Phnom Penh was established in 1434 to replace Angkor Thom as the capital of the Khmer kingdom but was forsaken many times before being made capital again by King Norodom in 1866 and has been the capital city since the French colonization of Cambodia. In 1975, the Khmer Rouge came to power and forcefully evicted the whole population of Phnom Penh. The city was literally vacant until Vietnamese forces invaded Cambodia and dethroned the Khmer Rouge in 1975 and this period was a very dark part of the country’s history.
Phnom Penh is situated in south-central Cambodia and is completely surrounded on all sides by Kandal Province. The three major rivers of the country, the Tonle Sap, the Tonle Bassac and the mighty Mekong flow in this region.
The main industries which contribute to the city’s economy are Tourism and Textiles, while agriculture is the main industry for rural areas. The real estate industry has seen an upsurge in recent years and property prices are very much on the rise which has drawn foreign investors from Korea and Indonesia into the market, besides the local investors. The cultural and historical wealth of Phnom Penh has made it a popular tourist destination, making the tourism industry a major contributing factor to its economy. The tourism and economic boom have given rise to new hotels, restaurants, bars, and luxury residential properties for the city.
Learn more about the Phnom Penh villa market through trends and average prices.
In Cambodia, the property market consists of these types – Shop-houses, Villas, Borey Homes, and Condominiums.
Villas are a type of townhouse; however, they are independent, unlike townhouses.
Cambodian villas generally are classified as:
Villas are also available as “twin villas” and “mini villas” The twin villas are semi-detached, whereas mini villas are small in size with the characteristics of a villa. These villas have yard space, which can be a green space for growing trees and having a garden. The yard space can be a parking space for a self-owned vehicle. It can also be used for keeping pets and as children’s play area. Luxurious villas come with swimming pools.
Villas in popular areas have a high potential for giving good rental returns, as they are suitable for families or for a group of shared tenants.
Phnom Penh is the most habitable city in Cambodia. Besides being a bustling business hub and popular tourism center, it’s also a haven for safe and secure housing for expats and their families. You can find gated communities, secure condominiums, and apartments and private villas suitable for expats as well as wealthy Cambodians.
The following are some of the popular expat localities in Phnom Penh:
It has many important places of tourist interest: the Royal Palace, the Silver Pagoda, the National Museum, the Choeng Ek Killing Fields, the Tuol Sleng Genocide Museum and Wat Phnom, besides various markets for your entire shopping needs.
Phnom Penh is a great place to experiment with authentic Cambodian meals and street food. You can also enjoy the French bistros, and enjoy the high-class dining of other Asian and western cuisines.
Khmer is Cambodia’s official language and is spoken by 90% of the population in Phnom Penh and is used in all government offices and the media, and for education learning at all levels. Other minority languages spoken here are French, Chinese and English.
Phnom Penh has direct flights from many Asian cities, and there are regular bus services to Bangkok and Ho Chi Minh City. International visitors flying into Cambodia either land in the city or in Siem Reap. However, domestic flight services are available to/from Siem Reap and Sihanoukville.
Phnom Penh has a quite vibrant nightlife with many bars clustered together in what can be called “bar streets”. It makes it easy for you to hop from one bar to another from dusk to dawn if you’re a party person.
Medical care in Phnom Penh is not very comprehensive, but the situation is improving gradually. There are a few good hospitals, but it’s always better to have medical insurance to get treatment in other cities that have more advanced medical facilities, in case of serious medical conditions.
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Price display
The median sales price is approximately $650,000 in Phnom Penh
The median price per square meter in Phnom Penh is $25,503
The Phnom Penh area currently has 960 properties for sale