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For much of Phnom Penh’s modern condominium boom , the typical buyer was expected to come from overseas. Condominiums were developed heavily around international investment demand,…
For much of Phnom Penh’s modern condominium boom, the typical buyer was expected to come from overseas.
Condominiums were developed heavily around international investment demand, while many completed units were targeted toward expatriate tenants working and living in Cambodia. Local Cambodian buyers, meanwhile, traditionally showed a stronger preference for landed homes, shophouses and properties within borey developments.
To be honest, that distinction is becoming less clear.
In 2026, young Cambodian professionals, couples and increasingly independent urban households are becoming a more visible part of Phnom Penh’s condominium market.
Realestate.com.kh's 2026 condominium market analysis shows that Cambodian buyers now account for just over one fifth of condo purchases, up from 18.2% in the previous 2025 analysis. International purchasers still represent the majority of transactions, so this is not a complete reversal of the market. It is, however, an important structural change.
More importantly, we are seeing a change in why Cambodians consider condominiums.
For some younger buyers, the decision is becoming less about purchasing the largest possible property and more about finding a home that works with their everyday life.
Location, commute times, affordability, privacy, flexible payment terms, fitness facilities, working spaces and professionally managed common areas increasingly form part of that calculation.
|
Market Indicator |
Latest Available Data |
What It Tells Us |
|
Cambodian share of condo buyers |
Just over 20% in 2026 |
Domestic participation is increasing |
|
Cambodian buyer share in previous analysis |
18.2% in 2025 |
Provides evidence of the upward trend |
|
Phnom Penh share of Cambodia condo sales |
More than 70% |
The capital remains Cambodia's dominant condo market |
|
Average Phnom Penh condo price |
Around US$1,800 per sqm gross |
Central condos increasingly compete across several price points |
|
1 bedroom share of buyer preferences |
61% |
Smaller units dominate buyer demand |
|
2 bedroom share |
20.5% |
Important for couples and smaller families |
|
Studio share |
10.1% |
Smaller portion of purchasing demand |
|
3 bedroom share |
8.4% |
Larger central units remain comparatively limited |
|
Phnom Penh condominium stock |
63,334 units at H2 2025 |
The market has developed substantial existing supply |
|
Cambodia urban population |
Around 7.21 million in 2024 |
Urban lifestyles are becoming increasingly important |
(Sources: Realestate.com.kh's 2026 Cambodia Condo Investment Guide, Knight Frank Cambodia's H2 2025 market analysis and World Bank demographic data)
Foreign buyers still account for more than 75% of condominium purchases recorded in Realestate.com.kh's 2026 market analysis. Yet the direction of domestic demand is increasingly important because local purchasers often evaluate properties differently from purely investment-oriented overseas buyers.
Our 2026 condominium analysis, based on transactional and on-the-ground market activity, highlights increasing interest from Cambodian buyers and renters driven by convenience, modern amenities and more independent lifestyles. Realestate.com.kh has transacted more than 2,000 condominium sales and rentals during the preceding 24 months, providing a substantial base from which these changes can be observed.
Rather than continuing to focus predominantly on speculative high-end products, developers have increasingly adjusted toward more practical and affordable units that better match the purchasing power of Cambodian buyers.
That change matters. Once a development is designed for somebody who might actually live there every day, the priorities begin to change.
Cambodia's demographics help explain why this trend could become increasingly significant.
According to UNFPA, Cambodia is a youthful country with a large working-age population. Its latest demographic materials indicate that approximately 30% of Cambodia's population was under 25 in 2024, while its broader youth data indicates almost one in three Cambodians are aged between 15 and 30.
Cambodia is becoming more urban at the same time.
World Bank figures show Cambodia's urban population reached approximately 7.2 million people in 2024, around 41% of the national population.
READ MORE: How Urbanization is Transforming Cambodia's Real Estate
Phnom Penh sits at the centre of this transformation.
