David Jackson

CBRE Cambodia’s mid-year review for 2024 provides a comprehensive analysis of Phnom Penh’s real estate market and economic indicators. Here are some key highlights:

Economic Growth: Phnom Penh’s GDP is estimated to grow by 5.8% in 20241.

Tourism Rebound: The city saw a significant rebound in tourism with 2.6 million international arrivals in May 2024.

Office Market: The average office quoting rental rate in Phnom Penh is $27.0 per square meter, with an occupancy rate of 61.8%1. The market remains competitive compared to regional cities like Bangkok and Ho Chi Minh City.

Construction Sector: There was a year-on-year decline in approved investment value in the construction sector, totaling $786 million in Q1 20241.
Real Estate Activity: The real estate market remains dynamic, with notable activity in the office, retail, condominium, and industrial sectors.

These insights are crucial for investors, developers, and policymakers to navigate the economic landscape and make informed decisions for the remainder of 2024.