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Learn more about the Phnom Penh property market through trends and average prices.
Considered to be one of the most hospitable cities in South East Asia, Phnom Penh is located in the south of Cambodia close to the Tonlé Sap, Mekong and Bassac rivers. Nicknamed “Paris of the East,” its French colonial-style architecture is being steadily replaced with stylish apartments and sky rise buildings making it extremely appealing for real estate and foreign investors.
According to the Ministry of Tourism, traveler numbers increased by 12% across Cambodia last year rising to more than three million people. With a bustling cafe culture and an extensive food scene, it has fast become one of the trendiest capitals in the region.
Phnom Penh is growing at a rapid rate with a variety of property types suiting all manner of budgets. The majority of real estate is composed of six main categories. These include traditional Khmer houses and shophouses not to mention refurbished shops, apartments, apartments with complete facilities and freestanding villas.
Spread across three of four stories, Khmer style shop houses are affordable options and can be rented as separated condos, usually located around the inner city or suburbs. Thanks to ongoing construction in areas such as Doun Penh and 7 Makara, there is potential to purchase older apartments or shop houses and either rent out or resell them.
Renovated shophouses provide westernized influences attracting numerous foreign buyers. Measuring around 50 feet long, properties have been modernized throughout from flooring and lighting to fitted kitchens and even air conditioning. Meanwhile, brand new Western-style condos in Phnom Penh are being built with a plethora of sizes and styles available. Built to a higher finish, they are usually larger and feature different components such as cooktops, bathtubs and kitchen cabinets.
High-quality condos can be found in Tuol Tum Pong, Boeung Keng Kang, Russian Market, Tuol Kouk as well as Steung Meanchey. Sen Sok, Chebar Ompov and Chrouy Changvar are the places to find brand new luxury serviced developments, colonial style, and newly developed villas. Fully serviced apartments are completely furnished and come with a gym, swimming pool, laundry facility, dedicated security, and on-site parking. Some of the capitals most popular developments include City Palace Apartments and Grand Residence.
Situated north of the city is Daun Penh where tourists can explore Sorya shopping mall, Wat Phnom and the lively Central Market. Less than a 15-minute journey from BKK1 or Tonle Bassac, rental properties are much more cost effective whilst there are a host of upgraded apartments catering to Western standards. Boasting a three-kilometer boulevard, Sisowath Quay is home to a collection of exclusive riverfront properties. Nestled in between numerous luxury hotels, restaurants, quaint cafes and bars, investors can also benefit from spacious contemporary apartments close by.
In recent years, Toul Tom Poung has emerged as one of the hippest areas in Phnom Penh. Alongside the Russian Market, investors can discover a plethora of new businesses, cafes, restaurants, and bars that are continually opening. Consequently, new apartment buildings and developments are springing up as the property trend grows here and in the surrounding areas. Adjoining Toul Tom Poung is Tonle Bassac where there are a wealth of amenities, boutique style bars, charming cafes and stylish restaurants on Bassac Lane. Buyers will discover plenty of development taking place and a collection of villas in this specific area.
Known as BKK1, Boeung Keng Kang is where you will find some of Phnom Penh’s most rapid property expansion. Many of the streets have been completely gentrified with modern apartment blocks, hotels, coffee shop chains, fast food eateries and international brands.
Toul Sleng is another area that's gaining interest where increasing numbers of condo blocks combine with modern apartments and Khmer style accommodation with convenient travel to downtown Phnom Penh.
Steeped in heritage, This former “Pearl of Asia” is home to tree-lined boulevards, parks, and nearby attractions. It features the historic Royal Palace and the iconic Silver Pagoda that glistens with 4,000-plus silver tiles and diamond encrusted Buddhas among other statues. Discover Khmer art treasures at the National Museum, pay homage to the Choeung Ek Memorial or barter at the Art Deco-inspired Central Market.
For retail therapy, head to either Street 240 or Street 178 whilst vibrant nightlife can be found a stone's throw from the riverfront offering a collection of pubs, cafes, and bars. Culture vultures will be able to see live performances of shadow puppetry and Apsara dancing at The Sovanna Phum Art Association.
Take a boat ride down the Tonle Sap River, learn about Cambodia’s past at the Killing Fields or experience elephants at the nearby Phnom Tamao Wildlife Sanctuary. Phnom Penh is also looking to expand its medical tourism sector attracting overseas patients seeking top-notch, low-cost procedures from several countries including China, Laos, and Taiwan.