The 2019 census already recorded approximately 2.28 million people in Phnom Penh, while the National Institute of Statistics found that employment was an important motivation for migration to the capital, particularly among working-age Cambodians.
The connection to housing is relatively straightforward.
When work, restaurants, cafés, retail, universities, entertainment and professional services are concentrated within an urban centre, being close to those activities begins to have an economic as well as lifestyle value.
A larger house outside central Phnom Penh may offer more physical space.
A smaller condominium closer to work may offer something increasingly valuable: time!
Landed property remains deeply established within Cambodia's housing market, and boreys continue to be important choices for Cambodian families. The rise of condo living therefore does not mean young Cambodians are abandoning landed housing.
Instead, condominiums are becoming another legitimate option.
Consider a young professional couple working around BKK, Tonle Bassac, Toul Tom Poung or central Phnom Penh. Traditionally, purchasing a larger landed property further from the city centre may have appeared to offer greater value. Right?
But the calculation changes once commuting time, fuel, access to work, fitness memberships, security, maintenance and lifestyle are considered. A centrally located one or two bedroom condominium can package many of those requirements into a single property.
For a first home buyer who does not yet need four bedrooms, a garden and several parking spaces, that can make sense. For newly married couples, it can also offer greater privacy and independence while keeping them close to family, work and the city.
Perhaps the clearest evidence of this shift can be found in the types of units people are purchasing.
According to our 2026 condominium market analysis, one bedroom units represent 61% of Phnom Penh buyer preferences.
Two bedroom units account for another 20.5%, followed by studios at 10.1% and three bedroom units at 8.4%.
|
Unit Type |
Share of Buyer Preference |
|
1 Bedroom |
61.0% |
|
2 Bedrooms |
20.5% |
|
Studio |
10.1% |
|
3 Bedrooms |
8.4% |
This unit mix suits several emerging buyer profiles particularly well. A one bedroom condo can work for a single professional purchasing a first home, a newly married couple or an investor seeking a unit with broad rental appeal.
Two bedroom units can accommodate couples planning for children, small families or professionals who require a second room for working from home.
The success of these configurations is also encouraging developers to rethink how space is used.
Efficient layouts, built-in storage, usable kitchens and multifunctional rooms are increasingly important when buyers are comparing a 45 sqm apartment with another property of a similar size. Usable space is becoming as important as total space.
The strongest condo locations in Phnom Penh also reveal what urban buyers value.
According to Realestate.com.kh's 2026 data, BKK1 accounted for 36.1% of condo buyer interest, considerably ahead of other locations.
What is interesting is that these locations do not all represent the same type of market.
This suggests that the next generation of condo demand may not be concentrated around one definition of "prime".
For owner-occupiers, prime increasingly means a location that makes their personal daily routine easier.
Read more about the most popular areas to buy property in Phnom Penh.
Another major difference in today's market is the importance of amenities.
A decade ago, a swimming pool and small fitness room could be enough for a condominium to market itself as a lifestyle development. That benchmark is moving rapidly.
Recent Phnom Penh projects increasingly offer co-working lounges, libraries, gardens, cinemas, cafés, golf simulators, yoga rooms, saunas, children's facilities and social spaces.
Our 2026 research identifies a wider market shift toward developments that deliver an integrated living environment rather than simply providing apartments.
For younger owner-occupiers, several amenities stand out.
A useful gym can effectively replace an external gym membership while making exercise considerably easier to fit around a working schedule.
Pools, yoga spaces and wellness areas similarly turn amenities into facilities residents may actually use several times per week.
The distinction between home and workplace has changed.
Reliable internet, co-working lounges, quiet meeting spaces and communal areas can therefore add genuine functionality to smaller condominiums.
Gardens, rooftop landscaping and outdoor communal areas can compensate for one of the traditional disadvantages of high-rise living.
Developers are increasingly recognising this.
Pet policies can become an unexpectedly important differentiator among younger households.
