Published on and written by Cyril Jarnias
Moving abroad and buying property is a significant step. In Cambodia, the equation mixes rapid growth, a still-unknown market, attractive yields… and a very particular legal framework for foreigners. For an expatriate, this country can be both a fantastic opportunity and a minefield if you proceed without preparation.
This guide provides an overview, based on recent data, to understand the opportunities and methods of real estate investment in Cambodia when you live there or plan to relocate.
An Economic Context Supporting Real Estate
Cambodia has displayed dynamics that many countries envy for over a decade. Before the pandemic, growth was already around 6 to 7% per year, and the economy has rebounded at a solid pace.
In the latest estimates from international institutions and local authorities, forecasts show growth around 5 to 6% per year for 2025‑2026. The Asian Development Bank, the IMF, the World Bank, and the Cambodian Ministry of Economy all converge on a scenario of robust progression, fueled by three main drivers: manufacturing (notably textiles and manufacturing), tourism, and construction.
The country’s GDP is now around $50 billion, marking its transition to lower-middle-income country status.
For a real estate investor, several elements are particularly important:
Overview of key indicators and policies favorable to investment in Cambodia.
Almost all real estate transactions are conducted in US dollars, thus limiting foreign exchange risk for investors.
Foreign exchange reserves have reached about $27 billion, strengthening macroeconomic stability.
Public debt is contained at about 35% of GDP, providing room to finance new infrastructure.
The government leads a policy clearly favorable to foreign investors, with public programs worth several billion dollars.
The “Rectangular Strategy” is centered on physical infrastructure development, creating an environment conducive to investment.
This economic backdrop explains why major multinationals like Samsung, Nike, Toyota, LG, Yum! Brands, or General Motors have set up operations in the country, and why foreign direct investment (FDI) flows have exploded: an increase of over 800% in a decade. China alone represents about 47% of this FDI, betting mainly on manufacturing, special economic zones, and infrastructure projects.
A Real Estate Market in a Correction Phase… but Still Promising
Contrary to the image of a perpetually rising market, the Cambodian real estate market is emerging from a significant correction. After a marked bullish cycle between 2011 and 2019, fueled by openness to foreigners and an influx of Asian capital, prices eventually overshot. The pandemic served as a trigger for a phase of decline.
In some segments, notably the high-end in Phnom Penh, prices have fallen by up to 30% compared to the 2019 peaks. The capital’s high-end condominiums, which sold for an average of over $3,100 per square meter in 2019, are now trading around $2,600/m², with even a nominal decrease of about 2% in 2024.
The most recent indicators show a stabilization phase.
– the national residential price index only increased by 0.45% in 2024 (and remains slightly negative in real terms, once inflation is deducted);
– in Phnom Penh, the residential price index gained 1.72% in 2024, marking the end of the downturn;
– in other provinces, prices remain under pressure, with a decline of about 4.6% over the same period.
Local professionals describe 2025 as a pivotal year, and 2026 as an “inflection point” where the market enters a more disciplined cycle, with less speculation and more selectivity. An oversupply of luxury condos coexists with strong, real demand for affordable and mid-range housing, polarizing the market.
Local Professionals
– the high-end segment and offices face persistent oversupply;
– properties accessible to the local market and urban middle‑class are performing better;
– the industrial and logistics sectors have become the locomotives of the sector, stimulated by special economic zones and new infrastructure (highways, airports, deep-water port).
For an expatriate investor, this means two things: negotiation is in order for high-end projects, while real demand lies more in well-priced products, in locations driven by urbanization and employment.
Rental Yields: Attractive, But Read Them Carefully
Cambodia stands out in Southeast Asia for overall higher gross rental yields than in more mature markets like Bangkok or Ho Chi Minh City.
Data compiled for 2025‑2026 indicates average gross yields oscillating between 6 and 8% in major cities, with higher peaks in some coastal or tourist markets.
