The land remains the first choice for real estate investment, the condominiums close the 2nd

The Phnom Penh property market is recovering with renewed confidence from local and foreign buyers. The Cambodia Real Estate Consumer Sentiment Survey 2022, an annual study by, the Kingdom’s largest online property classifieds portal, was recently concluded and covered several aspects of the real estate market under COVID-19.

Survey demographics

The Cambodia Real Estate Survey 2022 was completed by over 2,300 respondents over a 3-week period from January 14 to January 28, 2022. Respondents are a mix of people born in Cambodia (47%), while 29% are Asian nationals, and 23% Western nationalities. Our first survey in 2016 had a response rate of 68% from Cambodians. After Cambodians, the largest nationality of respondents was Chinese.

A more affordable sales market

The survey suggests that more Cambodians think property is affordable now (82%) compared to 2016 (59%). However, salaries have also increased since then, so it makes sense that real estate is now more affordable for buyers in Cambodia.

Data from the website indicates that property prices have generally declined over the past 2 years. However, the depressed prices did not trickle down to land and landed property (like boreys); in some cases, prices have increased. This was reinforced by survey results indicating that a third of local respondents believed prices had risen over the year. Therefore, it is not surprising that land remains a core investment target for local buyers.

Land remains the most popular property type in 2022, followed by condominiums/apartments, villas, shophouses and linkhouses.

Condo rentals are picking up again

Although house types (Shophouse, Linkhouses and Villas) are the most popular properties for rent, 31% of all respondents indicated that they wanted to rent a condo or apartment.

Among Cambodian respondents alone, houses represent almost a third of their preferences, while land also exerts a strong attraction. For Chinese (60%) and Westerners (47%), condos are more favorable, while villas were their second biggest preference.

Of the respondents, around a tenth have a rental budget of over $2,000 per month, indicating a healthy appetite for high-end rentals, especially around the BKK1 area. The remaining vast majority have a monthly budget between $500 and $1,000, while almost a fifth are between $1,000 and $2,000.

Strong demand for home loans

In Cambodia, banks have historically focused on existing housing stock and properties in boreys (gated communities).

A majority (56%) of all respondents indicated that they needed a mortgage to buy their property in Cambodia. About a third of respondents currently have a bank or mortgage loan. As more Cambodian buyers begin to consider condominiums, some banks are beginning to offer special financing options to local condo buyers.

Are you looking for more detailed information on the real estate market in the Kingdom? The Cambodia Real Estate Consumer Sentiment Survey 2022 will be released for free this second quarter of 2022 on the website.

  • Key words: Phnom Penh, real estate market