Cambodia Property Prices per m² in 2026: From $1,200 to $4,500
In Phnom Penh, a new condominium apartment can be purchased for around $1,800 per m². In Bangkok, a comparable standard costs approximately $3,200 per m². That difference of nearly 44% explains why international capital is increasingly flowing toward Cambodia rather than the more mature markets of Southeast Asia.
Cambodia operates as a fully dollarized economy. Real estate transactions are conducted in USD, which eliminates currency risk against the Cambodian riel (KHR) and simplifies calculations for investors from Europe, North America, or any USD-adjacent market. A 45 m² apartment in central Phnom Penh ranges from $81,000 to $110,000, a price point that competes directly with entry-level studio properties in cities such as Warsaw, Prague, or Lisbon.
But price per square metre is only the starting point. What matters to a serious investor is rental yield, ownership structure, market liquidity, and developer quality. This article breaks down each of those dimensions across Cambodia's main investment markets.
Quick answer
- Phnom Penh city centre (BKK1, Tonle Bassac): $2,200, $4,500/m² for new condominiums with hard title ownership
- Phnom Penh suburbs (Sen Sok, Chbar Ampov): $1,200, $1,800/m² for off-plan and pre-completion projects
- Sihanoukville: $1,400, $2,800/m², but the market carries significant oversupply following the Chinese investment boom
- Siem Reap: $1,000, $1,600/m² for boutique projects, supported by tourism demand and limited supply
- Gross rental yields: 6-9% annually in Phnom Penh; 4-8% in Siem Reap
- Foreign ownership: restricted to units on the first floor and above; at least 70% of any building must remain in Cambodian hands
Options and scenarios
Scenario 1: Central Phnom Penh condominium for long-term rental
The BKK1 and Tonle Bassac districts attract expatriates, staff from international organisations, and corporate tenants. A 55 m² apartment in a project completed in 2025 costs approximately $2,800/m², totalling around $154,000. Monthly gross rental income for such a unit ranges from $900 to $1,100.
Sample return calculation:
- Purchase price: $154,000
- Annual rental income (at $1,000/month): $12,000
- Property management fees (8%) plus community charges (~$1,200/year): $2,160
- Net income: $9,840
- Net yield: approximately 6.4% per year
By comparison, an equivalent apartment in Bangkok's Sukhumvit corridor delivers 3.8-4.5% net yield at roughly double the entry price.
Scenario 2: Off-plan purchase in Phnom Penh suburbs
The Sen Sok district is undergoing rapid urban expansion. Developers are offering off-plan units at $1,300, $1,500/m² with payment schedules spread over 24-30 months. This reduces the capital barrier significantly, the initial deposit is typically 20-30% of the total value. Key risks include construction delays, lower resale liquidity, and the unproven track records of some developers entering the market.
Scenario 3: Sihanoukville, opportunity or value trap?
The city experienced a speculative boom driven by Chinese capital between 2017 and 2019. Following the government's ban on online casinos and the subsequent exit of Chinese investors, prices dropped 30-40% from their peak. Completed units are now available at $1,400, $1,800/m². The Cambodian government is investing in infrastructure, a new port and a highway link to Phnom Penh, but the condominium vacancy rate still exceeds 40% by most market estimates. This scenario suits investors with a high risk tolerance and an investment horizon of at least 7-10 years.
Scenario 4: Siem Reap, tourism and boutique hospitality
The new Siem Reap Angkor International Airport (SAI), which opened in 2023, is reshaping the city's growth dynamics. Land prices along the airport road have risen 25-35% over two years. Condominiums are rare here, the market is dominated by houses and villas on long-term land leases (up to 99 years). Boutique apartment prices start from $1,000/m², while short-term rental yields (Airbnb, Booking.com) can reach 8-11% gross during peak season.
Comparison table
| Parameter | Phnom Penh Centre | Phnom Penh Suburbs | Sihanoukville | Siem Reap |
|---|---|---|---|---|
| Price per m² (USD) | $2,200, $4,500 | $1,200, $1,800 | $1,400, $2,800 | $1,000, $1,600 |
| Gross rental yield | 6-9% | 7-10% | 3-6% | 4-8% |
| Vacancy rate | 10-15% | 15-25% | 35-45% | 10-20% |
| Market liquidity | High | Moderate | Low | Low to moderate |
| Hard title condo available | Yes | Yes | Yes (limited supply) | Very rarely |
| Primary tenant profile | Expats, corporate tenants | Middle class, students | Tourists, hospitality staff | Tourists, NGO workers |
| Recommended investment horizon | 3-7 years | 5-10 years | 7-10+ years | 5-10 years |
Risks and mistakes
No land ownership for foreigners. Foreign nationals cannot own land in Cambodia. The law permits foreigners to purchase units in multi-storey condominiums with hard title, and only from the first floor upward. Ground-floor and basement units are reserved for Cambodian citizens. An alternative structure involves a Cambodian-majority company with a foreign shareholder (nominee arrangement), but this carries a substantial risk of losing effective control over the asset.