Here is a synthetic overview of average gross yields for apartments (Q1 2026):
| Area / Type | Avg. Price (USD) | Avg. Monthly Rent (USD) | Avg. Annual Gross Yield |
|---|---|---|---|
| Phnom Penh – 1 BR | 100,000 | 550 | 6.60% |
| Phnom Penh – 2 BR | 230,000 | 1,000 | 5.22% |
| Phnom Penh – 3 BR | 354,000 | 2,000 | 6.78% |
| Phnom Penh – 4 BR + | 730,000 | 4,500 | 7.40% |
| Phnom Penh – average | — | — | 6.5% |
| Kep / Kampot – average | — | — | 7.0–7.9% |
| Cambodia – national average | — | — | 7.54% |
In Phnom Penh, other sources indicate slightly different ranges depending on neighborhoods: from 5.0 to 8.5% gross yield for apartments, with an average close to 7%. In Kep and Kampot, the average climbs to around 7.9% in the first quarter of 2025, driven by coastal tourism and the upscaling of these destinations.
It is crucial to distinguish gross yield from net yield in rental property. Net yield is obtained after deducting management fees (about 10% of annual rent), condominium fees (estimated between $1 and $2 per m² per month), periods of vacancy, and taxation (tax on rental income of 10 to 14%). These deductions typically reduce the yield by 1.5 to 2 percentage points. Thus, in practice, many investment projects show a final net yield rather between 3% and 5%.
Some developers advertise “rental guarantees” of 6 to 12% per year for several years. Part of these offers is actually based on an inflated sale price, which allows paying this coupon from the initial margin. It is therefore essential for an expatriate to compare market rents neighborhood by neighborhood and not to rely solely on commercial promises.
Legal Framework: What Foreigners Can (and Cannot) Buy
From a legal standpoint, Cambodia is simple in its principles… and complex in its details. The Constitution and the 2001 Land Law clearly state the principle: only citizens or majority-Khmer entities can own land. A foreigner therefore cannot own land or a house built on it in their own name.
However, a 2010 law on co-owned property opened a very concrete space for non-Cambodian investors. It authorizes foreigners to hold in full ownership units in co-owned buildings, under two main conditions:
– the ownership must pertain to a lot above the ground floor (from the first floor up);
– a maximum of 70% of the total surface area of units in the same building can be owned by foreigners, the remainder must belong to Cambodians.
These units are materialized by a “strata title”, a form of land title specific to co-ownerships, issued by the Ministry of Land Management, Urban Planning, and Construction. To be eligible for a foreign strata title, a building must:
To be eligible, a building must meet three cumulative conditions: have been built after the law came into effect (in practice, from 2010 onward); be located more than 30 km from an international land border; and be registered as a co-owned building.
In practice, this covers almost all modern condo complexes in Phnom Penh, Siem Reap, and Sihanoukville, but excludes old apartment buildings, traditional shophouses, and single-family homes.
Other Paths to Control Land
For an expatriate who absolutely wants control over land—to build a villa, develop a small hotel, or a business—several legal structures exist, each with its advantages and limitations.
1. Long-term Lease (Leasehold 50–99 years) Cambodian law allows a foreigner to sign an emphyteutic lease, often for a duration of 50 years, renewable for similar periods. The lease is registered with the land administration and can include strong clauses: impossibility for the owner to sell without the lessee’s agreement, possibility to mortgage the leasehold right, etc. The investor is not the owner of the land but has sufficient long-term control to exploit or build. This is a frequent option for colonial shophouses in city centers or coastal plots.
2. Land Holding Company (LHC) This involves forming a Khmer law company, of which at least 51% of the shares are held by Cambodians and up to 49% by one or more foreigners. The company, considered Cambodian, can legally hold land. Contractual mechanisms (powers, internal mortgages, voting agreements) can give the minority investor effective control. This structure is suited to larger projects but involves significant recurring costs: accounting, taxation, licenses, often amounting to several thousand dollars per year.
