The up and coming ASEAN hub has everything from the latest breed of luxury sky rise condominiums and opulent french inspired villas located throughout the city's hotspots, to a host of affordable apartments, flats and borey houses outside of the inner-city.
If you are looking for prime retail space or serviced offices for your business, Phnom Penh real estate has all variety of offerings and more and more new developments are appearing every day. The city is compact and manageable for a first time buyer, with very encouraging rules for foreign investors. It's a great time to consider Phnom Penh Real Estate investment opportunities.
Phnom Penh Residential Property Price Ranges:
Flats located in central Phnom Penh cost around $3000 USD p/m2, as averaged across the prime residential areas of Daun Penh, Tuol Kork, Chamkarmon, and 7 Makara. Rents range from $9 – $13 p/m2 per month.
Villas are generally more expensive than flats, at around $3,500 to $4,500 p/m2. Rental prices for villas typically range from as low as around $6p/m2 to $25/m2. However, longer leases, or creating a contract opting to sign as an anchor tenant, may see these rates reduced.
Low-to-middle range apartment developments, targeting the local market, average $350 to $400 a month per unit in the central areas of Phnom Penh City. The high-end and luxury condo market is priced considerably higher than this – but these prices vary greatly across developments depending on scale, location and quality.
Popular Phnom Penh Residential Property Areas:
Phnom Penh real estate is growing very quickly, and Phnom Penh residential properties are developing quickly. BKK1 is seeing many luxury residential apartment developments. Previously home villas were a popular option for families wishing to live in BKK1 and Chamkarmon gernerally, however, many of these villas have now either been demolished and the land sold, or converted into boutique hotels or restaurants.
Other upcoming Phnom Penh residential property areas include Toul Tom Poung/Russian Market and the west and south of the city generally. These locations are very close to central Phnom Penh yet property prices remain considerably cheaper. In addition, growing congestion and a lack of parking in and around the city centre is increasingly causing problems for inner-city Phnom Penh residents.
For these reasons, Olympic City, Tonle Bassac, BKK3 and Wat Phnom are also becoming popular with foreigners and wealthy Khmers looking to rent or purchase property. The Daun Penh and 7 Maraka districts are also seeing a huge amount of development and increased demand at present.
Toul Kork remains a popular area for wealthy Khmer families, and is home to a large number of luxury standalone villas, villa boreys and several new high rise condominium blocks. Especially in outlying areas of the city such as Toul Kork, there has been a rise in gated community developments. These are known as boreys. Boreys offer an alternative to the traditional standalone villas that once dominated Phnom Penh.
Chroy Changvar is also seeing fast development with the introduction of the Chinese bridge over the Tonle Sap. This development has increased the number of lanes, eased congestion and boosted the potential clientele of businesses located on the far side of the river. Having now largely dealt with the infrastructural limitations of the Chroy Changvar, the real estate market in Chroy Changvar is set to boom in the coming years if interest continues to grow.