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Learn more about the Cambodia property market through trends and average prices.
The Kingdom of Cambodia is a country in Southeast Asia, located between Thailand and Vietnam. The country is mainly famous for Angkor Wat, a breathtaking temple that was once the heart of the ancient Khmer Empire. However, there is more to the country than just Angkor Wat. The country is packed with a rich history, interesting culture, friendly people, delicious food, vibrant nightlife, and stunning coastlines. In recent years, Cambodia has become an expat magnet thanks to its inexpensive cost of living and growing economy.
Although Cambodia has a relatively low income compared to its neighboring countries, this country has one of the fastest-growing economies in Asia, with an average growth of 7.6% within the last decade. Tourism is one of the fastest-growing industries in the country and as the world is paying more attention to Cambodia, more and more foreign buyers from all around the globe are coming to invest in this country. The growing demand for housing has made real estate values in the country increased rapidly, though still moderately cheaper compared to neighboring countries, such as Thailand.
Cambodia has a population of over 15 million people, with Phnom Penh, the capital, as its most populous city. Phnom Penh was once called the “Pearl of Asia” because it was considered as the most beautiful French-built city in Indochina. Its historical architecture and intriguing attractions have made the city a famous tourist destination both globally and domestically. Some of the more famous attractions in Phnom Penh are the Royal Palace, the Silver Pagoda, and the National Museum of Cambodia.
Along with Phnom Penh, Siem Reap and Sihanoukville are significant tourism destination in the country. Siem Reap is truly where the ancient and modern world collides with its modern infrastructure and centuries-old temples. It is where the magnificent Angkor Wat located. Angkor Archeological Park is one of the most important sites in Southeast Asia and is listed in the UNESCO World Heritage Sites.
Sihanoukville was a quiet lazy beach town that has transformed into a modern holiday destination. The city captivates its visitors with beautiful beaches, clear blue waters, and unforgettable sunsets. Most people visited its many beaches, such as Otres Beach, Sokha Beach, Serendipity Beach, and Ochheuteal Beach. Nowadays, Sihanoukville is also famous for its nightlife scene and casinos.
As the demand for housing and commercial property is constantly increasing, Cambodia has all types of property that caters to all budgets and preferences. From luxurious apartments to local Cambodian style houses, buyers can choose whatever suits them best. The property types in the country are divided into several categories, including Traditional Khmer house, shop houses, modern apartments and condominium, serviced apartments, villas, and commercial buildings.
High-rise modern apartments and condominiums are mainly located in Phnom Penh and Sihanoukville, while those in other cities such as Siem Reap are built in mid- and low-rise buildings. Both high-rise and low-rise apartments offer various types of rooms, including studio, 1 bedroom, 2 bedrooms, and 3 or more bedrooms. Luxury apartments are usually serviced and designed to feel as “Western” as possible. Some of the luxury apartments have swimming pools, gyms, security guards, and large parking areas.
The most common property types in Cambodia are shophouses. These can come in Khmer-style or modern style. Khmer-style shophouses typically have three to four floors and are more affordable than other types of property. Modern style shophouses have Western-style designs with updated furnishings. Villas are available in many parts of the country, note that even freestanding houses are always referred to as villas in the country as Villas offer more space and rooms for its residents.
Compared to the majority of Western countries, the cost of living in Cambodia is extremely cheap, allowing foreigners to live luxuriously. Regardless of your lifestyle choices, the standard of living in Cambodia will allow foreigners to live comfortably. Prices in Phnom Penh are higher than in any other city, but the cost of living is still relatively inexpensive. The cheapest way to travel around in Cambodia is by tuk-tuks or motorbike taxis, which only costs around 5 USD for a journey across the city.
Cambodian Riels (KHR) is the official currency of Cambodia. 1 USD converts to 4,080 KHR. However, US dollars are widely accepted in the country and some ATMs dispense dollars instead of Cambodian Riels. In some areas close to the Thai border, many shops and restaurants often accept Thai Baht.