3. Property Trust Since the 2019 Trust Law, licensed companies can hold real estate assets as a trustee on behalf of a foreign beneficiary. The trustee is the legal owner, the investor is the economic beneficiary. Setup costs are around $3,000, with annual fees between $1,500 and $2,500. The interest is twofold: increased legal security (a structure recognized by law) and ease of transfer (beneficiaries can be designated). The tax implications, however, are still evolving.
This is the estimated percentage of foreign investments in Cambodian land that pass through the legally risky arrangement of a local nominee.
5. Naturalization Obtaining Cambodian citizenship obviously opens full and entire access to land ownership. In practice, the fastest route is through a significant contribution to the Treasury or approved investments, with total amounts often cited around $300,000 to $330,000. For the vast majority of expatriates, a combination of a long-stay visa and strata title ownership proves more realistic than a local passport.
For an expatriate who first wants to secure their residence or build a rental portfolio, the simplest and safest solution therefore remains direct purchase of a condo with a strata title, above the ground floor, in an eligible building.
Different Property Titles: A Key Point of Due Diligence
Cambodia does not yet have a unified land registry covering the entire territory with a single title system. Several types of documents are found there, which do not all offer the same level of security.
The main distinctions are:
There are three main types of land titles. The **Hard Title** is the strongest, registered nationally and generally accepted by banks; its recent versions may include a QR code. The **Soft Title**, more common and cheaper, is registered locally but more vulnerable to disputes. The **Strata Title** is a sub-category of the Hard Title for co-owned properties, the only title a foreigner can hold directly. Finally, the **LMAP** title is a modernized, geo-referenced version of the Hard Title, towards which the government is gradually converting Soft Titles.
For an expatriate, the reflex must be systematic: verification of the title with the competent authorities, checking for any mortgages, easements, or disputes, and validating the consistency between the visited property, the cadastral plan, and the indicated coordinates.
Real Estate Taxation: Taxes, Duties, and Exemptions
One of Cambodia’s advantages lies in its relatively moderate real estate taxation, provided you understand the different levies.
At Purchase
The main tax is the transfer tax (or registration duty), set at 4% of the property value. This base is generally the value estimated by the administration, which may differ from the contractual price. In practice, it is common for the seller or developer to bear all or part of this cost to attract buyers.
To encourage homeownership, several exemptions have been decided:
Amount in dollars up to which first-time buyers of primary residences benefit from a total exemption from the 4% tax.
On new properties sold by a developer, a 10% VAT applies, often included in the advertised price.
In addition to these taxes are ancillary costs: legal fees (often $1,000 to $2,000), filing fees, possible agent commissions if not borne by the seller, registry fees (generally modest, on the order of $100 to $200).
During Ownership
Cambodia has instituted an annual tax on built property (Tax on Immovable Property, TOIP). Its mechanism is simple:
– exemption threshold: 100 million riels (approximately $25,000);
– above that, a rate of 0.1% applies to 80% of the estimated value.
Concretely, an apartment valued at $100,000 results in an annual tax bill of about $100. Several property categories are exempt: state-owned properties, land allocated for agriculture, assets located in special economic zones and used for production or service activities, diplomatic premises.
This is the rate, as a percentage of market value, of the tax on undeveloped land aimed at limiting land speculation.
On Rental Income
Rents received in Cambodia are subject to source taxation:
– for a non-resident owner, the tax is a final withholding of 14% on gross rent;
– for a resident or Cambodian company, the rate is reduced to 10%.
If the property is held through a company, a 10% VAT may also be added to the rents invoiced, making this scheme heavier for simple asset investments.
In practice, when the tenant is a company or organization, it is they who withhold and remit the tax (withholding tax mechanism). With an individual tenant, the landlord must themselves declare and pay the tax.
