Q3 2024 Market Insights
- Andrew Millar
- Oct 17, 2024
- 2 min read
CBRE Cambodia
Report Description
17th October 2024 (PDF, 39 pages)
This quarterly market update from CBRE Cambodia presents a detailed overview of Phnom Penh’s economic indicators and sector-specific real estate trends for Q3 2024, offering investors a clearer understanding of shifting demand, price movements and pipeline developments across the city’s key property markets.
Summary
The report examines Cambodia’s macroeconomic performance alongside changes across the office, retail, hospitality, residential and landed property sectors. It highlights emerging patterns in supply, occupancy and investment activity while drawing attention to evolving consumer behaviours, including the influence of international tourism:
Cambodia’s estimated GDP growth of 5.8% for 2024 supported a stable backdrop for property market activity.
International tourist arrivals reached 4.3M in the first eight months of 2024, showing a 22.5% rise compared with 2023.
Office occupancy levels stood at 67%, while landlords introduced extra incentive packages to retain tenants.
Retail occupancy reached 58%, supported by flexible space usage and stronger representation of local brands.
Over 970 condominium units entered the market as new supply, with high-end sale prices averaging USD $2,714/sqm.
More than 250 landed property units were launched during the quarter, with developers offering lower interest rates and flexible payment terms.
New and upcoming projects across districts, including K.K.K Tower, Picasso Sky Gemme and Urban Village Retail, added depth to Phnom Penh’s future pipeline.
About the Market Insights Series
The Market Insights series provides quarterly intelligence on Cambodia’s evolving property market.
Each edition synthesises macroeconomic indicators, sector-level performance and new development activity to help investors monitor shifts across commercial and residential segments. The series is designed to support decision-makers by delivering data-led insights and forward-looking observations.
About CBRE Cambodia
CBRE Cambodia is a leading provider of real estate services, offering research, valuation, advisory and transaction support across Cambodia’s commercial and residential markets.
The organisation works with developers, investors and corporate clients to deliver accurate market intelligence and strategic guidance.
Its research publications are recognised for providing clarity, structure and insight into emerging trends across the country’s property landscape.
Organization Website: cbre.com.kh