August 2021 Condominium market overview in Phnom Penh

Sept. 6, 2021, 4:30 p.m.

Phnom Penh's property market in August 2021 largely saw a continuation of the reprieve experienced in July 2021 with a few road bumps from newly reported delta variant cases in the city and the brief reintroduction of city-wide quarantine measures.

According to Realestate.com.kh’s Market Trends, property searches in central districts slid in August 2021 compared to July 2021. Lower searches for central districts are likely in response to the city-wide quarantine measures to mitigate the number of delta-variant cases in Phnom Penh. It is worth noting that this month’s search figures, despite being lower than July’s, remain well above figures in April-June 2021.

The growing number of delta cases has not gone unanswered by health authorities. Vaccine arrivals into Cambodia continue on an almost weekly basis, with portions being allocated as booster shots to help prevent the spread of the delta variant of COVID-19.

Cambodia’s vaccine rollout has been noted by regional observers as one of the fastest in Southeast Asia. According to Mekong Strategic Partners, an investment and advisory firm with operations across the Greater Mekong region, Phnom Penh is one of the most vaccinated capital in the world, with around 99% of adults fully vaccinated.

Sale Prices

Phnom Penh’s sales prices largely remain below pre-pandemic figures. However, this trend may be starting to upend itself with a notable stabilization in median sale prices for apartments/condos.

Unit Size Median Price per Sqm Median Unit Size
1 bedroom $1,854 47 sqm
2 bedroom $2,169 72 sqm
3 bedroom $2,581 112 sqm

In August 2021, 1-bedroom unit price per square metre picked up by 2% from July 2021 while 2-bedroom and 3-bedroom unit price per square metre slid by marginal -1.23% and -0.50%, respectively. Outright price adjustments are becoming few and far between outside of special time-limited promotions from developers/agencies. Whether this is a sign of a stabilizing market poised for a price increase - provided no further disruptions from quarantines - will be something worth considering as a buyer still on the fence.

Rent Prices

Realestate.com.kh’s Market Trends shows little-to-no changes in August from July’s recorded prices. Though not on the same volume as before the pandemic, Realestate.com.kh’s own leads services team has noted a significant increase in rental inquiries in Phnom Penh, particularly from tourists and expatriates.

August 2021 Median Price by Bedroom for Apartments for Rent:

  • 1-bedroom apartment rent per month: 600 USD (No change from July)
  • 2-bedroom apartment rent per month: 1,000 USD (No change from July)
  • 3-bedroom apartment rent per month: 2,000 USD (5.26% change from July)

Prices displayed above are median values, lower-priced accommodations can be found in Realestate.com.kh’s properties for rent in Phnom Penh page.

District and Property Type Popularity in Phnom Penh

Realestate.com.kh Market Trends notes a decrease in search figures following the rise of the delta variant and subsequent implementation of new quarantine measures back in August. Nevertheless, overall search figures remained higher compared to April-June 2021.

Worth noting for the month of August is the uptick in searches for properties in Sen Sok, Por Sen Chey, and Dangkao - all outer districts set to benefit from Phnom Penh’s continued outward expansion.

Most popular districts in Phnom Penh as of August 2021:

Chamkarmon - Remains the most popular district to look for property in Phnom Penh in August 2021. It is a popular place for renters looking for accommodations at reasonable prices. Popular subdistricts are Tonle Bassac and Toul Tompoung I. Most popular property types searched:

  • Apartment/condo
  • Landed house
  • Commercial property
  • Land property

Boeung Keng Kang - The BKK1 area remains a popular choice among many property seekers, especially among the well-to-do in Phnom Penh. The BKK district’s popularity stems from its central location, modern residential choices, and quality-of-life conveniences. Most popular property types searched:

  • Apartment/condo
  • Landed house
  • Commercial property
  • Land property

Daun Penh - The primary CBD of Phnom Penh where key tourist attractions are located and where most multi-national companies are based. It is the central district and most developed district of Phnom Penh. Most popular property types searched:

  • Apartment/condo
  • Landed house
  • Commercial property
  • Land property

Chroy Changvar - This peninsular district has overtaken other outer districts like Sen Sok as property developers and home buyers look to this area as the next suburban development hotspot in Phnom Penh. Most popular property types searched:

  • Landed house
  • Apartment/condo
  • Land property
  • Commercial property

Sen Sok - Sen Sok is a fast-developing district in the outskirts Phnom Penh that will soon see it as the new center of activity in the metro’s northwest. The district’s potential for more development continues to make it a popular landed residential choice for many middle-class Cambodians.

  • Landed house
  • Apartment/condo
  • Land property
  • Commercial property

Realestate.com.kh’s Condominium Overview in Phnom Penh is a monthly report based on its internal developer tracking and data collected from over 30,000 live property listings across Cambodia.

If you’re interested in property in Phnom Penh, let us know by contacting our property advisors below!

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