Upon Resale: The Window Before Widespread Capital Gains Tax
Cambodia adopted a text in 2020 instituting a 20% capital gains tax on profits from the sale of buildings, via Prakas 346. But its effective application has been postponed several times. The latest decisions postpone the concrete entry into force of this real estate tax to January 1, 2027.
Until a specific date, the transfer of a real estate asset benefits from a more favorable transitional regime. Note that other assets, like certain leasehold rights or financial assets, may already be subject to capital gains taxation.
The planned calculation is as follows: 20% on the net capital gain, with the possibility for the seller to deduct either their documented actual expenses, or a standard deduction of 80% of the capital gain (taxation on the remaining 20%). Once in application, the declaration and payment must occur within three months of the sale.
For an expatriate considering a short or medium-term holding horizon (before 2027), this postponement offers a window where exit taxation remains lighter.
Visas and Residence Programs: Staying Long-term to Manage Your Investment
Owning property in Cambodia does not automatically give a right of residence, but the country offers several pathways to settle long-term and manage your real estate portfolio serenely.
Business Visa (E‑class) and Extensions
For most expatriates, the simplest solution remains the ordinary E visa, often called a business visa. Obtained on arrival or via an e-procedure, it can then be extended for 6 or 12 months, with multiple entries, for a cost generally between $180 and $300 per year. This visa can be associated with a work permit.
This status is largely sufficient to monitor and steer your investments, sign leases, meet with agencies, etc.
“Cambodia My Second Home” Program (CM2H)
For those who want to formalize a long-term presence with a more structured framework, the Cambodia My Second Home program offers a 10-year, renewable visa, with extended rights (live, work, study, spouse sponsorship). It is officially approved by the Ministry of Interior and the General Department of Immigration.
The main conditions to consider for your project or application.
Checking the availability of teams and materials needed to complete the project within the desired timeframe.
Adherence to all legal standards, regulations in force, and specific requirements for the industry sector.
Alignment of the project with the defined budget forecast, including a contingency margin.
Validation of the project’s feasibility within the allotted deadlines, considering critical steps.
Clarity and completeness of the functional and technical specifications required for the project.
– a minimum real estate investment of $100,000 in an approved project (or $50,000 in certain specific projects);
– a non-refundable membership fee of $50,000;
– no criminal record;
– the ability to justify the legality of funds and, for applicants over 50, an annual income of at least $80,000.
Number of years of holding an E visa required to be eligible for French citizenship.
Elite Visa and Other Premium Programs
An Elite Visa also exists, offering residence through financial contribution, without an initial requirement to purchase real estate. Packages range from $25,000 to $250,000 in non-refundable contributions, for visas from 5 to 20 years, with certain advantages (administrative facilities, discounts on real estate registration fees). More than 1,200 applications are reported to have been approved since its launch.
These programs do not directly grant access to citizenship, but they create continuity of residence that can be valuable in a naturalization process.
Where to Invest in Cambodia as an Expatriate?
The country has over 16 million inhabitants, a large majority in rural areas. Urbanization, however, is booming: Phnom Penh exceeds 3 million inhabitants and attracts a growing share of the working population, while medium-sized cities like Siem Reap, Sihanoukville, Battambang, Kampot, or Kep are gaining importance.
Phnom Penh: Economic Heart and Pivotal Market
The capital concentrates the bulk of the modern real estate market, jobs, and expatriates (between 150,000 and 200,000 foreigners are estimated to reside there). It faces both a shortage of housing truly suited to expatriates in the hypercenter and a plethora of condo supply in some peripheral neighborhoods.
Prices are structured by zones:
| Phnom Penh Area | Avg. Condo Price (USD/m²) |
|---|---|
| Premium (BKK1, Tonle Bassac) | 2,300 – 3,200 |
| Promising Center (Russian Market/TTP) | 1,200 – 1,600 |
| Middle‑class (Toul Kork, Sen Sok) | 1,400 – 1,900 |
| City center non-prime | 2,000 – 2,700 |
| Urban periphery | 1,000 – 1,500 |
Neighborhoods with strong foreign rental demand include:
– BKK1, BKK2, BKK3: epicenter for expatriates, embassies, international schools, cafes, and restaurants. Rents are high, and vacancy rates lower than in other sectors.
