Last time we looked at the new Market Analysis 2025 – Cambodia Condominium Report from Realestate.com.kh and focused on trend changes and development in both sales and rental market demographics of key buyer and renter groups in Phnom Penh.

With this detailed report, you get an honest, data-backed insight which can empower buyers, sellers, and developers to make informed choices in the Cambodian real estate markets, and specifically when it comes to condos.

It should be noted that the terms “condo” and “apartment” are often used interchangeably in Cambodia.

Tom O’Sullivan, CEO of realestate.com.kh, said, “Sales activity in the condo market is strong, particularly in well-built, well-located developments—a clear sign of a ‘flight to quality, ‘ and although he does say the opportunities are real, you still need to consider the risks.

Phnom Penh serves as the country’s political and economic centre and sees the most real estate activity, with the largest number of condos being added to the capital.

Siem Reap is home to the world-renowned Angkor Wat temple and also has its appeal, while along the southern coast, Sihanoukville offers a gateway to Cambodia’s tropical islands and remains a vital part of Cambodia’s ongoing growth. 5% of total transactions were in Siem Reap, with 2% taking place in Sihanoukville.

Read more: Is Phnom Penh’s Condo Market Still a Good Investment in 2025?

What is Appealing to Cambodian Condo Buyers?

Sotha Vatey, Sales Director at realestate.com.kh, explained that the demands for quality condos mean “there is also a strong emphasis on livability and lifestyle. Developers are expanding their amenities beyond the standard pool and gym, incorporating co-working spaces, libraries, gardens, rock climbing walls, golf simulators, cafés, restaurants, and more.”

In terms of the preferences shown among buyers of condos in Cambodia, and in Phnom Penh in particular, 1-bedroom units have dominated buyer preferences and remain the most popular choice among investors due to their affordability, ease of rental, and strong appeal to singles and couples.

• One-bedroom condos contributed up to 61% of the total unit mix
• Two-bedroom units contributed 20.5%
• Studio rooms contributed 10.1%
• Three-bedroom units contributed 8.4%

In the Cambodian capital, it was also noted that there is a lack of supply of centrally located 3-bedroom units for rent, which presents a growing opportunity as demand rises.

Read more: Is Phnom Penh Really That Expensive to Live In?

The report’s data suggest that there is a strong preference for central Phnom Penh locations to buy condos, with BKK1 holding onto its most desirable location yet again, followed by Toul Tom Poung.

Top 5 Areas To Buy in Phnom Penh

1. Boeung Keng Kang 1 (33.6 %) average price/sqm US $2,000
BKK1 is seen as a safe area with proven returns from a premium neighbourhood, and investors are drawn to its consistent demand, high rental yields, and low vacancy rates. The central location ensures strong resale value and makes it desirable for investors seeking stability and capital appreciation.

2. TTP (15.5%) average price/sqm US $1,200
The area known as Russian Market remains fast-growing and a lifestyle hub with a strong local-foreigner blend. TTP has a vibrant culture and offers affordability, thus attracting buyers priced out of BKK1 and Tonle Bassac.

3. Toul Kork (15.2%) average price/sqm US $1,450
The area is home to the growing middle class as well as being favoured by affluent Cambodian families, while the condo options make it more accessible to middle-class and younger buyers. The location offers easy access to the CBD the pricing of the condos here appeals to those working in the city centre.

Read more: What’s Driving the Real Estate Boom in Bavet, Sihanoukville, Koh Kong, and Poipet?

4. Chroy Changvar (8.7%) average price/sqm US $1,700
Offering riverside living with rising infrastructure-led value, the area’s improved connectivity, as well as relatively peaceful riverside living and open spaces, has seen its popularity grow as it has long-term growth potential.

5. Chbar Ampov (7.7%) average price/sqm US $1,600
The district is rapidly developing and more affordable than the other areas, with prices generally below the city average. Located in the southeast of Phnom Penh, Chbar Ampov is connected with newer transport links, which also make it more convenient to live in.

In terms of pricing in Phnom Penh, the average price per square meter is US $1,800 gross, with Tonle Bassac demanding the highest prices of an average of US $2,500.

What Are Phnom Penh Condo Renters Looking For?

In terms of what renters of condos desire in Phnom Penh, 1-bedroom units dominate rental demand in the same way

1-bedroom condos lead sales. In terms of preferences and average rental prices per month in the capital:

• One-bedroom condos 72% – US $350
• Two-bedroom units contributed 18% US $500
• Three-bedroom units contributed 5% US $900
• Studio rooms contributed 5% US $1,322

Studio units make up just 5% of long-term rental demand but perform better in the short-term market.

Best 5 Areas To Rent in Phnom Penh

The most popular areas to rent show some stark differences from where buyers are looking to invest in Phnom Penh.

