Commercial Real Estate in Cambodia – Market, Prices & Investment Outlook 2025

Commercial Real Estate in Cambodia 2025 – Prices, ROI, Key Locations (Phnom Penh, Sihanoukville, Siem Reap)

Cambodia in 2025 is attracting growing interest from institutional and private investors. Economic growth of approximately 5.8% (World Bank 2025), a dollarized economy, and stable property rights make the country one of the most attractive commercial real estate markets in ASEAN. Below is a comprehensive overview of market structure, pricing, ROI, and key locations: Phnom Penh, Sihanoukville, and Siem Reap.

1. Why Cambodia Attracts Commercial Investors

• ✅ Currency stability (USD) – zero exchange rate risk.
• ✅ Liberal regulations – foreigners can operate businesses and acquire properties (condo/strata title) and projects under leasehold.
• ✅ Strong demand for office and retail space – business registration growth of ~+38% since 2020.
• ✅ Low taxes and straightforward registration procedures.

💡 Knight Frank Cambodia Market Outlook 2025: the commercial segment represents approximately 25% of the total property market value, with annual ROI reaching 10–12%.

2. Market Structure and Price Ranges

Reference exchange rate: 1 USD = 4.3 PLN

Segment	Description	ROI	Price per sqm (USD)	Price per sqm (PLN)
Office	Business centers in Phnom Penh, Tonle Bassac	8–10%	2,000–4,000	8,600–17,200
Retail	Shops, malls, cafes	10–12% ✅	1,800–3,500	7,700–15,000
Industrial/Warehouses	PP SEZ, Sihanoukville SEZ	9–11%	1,000–1,800	4,300–7,700
Mixed-use	Office-residential	8–9%	2,500–3,800	10,800–16,400
Hotels & Resorts	Sihanoukville, Siem Reap	9–13% ✅	2,000–5,000	8,600–21,500

📄 Sources: CBRE Cambodia MarketView 2025, Knight Frank Cambodia Q2 2024.

3. Phnom Penh – Cambodia's Financial Hub

The capital concentrates approximately 70% of Grade A and B office supply and most retail properties. Strongest districts: BKK1 (banks, embassies), Tonle Bassac (offices and retail), Chroy Changvar (mixed-use and business parks).

Property Type	Average ROI	Rent (USD/sqm/month)	Rent (PLN/sqm/month)
Grade A Office	8–9%	35–40	150–170
Grade B Office	9–10%	25–30	110–130
Ground Floor Retail	10–12% ✅	40–60	170–260

💡 Notable projects: Vattanac Capital Tower, The Peak, Urban Village, Le Condé BKK1.

4. Sihanoukville – Tourism & Logistics

This port city, following port modernization and the new highway connection to Phnom Penh, is rapidly increasing its potential in the hospitality and warehouse sectors. Additionally, the SSEZ (Special Economic Zone) is expanding.

Investment Type	ROI	Price (USD/sqm)	Price (PLN/sqm)
Hotels & Resorts	10–13% ✅	2,000–4,000	8,600–17,200
Warehouses (SEZ)	9–11%	1,000–1,800	4,300–7,700
Service Units	9–10%	1,500–2,800	6,400–12,000

📄 Sources: Sihanoukville SEZ Authority, CBRE Cambodia Coastal Development Report 2025.

5. Siem Reap – Tourism Rebound, Boutique Hotels

Post-pandemic, the city is recording a strong tourist recovery (2025: ~+35% y/y). Growing demand for boutique hotels and F&B establishments in areas near Angkor.

Property Type	ROI	Price (USD/sqm)	Price (PLN/sqm)
Boutique Hotel	9–11%	2,000–3,500	8,600–15,000
Service Units	8–10%	1,200–2,000	5,100–8,600
Investment Land	7–9%	80–150	340–650

📄 Source: Ministry of Tourism Cambodia.

6. Property Rights and Investment Security

• Hard Title / Strata Title – full registration, high level of legal protection.
• Entry structures: purchase with Strata Title, Cambodian company (Land Holding Company), long-term leasehold (up to ~50 years with renewal options).
• Investor protection: BIT agreements, ICSID arbitration.

📄 More information: Ministry of Land Management, Urban Planning and Construction.

7. Taxes and Transaction Costs (Commercial)

Item	Rate	Value in PLN (approximate)
Transfer Tax	4%	approx. 17,200 PLN / 100,000 USD
Company Registration	500–800 USD	2,150–3,440 PLN
Annual Property Tax	0.1% of value	approx. 430 PLN / 100,000 USD
Rental Income Tax (companies)	10%	on revenue

8. 2025 Trends – Market Drivers

• Growing demand for flexible office space (coworking, serviced offices).
• Logistics expansion – Phnom Penh SEZ, Sihanoukville SEZ.
• Foreign capital from China, Korea, and increasingly from Poland.
• Premium locations along major transportation corridors.
• Digitalization of property ownership – e-Land Title system.

Summary

Cambodia (2025) offers 9–12% ROI in the commercial segment, legal stability, and dynamic infrastructure development. A dollarized economy, low taxes, and liberal regulations make it one of the most investor-friendly markets in ASEAN. For Polish investors, this represents an opportunity to diversify their portfolio and gain exposure to a market with significant growth potential.

FAQ

Can foreigners invest in commercial real estate?
Yes – through a Cambodian company, long-term leasehold, or purchasing units with Strata Title.

What ROI do commercial investments offer?
Average 9–12% annually, depending on location and segment (retail/hotel/office/warehouse).

Is the market safe for foreign investors?
Yes – BIT/ICSID protection applies, and the title regime (Hard/Strata) ensures a high level of security.

Does Varsovia Estate handle commercial projects in Cambodia?
Yes – we provide legal advisory, ROI analysis, and full investment support in Phnom Penh, Sihanoukville, and Siem Reap.

About Varsovia Estate

Varsovia Estate is a Polish agency specializing in premium real estate in Thailand and Cambodia. We assist investors in analyzing, purchasing, and managing properties in Southeast Asia. We combine European service standards with local expertise and experience. Our goal is to ensure maximum security and profitability for our clients' investments.