– Tonle Bassac: CBD area in full transformation, close to the river, with high-end residences.
– Russian Market (Toul Tompoung): up-and-coming area with a good price/location ratio, appreciated by younger expatriates and digital nomads.
The condo stock in Phnom Penh now exceeds 70,000 units and should quickly reach 80,000.
Condo prices in Phnom Penh today range from about $60,000 for a small unit on the periphery to over $500,000 for luxury apartments in the most prestigious towers. In central neighborhoods, you can still find properties just above $1,000 per square meter, which remains below other regional capitals.
Gross yields, recall, are generally between 6.5 and 8% for apartments, with average rents around:
| Apartment Type | Avg. Monthly Rent Phnom Penh (USD) |
|---|---|
| 1 bedroom | ~550 |
| 2 bedrooms | ~1,000 |
| 3 bedrooms | ~1,800 |
| 4 bedrooms and + | ~4,500 |
The arrival of the new Techo International Airport, with an initial capacity of 13 million passengers per year, and the construction of highways (to Sihanoukville, Siem Reap, Poipet) should continue to reshape the demand map, particularly south and east of the capital.
Siem Reap: Structuring Tourism and Upscaling
Adjacent to Angkor Wat, the world’s largest religious complex, Siem Reap remains the country’s most touristic face. With over 3.5 million annual visitors (and over 2 million visitors for Angkor alone), the city has built a service economy around hospitality, restaurants, and cultural activities.
After the major renovation of its international airport, the city sees its traffic growing again, with tourist arrivals increasing by about 10% per year. Authorities are strongly betting on this hub to drive national tourism growth.
The real estate market directly concerning expatriates focuses on:
Discover the main categories of real estate assets sought by foreign investors and residents in Siem Reap.
Modern apartments specifically targeting the foreign clientele, mainly located along the Charles de Gaulle axis and in sought-after neighborhoods like Wat Bo.
Charming properties, often blending colonial style and modernized Khmer architecture, ideal for high-end tourist accommodation or exclusive residence.
The Wat Bo neighborhood stands out for strong rental demand and announced gross yields between 7 and 9%, with a median rent around $600 per month. Overall, prices in Siem Reap are increasing faster today than in Phnom Penh, with annual rises on the order of 8 to 10% in the most sought-after areas.
Sihanoukville: Boom, Crash, then Recomposition
The coastal city of Sihanoukville experienced an extreme cycle: massive influx of Chinese capital, explosion of casinos, rampant construction, then a brutal collapse with the crackdown on online gambling and the pandemic. Result: dozens of unfinished buildings, an oversupply of hotel stock, and a tarnished image.
Today, Sihanoukville is in a phase of slow recovery. Prices first tripled in the previous decade, notably at Otres Beach where the square meter trades between $2,500 and $3,500, then have softened. Many residential and commercial projects—over 360 are still underway—seek buyers, and the government offers incentives for investors to take over unfinished structures.
Simultaneously, the city retains objective assets:
– an expanding deep-water port, a major axis for trade;
– a new highway that links Phnom Penh in about two hours;
– surrounding beaches and islands, whose tourism potential remains significant.
Condos sell at levels often lower than in the capital for similar sizes (e.g., a 1-bedroom around $75,000, a 2-bedroom around $165,000, a 3-bedroom around $260,000). Gross yields on seasonal or vacation rentals can exceed 8%, even 10% for well-managed properties.
For an expatriate, Sihanoukville can represent an opportunity, under certain conditions: have a high risk tolerance, choose the location well (avoid ghost towers, prioritize beachfront areas and already “proven” zones), and work with serious operators for management.