1. BKK1 18.5%
2. Toul Kork 16%
3. Tonle Bassac 15.4%
4. Daun Penh 12.2%
5. TTP 11.4%

The full range of average rental options for unit types in each area. It is worth noting that BKK1 (Boeung Keng Kang 1), which commands the most premium rents in the city, one-bedrooms average US $800, two-bedrooms are US $1,450, and three-bedrooms average US $2,550. In Tonle Bassac and Toul Tom Poung (Russian Market), one-bedroom units average US $600 per month compared to US $500 in Toul Kork.

In Tonle Bassac and Toul Tom Poung (Russian Market), one-bedroom units average US $600 per month compared to US $500 in Toul Kork.

Read more: Top 12 Reasons Why Buying a Condo in Cambodia is a Smart Move

Major handovers are expected in 2025, including Le Condé BKK1 (1,000+ units), Vue Aston (800 units), and Time Square 306 (350 units), bringing over 2,000 units to the market. According to data in the report, on average, it takes around 12 to 18 months after a new apartment building is completed to fully understand how the rental market absorbs the new stock

You can see additional case studies, real estate checklists, a breakdown of fees and more are available in the report, which can be downloaded for free. http://www.realestate.com.kh

The Changing Phases of the Condo Sector in Phnom Penh.

Over the past decade, Phnom Penh’s condominium sector has undergone a remarkable transformation — shaped by foreign capital, pandemic-related resets, and now, a growing wave of domestic buyers and shifting regional dynamics. From skyscrapers funded by Chinese investors to urban apartments occupied by young Cambodians, the city’s skyline tells a story of both ambition and adjustment.

But even as the market recovers from past excesses, natural events in neighboring countries — like earthquakes in Myanmar and Thailand — are now introducing a new variable: safety-driven buyer behavior.

The Rise: Chinese Capital and Sky-High Dreams

Before the Covid-19 pandemic, the condo market in Phnom Penh was on fire. Developers launched wave after wave of high-end projects aimed at international investors, primarily from China, Taiwan, Hong Kong, and Singapore. With Cambodia’s economy growing at 6.8 percent and an open-door investment policy, foreigners rushed in.

In 2018, high-end condos sold at an average of $3,260 per square meter (psm), mid-range units fetched $2,562 psm, and affordable units were around $1,466 psm, according to CBRE. These prices reflected both demand and the speculative optimism that defined the boom years.

Yet, this surge was not without its flaws. Tom O’Sullivan, CEO of Realestate.com.kh, put it bluntly: “Many of these projects have since been exposed — post-Covid — for delivering poor-quality construction that in no way reflects the price buyers originally paid.”

The overhang? Roughly 30% of units remain unsold as of March 2025.

Read more: Is Phnom Penh Really That Expensive to Live In?

The Reset: Pandemic, Price Corrections, and Local Buyers

The pandemic hit pause on Cambodia’s property boom. Chinese capital retreated, projects stalled or slowed, and many developers found themselves stuck with unsold inventory.

“Developers are getting more creative as to how to move unallocated stock,” said James Whitehead, Investment Advisor at IPS Cambodia.

Between January 2023 and December 2024, the average sale price in Phnom Penh’s prized BKK1 district dropped to $2,000 psm. Condos now range from $800 to $2,550 psm depending on location and layout — a far cry from the highs of the late 2010s.

This market correction paved the way for local buyers. Realestate.com.kh reports that 18.8 percent of 1,000 condos sold in the last 24 months were bought by Cambodians — a sign of growing incomes, urbanisation, and lifestyle shifts.

“Many young professionals are looking to rent condominiums in more central locations [now] to reduce commute times,” noted Ross Wheble, Country Head of Knight Frank Cambodia.

The Human Story: Young Cambodians Choose Condo Living

Take Saosopheakneath Bun, a 27-year-old working at Impact Hub. She recently purchased a $30,000 studio at Arakawa Residence using a mortgage.

“I love living in a condo. There is an elevator, waste management, a food court, and a convenient store and a lot of street food nearby,” she told Kiripost. Her only gripe? Paying $44 a month for parking.

Her colleague Bank Vath, also a young professional, echoed a common theme among locals: safety. “My family felt unsafe living in local rental houses. We have two bedrooms in our unit. I don’t think the cost of the unit is pricey,” he said of their $70,000 home.

These stories represent a shift — not just from renting to owning, but from traditional housing preferences to urban convenience.

Earthquakes in the Region Spark Condo Safety Concerns

While Cambodia itself is not known for frequent seismic activity, recent earthquakes in Myanmar and northern Thailand have sparked concerns among property buyers and developers.

Read more: What’s Driving the Real Estate Boom in Bavet, Sihanoukville, Koh Kong, and Poipet?

