Living in Phnom Penh
Phnom Penh Real Estate Market Overview
Cambodia’s capital city Phnom Penh is beautifully located on the banks of the Mekong and Tonle Sap Rivers, with a growing population of 2.2 million people. Overseas Investment and expansion in the Tourism, Garment and Agricultural Sectors are fuelling economic growth in Cambodia and there are an estimated 3 500 Non-Governmental Organizations operating in the country.
Cambodia GDP of 7.5% in 2013 along with all the rich cultural and entertainment pleasures the city has to offer, make Phnom Penh an attractive destination for many international expatriates to relocate, retire and invest in the growing Real Estate market.
Phnom Penh Municipality
Phnom Penh Municipality is divided into nine administrative districts (Khans) and further subdivided into 76 Sangkats (Communes).
The map shows the most popular areas for property rental, lease and purchase among international visitors, property developers and expatriates. Locally known by their abbreviations or landmarks, we specialise in expert property services for neighbourhoods including the Sangkats of Riverside, Boeng Keng Kang 1 (BKK1), Boeng Keng Kang II (BKK2), Boeng Keng Kang III (BKK3), Central Market, Toul Kork, Russian Market, Central Market and Toul Kork.
Cambodia Property Market Expansion
The Cambodian Real Estate Market is expanding rapidly and the time has never been better to invest in the condominium, house and commercial sector. Off plan sales have been introduced and professionals, investors and even retirees are all looking to buy and rent property in Phnom Penh. Whilst still steadily rising, comparatively, the city’s property market continues to be much cheaper than most other countries in South East Asia.
This growth has also seen a huge number of apartment blocks popping up in all districts, most of which cater to the needs of international investors and professionals looking to move to Phnom Penh. These newer developments offer the homeowner a range of options, from small home offices; high end villas; serviced apartments with swimming pools and gymnasiums to more compact, lock up and leave studios.
Phnom Penh World Class Amenities
Most local areas are becoming privy to the needs of start-up business owners and real estate investors. Mini marts are a plenty, as are schools, bars, coffee shops and medical facilities. The city has a cosmopolitan dining scene with a range of high end restaurants as more affordable ones to choose from. Cuisine is international as well as local and these restaurants are no longer restricted to one or two neighbourhoods: they can be found all over the city. This allows for people to have more choice when looking to rent or buy property in Phnom Penh.
The whole city is quickly becoming expatriate friendly and each Phnom Penh Municipality or Commune has unique qualities that ultimately help people decide where to rent or buy apartments, houses, condos and villas. Older and more established buildings are generally cheaper to buy or rent and are often laid out in a typically Khmer style.
In all of the districts, older apartments can be found above shops, cafes and businesses. As mentioned, there are a range of brand new luxury developments and many offer skyline apartments, rooftop locations or views of the riverside. There are also plenty of newer buildings that can be rented as office space in Phnom Penh.
What are the average costs of rental and property purchase in Phnom Penh?
Phnom Penh property prices can vary, depending on the usage of the property space, personal taste or the neighbourhood you opt for.
Rentals for international standard apartments, houses, condos, office space and villas range on average between $450-$6000 USD depending on the property type and features.
According to the 2014 Land Survey, per square metre property purchases start at abou This all depends on the type of property: whether it is a simple flat or studio, or whether a luxurious villa or house.
In terms of land for sale in Phnom Penh, average price per square metre in BKK1 ranges from $3,500-$6000. Land in the Russian Market Area commands $2500-$4000. Toul Kork land purchase prices range from $2500-$5000 with the core Riverside district costs being in the region of $3000 to $6000 USD.
Property prices can also vary between the different areas. The popular expat suburbs such as Boeung Keng Kong I (BKK1) command higher rental and purchase prices than the expanding neighbourhoods such as The Russian Market and Toul Kork. However, these previously overlooked areas are rapidly emerging as popular areas for international expatriates to live.
Property prices in these areas of Phnom Penh are generally more affordable than the popular Riverside or Boeung Keng Kong 1 (BKK1) suburbs while the quality of serviced apartments and homes on offer easily equals or outranks the more established neighbourhoods
So, where is the best place to live in Phnom Penh?
The upshot is this: Phnom Penh is a rapidly growing city, one that is brim filled with bars, cafes, entertainment centres, supermarkets and schools. Some areas such as Boeung Keng Kong 1 are quieter, with tree lined avenues and more spaciously positioned properties. Others such as Central Market , located in the heart of the city, are busier and this area has a high density, city living feel to it.
The Riverfront area offers views of the beautiful Mekong River and the Russian Market (Toul Tom Pong) Sangkat , is an arty, alternative and up and coming area of Phnom Penh. The choices are a plenty and depending on your budget, taste and area needs, Phnom Penh is sure to have the best home for you, with the best price to accompany it.
Property Choices in the City
The Phnom Penh property market is varied, with rental and purchase prices that are affordable to international expatriates and investors. There has never been a better time to invest in property in The Kingdom of Wonder and people from around the world are flocking to the city to live and work in the Education, Development and Business sectors.
Living in Cambodia’s capital can be an easy adjustment for all and the standard of living for these expatriates is high. Between the various districts, such as BKK1 and Daun Penh, you are bound to find the best home, office or property space to suit your needs.
Start Your Cambodia Real Estate Search with our Local Area Guides
Phnom Penh has a wide variety of choice when it comes to real estate sales and rental: it is time to start your search for your ideal property. Explore the various local Communities in order to discover which one suits you best: whether it is the Riverside area with its sweeping Mekong views, or the more residential areas of Toul Kork and Boeung Keng Kong 1 (BKK1).
Located West of BKK1 and North of the Russian Market, BKK3 is becoming ever more popular with foreigners, looking for new western style properties, at a reasonable price point. With its close proximity to BKK1 there are many restaurants and shops to explore, and most necessities are within walking distance. A perk of living in this area is that many of the taller apartment and condominium buildings boast expansive views of the city.