Secondary Cities and Niche Destinations
Other cities and regions deserve attention:
– Battambang: the country’s second city, at the heart of the main rice-growing region. Prices there remain significantly lower than in the two major hubs, but modern projects are appearing (riverside residences, villas, apartments). The city has joined the UNESCO Creative Cities Network for gastronomy, strengthening its touristic appeal.
– Kampot: a riverside town with colonial charm, popular for its peaceful atmosphere and natural surroundings. Land has lost up to 50% of its value compared to the 2019–2020 peak, opening a window for entry at reduced prices. The market is 90% fueled by buyers from Phnom Penh.
– Kep: a small, tranquil seaside resort, interesting for vacation rentals. Authorities aim for millions of additional visitors nationally, which could lift these coastal destinations.
– Koh Rong and Koh Rong Samloem: islands still relatively preserved, attracting tourists and digital nomads, with potentially high rental yields on well-managed small units.
– Bavet, Poipet, Pailin, Koh Kong, Stung Treng…: border towns or developing provinces, stimulated by cross-border trade, casinos, or eco-tourism projects. These are more speculative markets, still little frequented by expatriates, where access to reliable information is more difficult.
Investment Strategies Suited to Expatriates
The range of possible strategies in Cambodia is broad, but not all suit an expatriate discovering the country. A few approaches stand out recurrently.
1. Condo with Strata Title in an Established Neighborhood
This is the simplest path: buy an apartment in an eligible co-owned building, in full ownership, above the ground floor. The expatriate can:
– live there themselves;
– or rent it out (long-term, furnished, or short-term rental if the co-ownership allows it).
Neighborhoods like BKK1, Tonle Bassac, or the Russian Market offer a mix of high-end local and international demand, sustained rents, and a more liquid resale than in areas saturated with unsold projects.
This strategy is well-suited for a first investment: the legal framework is clear, banks may accept the property as collateral, and risks related to land are avoided.
2. Buy-Renovate of Shophouse Apartments
A more “value-add” approach involves buying a floor in an old shophouse, often via a long-term lease or with the support of a more sophisticated structure (company or trust). These units still sell at relatively low prices in some historic neighborhoods.
An expatriate buys an unrenovated apartment for $50,000, invests $20,000 in renovations, and manages to resell it for over $100,000. This operation illustrates a value-add strategy through property improvement, requiring an initial investment and renovation expertise to realize a significant capital gain upon resale.
– master title and lease issues well;
– obtain necessary permits for work, especially if using the roof or adding a floor is considered;
– closely manage local construction companies.
This is a more technical strategy but can generate significant capital gains if well executed.
3. Vacation Homes and Small Tourism Projects
In Siem Reap, Kampot, Kep, or on the islands, some expatriates position themselves on small units intended for seasonal rental: villas with a pool, bungalows, condos integrated into hotel complexes. Gross yields can rise to 8–12%, or even more for very well-managed boutique hotels in Siem Reap.
This type of project nevertheless requires:
– solid operational management (welcome, cleaning, online marketing);
– a good understanding of tourist seasonality;
– sometimes, a specific legal structure (leasehold, trust) if land is involved.
4. Framed Land Speculation
Some more experienced investors position themselves on land on the periphery of Phnom Penh (corridor towards the new airport, Sen Sok, Chbar Ampov) or in secondary cities, betting on the effect of new roads, bridges, and special economic zones.
This play is based on the fact that land already represents over a third of investment preferences in the country. But it involves more complex legal setups (LHC, trust) and risks of a long holding period without liquidity. For an expatriate without strong local ties and high-level legal advice, this is not the recommended starting point.
Purchase Process for an Expatriate: From Scouting to Title Delivery
Despite its reputation as a “wild” market, Cambodia offers a relatively structured procedure for property acquisition, particularly for condos with strata titles.