A 5.8 magnitude quake in Myanmar earlier this year was reportedly felt as far as Siem Reap and Phnom Penh, reminding residents of the region’s interconnected geology.

Experts note that although Phnom Penh is outside major fault zones, the quality of construction in older condo buildings — particularly those rushed during the pre-pandemic boom — is raising red flags.

“We’ve had developers with no experience putting up towers just to cash in,” said O’Sullivan. “Now that safety is a more conscious factor, newer, reputable projects with better engineering standards are attracting more interest.”

This subtle yet real fear is nudging Cambodian and foreign buyers alike to scrutinise structural quality and earthquake resilience. “The Thai quake made me rethink where I want to live,” shared a Phnom Penh-based expat on an online forum. “I’d rather pay more for a building with proper engineering than risk my family’s safety.”

The Shift: Domestic Market and Strategic Pricing

Developers have started to listen. The post-2022 recovery brought a new class of projects — realistic in price, targeted to domestic needs, and built to higher standards.

“There is now a clear undersupply of properties that meet actual demand,” said O’Sullivan. “The real issue is a mismatch between supply and what the market actually wants.”

This includes bigger units with functional layouts, good locations, and better amenities. As Whitehead explains: “No one wants to buy an overpriced studio in BKK1 that can only deliver a four to five percent yearly yield… But well-priced, well-designed units for families? That’s the sweet spot.”

Read more: How Do the Rich People Make Money in Cambodia?

Who’s Buying? A Changing Investor Profile

Realestate.com.kh data shows that while Cambodians dominate the rental market (13.8%), foreigners still own the majority of condo units. Interestingly, Americans now top the list at 10.3% of foreign buyers, surpassing Chinese (6.7%), Singaporeans (7%), and British (6.7%).

“The online gambling ban in 2019 significantly reduced speculative inflows,” said O’Sullivan, explaining the shift in Chinese investor behavior. But things are changing again.

After Chinese President Xi Jinping’s 2025 visit to Cambodia, “we’re now seeing a different class of Chinese investor re-engage with the market — more business-driven and focused on long-term opportunities,” O’Sullivan said.

The entrance of brands like BYD into Cambodia supports this narrative of renewed Chinese confidence.

Looking Forward: 70,000 Units by 2025 and a Cautious Optimism

By the end of 2025, Phnom Penh will host over 70,000 condo units, with about 9,000 more coming online in the near term. Developers are responding to actual buyer needs, offering better payment plans and diversified unit layouts.

The most in-demand properties? One-bedroom units in central districts like BKK1, Toul Kork, and Tonle Bassac, accounting for 61 percent of all units.

“We expect the trajectory to move upward over time,” said O’Sullivan. “The fundamentals are there: rising incomes, infrastructure investments, urbanisation and — most importantly — smarter development.”

Condos in Phnom Penh — Still Climbing, but with Caution

Phnom Penh’s condo market has matured through a painful but necessary evolution. It has transitioned from foreign-fueled frenzy to a more balanced ecosystem, involving both international and domestic players, and shaped now by not just profits — but safety, lifestyle, and real-world functionality.

As natural disasters in the region raise fresh concerns and domestic buyers become more influential, the industry is adjusting again.

The future of condos in Phnom Penh may no longer lie in luxury alone — but in quality, affordability, and safety that meet the demands of a modern, discerning buyer.

What do you think about the condo market in Phnom Penh? Have you experienced the shift firsthand? Share your thoughts in the comments or on our social media channels.

For years, Cambodia relied entirely on neighboring countries for one of the most essential materials in its development—cement. The country once depended on Thailand, Vietnam, Indonesia, and the Philippines to meet its construction needs. Fast forward to 2024, and Cambodia is not only self-sufficient in cement production but has also stepped confidently onto the global stage as an exporter. This remarkable transformation is a story of strategic investment, political stability, industrial development, and visionary leadership.

A Nation Once Dependent on Imports

Before 2007, Cambodia had no domestic cement production facilities. All cement used in the booming construction industry—be it for roads, high-rises, or bridges—had to be imported. This reliance made the country vulnerable to price fluctuations, supply chain disruptions, and trade bottlenecks. It also limited Cambodia’s capacity to independently support its rapid urbanization and infrastructure expansion.

Recognizing this vulnerability, the Cambodian government took decisive steps to build a local cement industry from the ground up.

Building an Industry Brick by Brick

The journey toward self-sufficiency began with the establishment of Kampot Cement Co. Ltd., followed by successive investments that transformed the country’s industrial landscape. Over the past 15 years, Cambodia has welcomed five more major players into the cement sector: Cambodia Cement Chakrey Ting, Chip Mong Insee Cement, Battambang Conch Cement, Thai Bun Rong Cement, and the most recent, Conch KT Cement.