Leasehold is not ownership. Long-term lease agreements (50-99 years) are widely used, but their enforceability in Cambodian courts can be unpredictable. Investors should work exclusively with established legal firms experienced in advising foreign clients on property transactions.
Oversupply in Sihanoukville. According to market data from CBRE Cambodia, the city holds over 40,000 completed condominium units against demand that absorbs barely half of that supply. Further price erosion is possible before the market stabilises.
Developer quality risk. Cambodia's real estate market lacks an equivalent of the buyer-protection guarantee funds that exist in some European markets. Developer insolvency typically results in the total loss of payments made. The core principle: purchase only in completed projects or from developers with a portfolio of at least three delivered buildings.
Tax obligations in your home country. Rental income from Cambodian property is taxable in Cambodia at a rate of 14% on rental revenues. Transfer tax on property purchases is 4% of the transaction value. Additional legal and notarial fees amount to 1-2%, making total transaction costs approximately 5-6% of the purchase price. International investors should consult a tax adviser regarding treatment of foreign-sourced rental income in their country of residence, particularly where no double taxation treaty with Cambodia exists.
Exit strategy. The secondary market for condominiums in Phnom Penh is relatively thin. Average time to sale in prime locations (BKK1, Tonle Bassac) is 6-18 months. For less sought-after projects, the process can extend beyond two years. Investors should plan for a minimum five-year holding period and treat rental income as the primary return driver.
FAQ
What is the price per m² for property in Phnom Penh in 2026?
In central districts such as BKK1, Tonle Bassac, and Daun Penh, new condominium prices range from $2,200 to $4,500 per m². In suburban areas like Sen Sok and Chbar Ampov, entry-level pricing starts at around $1,200 per m².
Can a foreign national legally buy property in Cambodia?
Yes, with restrictions. Foreign buyers can acquire condominium units with hard title from the first floor upward. Land ownership is not permitted for foreigners. Alternatives include long-term leasehold agreements (up to 99 years) or structuring a purchase through a Cambodian-majority company, each carrying its own legal and practical risks.
What rental yields can investors expect in Cambodia?
In Phnom Penh, gross rental yields typically range from 6 to 9% annually. After deducting management fees, vacancy allowances, and local charges, net yields fall to approximately 4.5-6.5%. This compares favourably with Bangkok (3-4.5% net) and most Western European capitals.
In what currency are Cambodian property transactions conducted?
All real estate transactions in Cambodia are conducted in US dollars (USD). Cambodia is one of the most dollarized economies in the world. Prices, rents, and contracts are denominated in USD, which eliminates currency risk relative to the local Cambodian riel.
Is Sihanoukville a good investment market in 2026?
Sihanoukville is a high-risk market. Vacancy rates exceed 40% and prices have fallen 30-40% from their 2019 peak. There is a credible long-term thesis supported by government infrastructure investment and a special economic zone, but it requires a 7-10 year horizon and genuine tolerance for uncertainty.
What taxes apply to foreign investors buying property in Cambodia?
A 4% transfer tax applies on the purchase of any property. Rental income is subject to a 14% withholding tax in Cambodia. Investors should verify the tax treatment of foreign-sourced income in their country of residence. In the absence of a bilateral tax treaty between Cambodia and many Western countries, professional tax advice is essential.
How long does it take to resell a condominium in Phnom Penh?
In prime locations such as BKK1 and Tonle Bassac, the average resale timeline is 6-18 months. In less desirable projects or peripheral locations, the process can exceed two years. The secondary condominium market in Phnom Penh is considerably thinner than in Bangkok.
How do I travel to Cambodia from Europe or North America?
There are no direct flights from most Western cities to Phnom Penh. Common connections pass through Doha, Dubai, Singapore, or Bangkok. Total travel time ranges from 14 to 20 hours depending on the route and layover. Cambodia operates on UTC+7.
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