. Not too far from Wat Phnom is the Riverfront Area known as Sisowath Quay. The Riverfront Area is very popular with both expats and tourists because it has a number of bars, cafés, restaurants, luxury hotels, and tourist attractions. Visitors can find the Royal Palace and the Silver Pagoda on the western side of Sisowath Quay. Those who want to learn more about Cambodia’s history and culture can explore the National Museum near the Riverfront Area, which houses the largest collections of Khmer artifacts in the world. The Central Market is also a popular place for expats and tourists. Under its iconic Art Deco dome, visitors can find everything from traditional souvenirs to silverworks.
Phnom Penh offers both a relaxed and extravagant lifestyle. However, regardless of the lifestyle and living standard you choose, the cost of living in Phnom Penh is still relatively more affordable than other capital cities of Southeast Asia, such as Bangkok and Jakarta. Those who are on a tight budget can choose to eat delicious street food. There is a wide range of public transportation to choose and most of them are inexpensive. The most affordable mode of transport is tuk-tuks, motorbike taxis, and buses. Cambodian Riels (KHR) is the official currency of Cambodia. 1 USD converts to 4,080 KHR and you will find many ATMs inside Phnom Penh.
Phnom Penh experiences two seasons: rainy and hot. The average temperature is constant all year round at between 28°C and 33°C. The rainy season starts in May and finished in November. 90% of people who live in Phnom Penh are Cambodian (Khmers) and around 90% of the population follows Buddhism. The official language in the city is Khmer. However, English and French are widely spoken.
Visitors who plan to stay in Phom Penh for an extended period of time should apply for an E-class visa, which is valid for 30 days but can be extended indefinitely. When extending the visa, visitors may choose EG, EB, ER, or ES visa extension. Most expatriates have EB visa extensions, which last for up to 12 months.