Summary

High-end condominium prices in Phnom Penh fell 6.7% quarter on quarter to an average of US$2,599 per square metre in the third quarter of 2026, according to APS Cambodia's Q3 2026 Market Pulse, published on 20 October. Asking rents for Grade A serviced apartments dropped 13.5% over the same period, to an average of US$17.3 per square metre per month, as vacancies and cheaper rental alternatives weighed on pricing, the firm said.

The softer prices have not come with easier credit. Outstanding credit from deposit-taking institutions to real estate stood at 52.52 trillion riels (about US$13.1 billion) at the end of August, virtually unchanged from August 2025, Khmer Times reported on 21 October, citing National Bank of Cambodia (NBC) figures released on 14 October. Gross loans from deposit-taking institutions as a whole rose 4.9% year on year over the same period.

Residential: prices and rents under pressure

APS Cambodia said luxury rental pricing was also under pressure. Landed-property developers were cautiously returning to luxury launches in phases, and secondary-market sellers and buyers were narrowing price gaps. The firm said smaller investments may offer better yields in the high-end segment, while larger inventory keeps downward pressure on monthly rents.

Office, retail, industrial and hotels

  • Office: average occupancy in Phnom Penh was 63.9%. Grade A rents were stable, while selected Grade B and C rents softened. APS Cambodia estimates more than 160,000 square metres of new office space for 2026, 48% of it completed by the third quarter.
  • Retail: average occupancy was 57.1%. Prime high-street asking rents averaged US$21.6 per square metre per month, up 0.2% quarter on quarter, supported by standalone brand expansion. Community malls faced pressure.
  • Industrial: ready-built factory rents averaged US$2.9 per square metre per month, up 3.6% quarter on quarter. Seven special economic zone projects had been announced by the third quarter, with about 1,400 hectares approved and a further 800 hectares under review.
  • Hospitality: more than 1,900 hotel keys are expected to open in 2026; just over 900 had opened by the third quarter. APS Cambodia linked the slowdown to softer tourism, and said slower sales absorption and tighter financing were delaying five-star handovers.

Credit: real estate's share holds, growth does not

Total gross lending across Cambodia's financial system reached 266.05 trillion riels (about US$66.5 billion) at the end of August 2026, Khmer Times reported on 21 October, citing NBC figures released on 14 October. Gross loans from deposit-taking institutions only (commercial banks and deposit-taking microfinance institutions) were 254.02 trillion riels (US$63.5 billion), up 4.9% from 242.12 trillion riels a year earlier and 1.4% higher than at the end of December 2025.

Real estate remained the largest recipient of credit, at about 20.7% of deposit-taking institutions' loans, Khmer Times reported. Outstanding credit from deposit-taking institutions to the sector was 52.52 trillion riels (US$13.1 billion), virtually unchanged from August 2025, in contrast with stronger growth in other sectors.

What this means for Cambodia

The two datasets point in the same direction. Prices and rents at the top of Phnom Penh's market are adjusting to supply, and lenders are not expanding their exposure to property. For buyers, that means more room to negotiate on high-end stock, particularly in the secondary market, without any sign of looser financing. For landlords of serviced apartments and luxury units, the APS Cambodia figures suggest rents should be benchmarked against current vacancies rather than past asking levels. Industrial space is the exception, with rents still rising on manufacturing investment.

What to do next

  • Compare any asking price against the current quarter's average for its segment, not last year's.
  • If you are buying with a loan, get a lender's terms in writing before you commit to a payment schedule.
  • If you own a rental unit, check current vacancy and rents in your building before renewing a lease.
  • Find and list Cambodia property on ProprKey: proprkey.com/en/onboarding

Related: Phnom Penh Condo Supply: Why Knight Frank's 63k and CBRE's ~80k Both Appear