The weather in Cambodia stays warm throughout the year and rarely drops below 20°C. There are two distinct seasons: wet and dry. The wet season starts in May and ends in October. Expect to experience some brief rainfall during the day. The dry season, from November to April, has pleasant temperatures. However, the temperature can soar to 35°C in March.
Cambodia has a rich culture. The local tribes include Khmer Loeu and the Cham. 10 percent of the population is made up of Chinese, Vietnamese, and some other minorities. Around 95% of the population practice Buddhism, but other faiths, including Islam, Christianity, Confucianism, and Daoism are also practiced. Make sure to respect the local culture by wearing modest clothing when you visit religious sites. English is widely spoken in big cities, such as Phnom Penh and Siem Reap, due to tourism.
If you are planning to stay in Cambodia for an extended period of time, you need to apply for an E-class visa (not to be confused with online visa). This type of visa is valid for 30 days but can be extended indefinitely. When extending the visa, visitors can choose EB, EG, ER, or ES visa extension. Most expats in Cambodia has EB visa extensions, which can last for up to 12 months.
1. One of the Fastest Growing Countries in the World – With an average growth rate of 7 percent over the last decade, Cambodia is one of the fastest-growing countries in the world. The country also has a stable economic environment.
2. High Rental Yields – Although Cambodia's real estate prices are one of the lowest in Southeast Asia, the rental yield is the third highest in Asia, making property investment in the country very attractive.
3. Infrastructure – Cambodia is currently improving its infrastructure to be able to attract more tourists. The country is currently developing airports in Siem Reap and Sihanoukville. Tourism will also boost the demand for Cambodia’s property.
If you're thinking of buying property in Cambodia, there are a few things you need to know first. The market is still relatively young and undeveloped, so it's important to do your research and consult with a reputable real estate agent. It's also worth noting that most properties are sold via leasehold, rather than freehold - meaning that you'll only have the right to occupy and use the property for a designated period of time, after which it will revert back to the owner. This is something to bear in mind if you're planning on selling the property further down the line.
Another important consideration is the location of the property. In major cities like Phnom Penh and Siem Reap, prices are typically higher than in rural areas - but there's also more infrastructure and amenities in place. Ultimately, it's important to weigh up your needs and budget before making any decisions. With a bit of careful planning, you can find the perfect property in Cambodia.
Cambodia offers a range of property ownership options for foreigners looking to invest in the country. While leased land is the most common type of property ownership for foreigners, Cambodia also offers freehold and strata title ownership for those looking to buy property. Foreigners are able to buy condo units in Cambodia as long as the majority of units in the building are owned by Cambodian nationals. However, foreigners are not allowed to own land in Cambodia outright and must lease it from the Cambodian government instead. Despite these restrictions, Cambodia remains an attractive destination for foreign property buyers due to its relatively low prices and strong economic growth.
In recent years, Cambodia has become increasingly popular with tourists and retirees, drawn by its low cost of living and tropical climate. However, the country is still emerging from a period of political instability and violence, and it faces significant challenges in terms of infrastructure and governance. As a result, many potential buyers are wondering whether it is safe to purchase property in Cambodia.
While Cambodia does have some risks, it is generally considered to be a safe destination for tourists and investors. violent crime is rare, and most expats report feeling safe and secure in their homes and communities. Of course, as with any country, it pays to exercise caution and be aware of your surroundings. But overall, Cambodia is a relatively safe place to live and invest in property.
In Cambodia, the cost of a house varies depending on its size and location. In the capital city of Phnom Penh, the average price for a two-bedroom apartment is around $120,000. However, prices can range from as low as $50,000 to as high as $250,000. Outside of the city, the cost of a house is typically lower. For example, in the coastal town of Sihanoukville, the average price for a two-bedroom house is around $80,000. Prices can again vary depending on the size and location of the property. Ultimately, the cost of a house in Cambodia depends on a number of factors.