Cambodia: House Prices, Rents, and Rental Yields
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Cambodia returns, falling
| Last Updated: May 18, 2009 | |||||
| PHNOM PENH1 - Flats |
COST (US$) | YIELD (p.a.) | PRICE/SQ.M. (US$) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 50 sq. m. | 170,800 | 502 | 3.52% | 3,416 | 10.03 |
| 85 sq. m. | 282,540 | 714 | 3.03% | 3,324 | 8.40 |
| 120 sq. m. | 320,160 | 1,156 | 4.33% | 2,668 | 9.63 |
| PHNOM PENH - Villas |
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| 200 sq. m. | n.a. | 3,129 | n.a. | n.a. | 10.43 |
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Phnom Penh: Daun Penh (KDP), Tuol Kork (KTK), Chamkarmon (KCKM), 7 Makara (K7MKR), French Quarter, Boeung Keng Kang 1 Disctrict (BKK1), Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule |
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Returns on buying residential property in Cambodia have been falling. Gross rental yields on apartments in Phnom Penh now average 3.63%, similar to yields on villas, which are around 3.73%.
Prices appear to have risen to US$3,416 per sq. m in May 2009, from an average of US$3,136 per square metre (sq. m.) in May 2008. This is a little surprising, given the negative news coming from Cambodia, and the fact that there has been around a 5% depreciation in the Cambodian Riel against the US$.
Rents are unchanged at around US$9.35 per sq. m. per month, though rents on smaller apartments seem to have risen a little, as have rents on villas.
However, rents on smaller apartments have risen less than their price, leading to yields of only 3% on apartments in the 85 sq. m. category.
Given that Cambodia is a developing country, Phnom Penh’s buying prices are expensive, at an average of US$3,077 per sq m. Despite Cambodia’s high GDP growth rate, which is positive for its real estate market, we would be cautious on the outlook for residential property.
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