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Cambodia: House Prices, Rents, and Rental Yields

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Last Updated: May 18, 2009

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
200 sq. m. n.a. 3,129 n.a. n.a. 10.43
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

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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