Cambodia Real Estate Highlights, H2 2023
- Andrew Millar
- Dec 22, 2023
- 1 min read
Updated: Dec 1, 2025
Knight Frank Cambodia
Report Description
22nd December 2023 (PDF, 24 pages)
Drawing on in-depth market monitoring and sector-by-sector analysis, Knight Frank Cambodia presents a data-rich overview of real estate performance during H2 2023, highlighting key changes across Phnom Penh and Sihanoukville.
Summary
GDP growth for 2023 was adjusted to 5.3%, reflecting weaker external demand but improving momentum heading into 2024.
Office supply in Phnom Penh expanded to 962,539 sqm, pushing occupancy down to 59% due to increasing completions.
Retail occupancy softened to 68%, with new mall openings slowing and rental rates facing downward pressure.
Phnom Penh’s hotel inventory grew to 14,993 rooms, supported by returning tourism and new upper-tier openings.
Serviced apartments reached 8,270 units, with rental rates rising but occupancy holding at 41% amid a competitive market.
Condominium stock increased 15% year-on-year to 49,102 units, with the mid-tier segment accounting for 54% of supply.
Landed housing recorded 86,488 units, with sales rates slowing to 4 to 6% as higher interest rates affected buyer sentiment.
About the Cambodia Real Estate Highlights Series
The Cambodia Real Estate Highlights series provides twice-yearly coverage of Cambodia’s property market, combining quantitative data with expert market commentary.
Each edition analyses supply pipelines, pricing shifts and district-level performance across major asset classes. The series supports investors, developers and institutions seeking objective insights into Cambodia’s evolving real estate fundamentals.
About Knight Frank Cambodia
Knight Frank Cambodia is part of the global Knight Frank network, a leading independent property consultancy headquartered in London.
The organisation delivers research, valuation, advisory and agency services across residential, commercial and industrial markets.
Operating in Cambodia since 2008, it provides market-tested expertise to institutional investors, corporates and developers nationwide.
Website: knightfrank.com