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Cambodia's Land and Property Market in 2023: Essential Tips for Prospective Investors


Cambodia is one of the fastest-growing economies in Southeast Asia, with an average annual GDP growth rate of 7.1% from 2011 to 2020.

The country's remarkable strides in poverty reduction, infrastructure enhancement, and foreign investment attraction have all played pivotal roles in cultivating Cambodia's vibrant and dynamic property market.

What are the Property Investment Opportunities in Cambodia?

Cambodia offers many opportunities for real estate investors, especially in the condominium sector.

Condos range from affordable units from USD 50,000 to luxurious penthouses worth millions of dollars. The average price per square meter for condos is between USD 1500 to USD 4500, depending on the location and quality of the property.

The main markets for condos are Phnom Penh, Siem Reap, and Sihanoukville, Cambodia's most dynamic and attractive cities.

However, land remains Cambodia's most sought-after and lucrative avenue for real estate investment.

According to a survey, land accounts for 36.6% of the total investment preference in 2023, up from 22.74% in 2022. The land is highly sought for its scarcity, versatility, and appreciation potential. At the same time, land prices can vary significantly depending on the plot's location, size, and zoning.

Condos and apartments are Cambodia's second most preferred type of real estate investment, with a 24% share of the total preference in 2023, slightly higher than 22% in 2022.

Condos and apartments are appealing for their convenience, security, and rental income. Condos and apartments can generate a rental yield of 6 to 15% per year, depending on the property's location, size, and furnishing.

Read more about “Type of real estate in Cambodia"

Are Combodia's land and property a good investment?

2023 is the time to recover the economy in Cambodia and the world. The number of new cases of COVID-19 has been decreasing since late 2022, as 46 million vaccine doses have been administered in the country. As of 31 March 2023, the total vaccination rate was 87.38%.

The Ministry of Land Management, Urban Planning and Construction has issued construction permits for 1,463 projects with an area of 5,000,000m2, investing more than USD 22,270 million for 5 months in 2023, an increase of 138% compared to the same period of 2022.

Mr. Lao Tip Seiha, Secretary of State of the Ministry of Land Management, Urban Planning and Construction, confirmed this in “Discussion on the Real Estate Market Situation in Cambodia’’ on June 23, 2023. 

Most Cambodians and Foreigners see great opportunities in investing in land.

Many real estate experts, including Oknha Mann Chandy, Head of Country IQI Cambodia and Managing Director of Premium Housing Group, mentioned, “Investing in Land provides high return among 8% to 15% per year”. 

However, this growth is not reflected in the economy’s fundamentals but in peoples’ and investors’ psychology and expectations. Recently, Premium Housing Group has been developing land lots by providing Buy Back Guarantee for 4 years with a 12% yearly appreciation rate.

Land investment is the most favourable investment by Cambodians, said Chandy. 

Dr. Ky Sereyvath, an economist at the Royal Academy of Cambodia, observes a substantial surge in demand driven by numerous factors. These include heightened profitability, enticing individuals to invest significantly in this sector.


Does The Cambodian Government favour foreign investors?

Cambodia has a 2010 law grants ownership rights to foreigners for certain types of properties.

However, these rights are limited to buildings with a “Strata Title”, which is only issued for new apartment buildings. Foreigners can own up to 70% of the total units in any co-owned apartment building as long as they are on the first floor or above.

For land, foreigners cannot directly own land in their name, but they have four main options to acquire land in Cambodia:

  • They can set up a company in Cambodia and register the land title under the company name.
  • They can find a Cambodian person they trust and transfer the land title to them.
  • They can marry a Cambodian citizen or obtain Khmer citizenship.
  • They can invest in land through a trustee company registered with the Ministry of Economics and Finance.


What are the Potential Locations?

Cambodia is a fast-growing country that offers many opportunities for foreign investors.

Here are three of Cambodia's most attractive cities to invest in real estate.

1. Phnom Penh

Phnom Penh is Cambodia's capital and largest city, with a population of over 1.5 million.

It is the country's economic, industrial, and cultural hub, attracting many foreign investors and developers. 

The city has rapidly developed various real estate types, from luxury to affordable, catering to different market segments.

The average price for an apartment in Phnom Penh is around USD 2,000 per sqm, and the average rental is between USD 500 to USD 2,000 per month, depending on the property's location, size, and furnishing. The rental yield can reach up to 6 to 8% per year.

Average Phnom Penh House Prices in 2023 

  • DAUN PENH $2,200/m2 -$13,300/m2
  • CHAMKARMORN $1,600/m2 – $7,300/m2
  • RUSSEY KEO $500/m2 – $3,900/m2
  • CHBAR AMPOV $20/m2 – $3,700/m2
  • PREK PNOV $20/m2 – $1,790/m2
  • MAKARA $2,300/m2 – $8,000/m2
  • TOUL KORK $1,900/m2 – $6,100/m2
  • SEN SOK $400/m2 – $4,400/m2
  • POR SEN CHEY $100/m2 – $3,600/m2
  • KAMBOL $30/m2 – $1,890/m2
  • BOEUNG KENG KANG $2,800/m2 – $10,000/m2
  • MEANCHEY $600/m2 – $4,600/m2
  • CHROY CHANGVAR $20/m2 – $,3,500/m2
  • DANGKOR $50/m2 – $2,780/m2

(Source: Why Cambodia Guide, Introduction to Asia’s Emerging Real Estate Economy –


2. Siem Reap

Siem Reap is the second largest city in Cambodia and is famous for its historical and cultural attractions, especially the Angkor Wat temple complex. It is one of the most visited destinations in Asia, with more than 2 million tourists every year. 

Tourism is a significant source of income and employment for the city, creating a high demand for rental properties that serve locals and foreigners.

Siem Reap has fewer luxury developments than Phnom Penh but offers more affordable apartments in and around the city centre.

The average price for an apartment in Siem Reap is between USD 68,000 and USD 163,000, and the average rental is around USD 400 to USD 450 per month.



Sihanoukville is a coastal city in southern Cambodia known for its beaches and islands.

It is a popular destination for domestic and international tourists, especially from China. 

Sihanoukville has recently experienced massive Chinese investment and development, transforming the city into a modern and vibrant place. Sihanoukville has much potential for real estate investors looking for high returns and capital appreciation.

The average price for an apartment in Sihanoukville is between USD 1,500 and USD 3,000 per sqm, and the average rental is between USD 800 and USD 1,500 per month. The rental yield can be as high as 10 to 15% annually.

Related “Must-know” term for real estate in Cambodia

  • In Cambodia, a strata title refers to the ownership certificate of an individual unit in a co-owned building. 
  • LMAP was first introduced in Cambodia in 2002 by the World Bank with authorization by the Government. Its goals were to improve land tenure security by registering and issuing titles.
  • A soft title is the most common Cambodian land title, with about 70% of real estate in the cities having soft titles.
  • A hard title is the official recognition, thus the most potent form of property ownership in Cambodia and considered the most preferred Cambodian land title.

  • Cambodia's current is Cambodian Riel (KHR), but they do accept USD; one USD stands at 4,125+- Riel today.
  • Cambodian citizenship by investment program allows foreigners who wish to stay in this country for a long time to either (1) obtain and extend their business or ordinary visas or (2) apply for Cambodian citizenship.  

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