The typical journey looks like this (simplified version):
1. Research and Pre-selection The expatriate visits, often with the help of a serious agency, different properties in the targeted neighborhoods. In Phnom Penh, Siem Reap, and Sihanoukville, you can find professional agents, sometimes multilingual, capable of providing valuation opinions, yield analyses, information on developer quality.
2. Reservation When a property is selected, the investor signs a reservation form and makes a small deposit (e.g., $1,000 to $5,000). This deposit may be refundable or not depending on the terms, hence the importance of reading the clause.
A local lawyer must absolutely verify the property title (hard or strata), the seller’s identity, and search for any mortgage, dispute, or easement. For a new property, they also check the developer’s licenses and the compliance of construction and sales documents.
4. Signing the Sales and Purchase Agreement (SPA) After validation, the parties sign the final contract. This can be done in person or remotely by proxy. The SPA details the payment schedule, the delivery date (in the case of off-plan), warranties, and penalties.
5. Payment of Price and Taxes Depending on the agreements, the buyer makes a down payment (often 10 to 30%), then the balance upon handover or in installments in the case of phased payment. They also pay the 4% transfer tax (if not covered by the seller) and registration fees.
The maximum duration, in weeks, for the transfer and registration of a property title depending on the complexity of the file.
7. Handover of Keys and Taking Possession Once the title is issued and payments finalized, the expatriate receives the keys, can do the inventory, engage a management company, or move in directly.
Throughout this process, the quality of the intermediary makes the difference between a smooth transaction and an obstacle-ridden journey. The market being poorly regulated, there are thousands of pseudo-agents, but just over a hundred agencies actually registered with the authorities. It is advisable to verify that the agency has a license issued by the Ministry of Economy and Finance, a physical office, a structured team, and accessible customer reviews.
Specific Risks Not to Underestimate
Investing in Cambodia is not comparable to a purchase in a hyper-regulated market. The higher yields are, in part, the counterpart to additional risks.
Among the major risks:
Real estate investment in Cambodia presents several major challenges: a risk of oversupply in high-end segments with high vacancy rates, heterogeneous developer quality including abandoned projects, frequent land disputes linked to the history of the land registry, a constantly evolving tax regulatory framework, alerts about financial stability due to credit concentration in real estate, and the persistence of informal practices like ‘facilitation fees’. Thorough due diligence and rigorous project selection are crucial.
For an expatriate, the challenge is to transform these risks into simple manageable parameters, through methodical preparation: choose the right professionals, favor clear legal setups, avoid “miraculous” shortcuts, and adopt a realistic investment horizon (often 7 to 10 years) rather than counting on a quick flip.
Conclusion: For Which Expatriate Profile Does Cambodia Make Sense?
Cambodia is far from a market for everyone. It offers neither the institutional predictability of a major Western capital, nor the market depth of a Bangkok or Ho Chi Minh City. On the other hand, it combines several rare elements:
Main factors explaining the attractiveness of the Ivorian real estate market for investors.
Sustained economic growth, young demographics, and accelerated urbanization.
Moderate real estate taxation with a low property tax.
Rental yields above the regional average.
Possibility for a foreigner to own condos in full ownership.
Dollarized environment, reassuring for investors thinking in USD.
This country is particularly suited for:
The Portuguese real estate market attracts different investor profiles. It is notably suitable: for the expatriate settled on-site who wants to secure their housing while preserving resale value; for the active investor, ready to get involved on the ground, meet professionals, and accept higher risk to target a more interesting yield/capital gain combination; and finally for those considering a regional anchor to diversify their real estate portfolio outside of already saturated and expensive markets.
Conversely, an extremely risk-averse investor, looking for a hyper-standardized environment, would likely do better to turn to more mature markets.
For the expatriate who accepts doing their homework, who seeks neither the cheapest nor the fastest solution but the most solid one, Cambodia can be a singular investment ground, still “under the radar,” where it is still possible to buy below $1,500 per square meter in the heart of the capital… provided you know exactly what you are doing, and with whom.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