Buildings incorporating pet-friendly rules, walking areas or practical pet facilities can access a buyer and tenant segment that many developments historically overlooked.
Controlled access, CCTV, reception services and professional building maintenance remain major advantages of condominium living, particularly for residents who travel frequently or spend long hours away from home.
Our separate guide to the most popular condo amenities in Cambodia for 2026 explores this shift in more detail!
One of the biggest changes developers have made is in how buyers pay.
Our market research has seen developers introduce longer instalment periods, interest-free payment structures and payment plans designed to reduce the amount of capital required at the beginning of a purchase.
In the 2025 market, some structures allowed as much as 50% of the property price to remain payable upon completion, reducing construction-stage exposure for buyers. By 2026, long-term instalment arrangements remained an important part of developers' attempts to align projects with real purchasing demand.
For younger Cambodian buyers building careers and savings, this can significantly affect affordability.
A US$70,000 condominium requiring an aggressive upfront payment is financially very different from a property at the same price with a properly structured multi-year payment schedule.
Local end-users are also likely to pay closer attention to recurring ownership expenses because they are the people who will actually pay those costs every month. Management fees, parking fees, utilities and maintenance arrangements should therefore be considered alongside the purchase price.
However, buyers should be careful about assuming that the lowest management fee represents the best value.
A condominium requires security staff, elevators, cleaning, pools, mechanical systems, common-area electricity and long-term building maintenance. Underfunding those services can eventually affect the quality of the building and potentially the value of individual units.
The more useful questions are:
This is especially important as buyers increasingly evaluate long-term maintenance quality and professional property management, not simply the appearance of a project at launch.
The changing buyer profile is beginning to influence what Phnom Penh developers build.
Knight Frank's H2 2025 assessment described a market moving away from speculative high-end development toward more practical and affordable products aligned with local income levels.
The projects entering Phnom Penh in 2026 reinforce that transition.
Current launches are increasingly emphasising efficient layouts, established urban locations, extensive facilities, credible developers and long-term liveability. For developers, attracting Cambodian end-users also changes the development equation.
An overseas investor might prioritise projected yield, capital appreciation and a guaranteed rental programme.
An owner-occupier may ask very different questions:
These questions ultimately push the market toward better real estate.
The importance of the local buyer goes beyond additional sales. Domestic owner-occupiers can help create a healthier condominium ecosystem.
Buildings occupied by residents rather than predominantly held as investment stock can develop stronger communities and more consistent demand for proper property management, retail, services and neighbourhood infrastructure.
Domestic buyers are also less likely to view Phnom Penh as interchangeable with another international investment destination. Their employment, family networks and lifestyles are already connected to the city.
That creates a different type of housing demand: demand based on actually needing somewhere to live. And that is an important signal for Phnom Penh's maturing condominium market.
Probably not. Well, at least not entirely.
Cambodian families will continue to value land and landed housing, particularly as households grow and buyers look further into the future. But the choice is no longer automatically between purchasing a borey or continuing to live with family.
For a growing group of Cambodians in their 20s and 30s, a third option is becoming increasingly credible:
Own a smaller home, but live closer to the life you actually have.
That may ultimately be the most important change happening in Phnom Penh's residential market. The rise of the Cambodian condo buyer is not simply a property trend.
It is part of a wider evolution in how a young, increasingly urban generation thinks about independence, convenience, work, leisure and what a home needs to provide.
And as that generation's purchasing power grows, developers will increasingly have to design Phnom Penh's condominiums around them.
Realestate.com.kh, Cambodia's leading real estate agency and brokerage, works with buyers across Cambodia's condominium market, from first-time local purchasers and owner-occupiers to investors searching for rental income and long-term opportunities.
Explore condos and apartments for sale in Phnom Penh, compare locations, prices and developments, or speak with our team for guidance on selecting a property that fits your budget and lifestyle.
As Cambodia's leading real estate agency, we combine live property listings, transactional market data and local expertise to help buyers make more informed property decisions!
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