Also read: What Does Real Estate Investment in Cambodia Look Like in 2025?

Together, these six factories represent a total investment of over $1.11 billion and contribute an annual production capacity of around 11 million tonnes—a figure that fully meets domestic demand and supports the growing export ambitions of the Kingdom.

The Turning Point: Inauguration of Conch KT Cement

In 2024, Prime Minister Hun Manet officiated the opening of Conch KT Cement (Phnom Penh) Co., Ltd. in Kampong Speu province. This $250 million plant, a joint venture between Hong Kong-based Conch International Holdings and Battambang Conch Cement, marked a significant milestone in Cambodia’s industrial journey.

This factory alone is set to produce 2.2 million tonnes of cement annually and is expected to create around 1,000 new jobs, further strengthening Cambodia’s manufacturing and employment landscape. With limestone exploration rights secured for over 338 hectares in Kampong Speu’s Oral District, the factory has access to a vital raw material, ensuring long-term production stability.

Cement Exports Become Reality

2024 marked another proud moment for Cambodia: it exported over 30,000 tonnes of cement to Thailand—a full-circle achievement for a country that once depended on its neighbor for cement. This export milestone is more than symbolic; it signifies Cambodia’s readiness to compete in regional markets.

Prime Minister Hun Manet expressed deep pride during the inauguration, stating that Cambodia’s transformation from a 100% importer to a self-sufficient producer and exporter is a testament to the country’s peace, political stability, and investor-friendly policies. He credited “win-win politics” and proactive governance as the foundational drivers behind this success.

A Fast-Growing Sector with More to Come

Cambodia’s cement industry isn’t slowing down. According to Keo Rottanak, Minister of Mines and Energy, three more cement plants are under construction in Kampot, Battambang, and Kratie provinces. Once completed, these plants are expected to add an additional 5 million tonnes of annual production capacity.

This expansion will position Cambodia not just as a cement exporter, but as a significant player in the ASEAN cement market. In 2023 alone, Cambodia’s cement factories produced 8.43 million tonnes of cement. With the new facilities in development, that number is expected to rise sharply, offering new opportunities for both domestic use and exports.

Also read: Why Are These 4 Provinces Emerging as Cambodia’s Next Industrial Hubs?

Strategic Government Support

To sustain the growth of this vital industry, the government is providing significant support. For example, no taxes will be levied on cement factories for the next five years, a move aimed at making Cambodian cement more competitive in price.

In addition, the Ministry of Economy and Finance and the Ministry of Mines and Energy are collaborating on strategies to increase competitiveness and explore international markets. The Cambodian Cement Manufacturers Association has also been tasked with driving expansion beyond local demand.

The Prime Minister has also called for a balanced approach when it comes to issuing new cement licenses. He urged the Ministry of Mines and Energy to carefully review new proposals to avoid market oversaturation and potential business failures, ensuring the long-term health of the industry.

Economic and Environmental Impact

Cement manufacturing has not only supported Cambodia’s construction boom but also stimulated the local economy. With thousands of jobs created across the sector—from limestone mining to factory operations—entire communities have benefited.

In 2024, non-tax revenue from the mining sector, including cement, soared to $100 million, a 79% increase compared to the previous year. This revenue is reinvested in public services, infrastructure, and development projects, creating a positive feedback loop for growth.

Moreover, domestic production reduces the carbon footprint associated with long-distance cement transportation. While cement is not an inherently “green” product, localizing its production is a step toward minimizing the environmental impact.

A Model for Industrial Self-Sufficiency

Cambodia’s cement industry is a model for how a country can move from dependency to dominance through strategic planning, targeted investments, and public-private partnerships. By focusing on core needs and building up internal capacity, Cambodia has laid the groundwork for future industrial transformations in other sectors.

Also read: How Will the Phnom Penh–Siem Reap–Poipet Expressway Boost Local and Regional Business?

The cement sector’s growth is a microcosm of Cambodia’s broader economic ambitions: to become a competitive, self-reliant, and export-driven economy in Southeast Asia.

Final Thoughts: Cementing the Future

Cambodia’s evolution from a cement-importing country to a self-sufficient exporter is a compelling story of national determination, policy coherence, and investor confidence. It showcases what is possible when infrastructure development is paired with good governance and long-term vision.

As Prime Minister Hun Manet affirmed during the latest inauguration, “Cambodia has maintained peace, political stability and macroeconomic stability. The government will continue to make efforts to strengthen the investment climate to attract more investors to Cambodia.”

With the cement sector paving the way, Cambodia’s industrial future looks stronger than ever.

What Do You Think?
Do you believe Cambodia’s cement industry can become a top regional exporter? Share your thoughts, questions, or ideas in the comments. Let’s build the conversation—brick by brick!