Phnom Penh's
Real Estate Market 2024: Trend and Opportunities
Phnom Penh's real estate market was evolving rapidly back in 2024, with strong economic growth, foreign investments, and major infrastructure development shaping its future.
Economic Growth and Investment
Cambodia’s GDP is projected to rise to 5.8% in 2024 and 6.4% by 2026, supported by trade agreements and expanding partnerships. Inflation has dropped to 0.5%, signaling strong economic recovery. Foreign Direct Investment (FDI) remains robust at $6.9 billion, with China leading at 45.6% of total investment.
Sector Highlights
Hospitality: Over 14,300 hotel rooms are available, and while new projects have slowed, demand is expected to rise with the completion of Techo International Airport in 2025.
Office Spaces: The city added 100,000 sqm of office space in 2024, with another 320,000 sqm in development. However, rental prices are declining as supply outpaces demand.
Condominiums: The supply of new units has dropped 42% compared to 2023, helping balance the market. Mid-range projects remain popular with local buyers.
Serviced Apartments: With 6,000 units in the market, rental rates have increased 5% due to limited new supply.
Landed Property: Supply has decreased 80%, but demand remains strong, particularly in prime locations benefiting from new infrastructure.
Retail: Retail space supply has dropped by 45%, but innovative developments like Riverlight and Koh Norea Retail Podium are attracting strong interest. 40,000 sqm of new retail space is set to launch in 2025.
Land Market Insights
Phnom Penh’s land market is shifting, with southern areas such as Chbar Ampov and Meanchey gaining traction due to improved infrastructure. Notably, Akreiy Ksatr saw a 24% land price increase, while other areas experienced minor fluctuations.
Outlook for 2025 and Beyond
With major infrastructure projects, a growing economy, and a stabilizing real estate market, Phnom Penh continues to offer exciting opportunities for investors and property seekers. The city’s development trajectory points to long-term growth, making it a market to watch in Southeast Asia.
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