Cambodia Condo Market Q2 2026: Supply and Absorption
Phnom Penh condo market Q2 2026 update: 76k to 80k units in stock, 3% to 4% absorption, average $1,800 per sqm, and what it means for buyers.
By Invest Cambodia Editorial · Updated June 28, 2026 · 4 min read
Quick answer: Phnom Penh entered Q2 2026 with roughly 76,000 to 80,000 condo units, annual absorption near 3% to 4%, and a blended average near $1,800 per sqm. Buyers should treat the city as oversupplied but bifurcated: negotiate hard on mid-market stock while verifying completion on discounted launches in BKK3 and Koh Norea.
Phnom Penh’s condo market in Q2 2026 is not a single price chart. It is two markets sharing one skyline: compact entry units marketed to overseas buyers on long instalment plans, and premium riverfront towers on Koh Pich that still command multiples of the citywide average. Between them sits a large middle inventory that absorbs slowly, which is why headline averages near $1,800 per sqm can mislead both bargain hunters and luxury shoppers.
Supply and absorption matter more than the last launch discount. Many towers compete for the same expat pool in BKK1, Tonle Bassac, and Toul Kork. Start with best-areas-invest-phnom-penh-2026 for district differences.
How much stock sits on the market?
Industry estimates put completed and actively marketed inventory between 76,000 and 80,000 units across the CBD, island projects, and middle-ring launches near new retail anchors.
| Segment | Typical location | Q2 2026 signal |
|---|---|---|
| Entry compact | BKK3, Ta Khmau fringe | High launch volume, instalment plans |
| Mid family | Toul Kork, Sen Sok | Discounting on resale |
| Premium river | Koh Pich, Tonle Bassac | Price resilience, slower turnover |
| Airport corridor | Techo east | Speculative, amenity-dependent |
Banking NPL near 8.9% tightens developer credit on weaker names. That favours finished inventory over blind off-plan bets. Ly Peng Phat Central Tower sits in the urban core narrative, but foreign quota and district fundamentals decide rentability.
Why is absorption stuck near 3% to 4%?
Absorption measures how much standing inventory clears each year through sales and genuine end-user uptake. When launches outran expat job growth and local mortgage depth, the ratio fell into single digits. Q2 2026 shows modest transaction activity, concentrated in sub-$60,000 units and trophy addresses, not broad mid-market clearance.
Foreign buyer interest concentrates in entry tiers and trophy addresses, yet demand is not large enough to drain 80,000 units quickly. Use phnom-penh-rental-yield-guide and buy-new-vs-resale-cambodia for net yield models. Longer payment schedules and guaranteed-rent marketing need contract review, not blind trust.
What hides inside the $1,800 per sqm average?
A citywide average smooths extremes. Megakim and similar groups still advertise entry projects from about $40,000 total on 20% down with multi-year instalments, which implies far less per sqm than a Koh Pich three-bedroom with river views. Premium stock can trade above $3,000 per sqm while outer-ring studios sit near half the average.
| Price band | Example positioning | Buyer note |
|---|---|---|
| Under $1,200 per sqm | Outer ring, compact | Check tenant demand |
| $1,500 to $2,000 per sqm | Blended market average | Compare building age |
| $2,500 to $3,500+ per sqm | Koh Pich, core river | Liquidity slower but brand premium |
If a launch prices far below district peers, ask why. Foreign-ownership-strata-title-cambodia and quota checks matter at every price point.
Where are Q2 buyers finding value?
Match product to tenant demand: expat renters cluster near schools and offices, supporting finished units in BKK1 and BKK3. Resale on completed towers can beat launch pricing after carrying costs. The stamp duty exemption through 31 December 2026 is documented in cambodia-stamp-duty-exemption-2026. Off-plan still needs escrow and milestone checks per off-plan-property-cambodia-guide and due-diligence-process-cambodia-step-by-step.
MORE Group buyer nationality mix: Phnom Penh Q2 2026
Cambodia Condo Market Q2 2026 foreign demand context starts with portal nationality mix not brochure claims Polish leads at 9 0 on this page skewed toward over indexed on megakim entry towers in bkk3 Confirm live comps with a Cambodia lawyer before transfer.
| Nationality | Share signal | District / project skew |
|---|---|---|
| Polish | 9.0% | Over-indexed on Megakim entry towers in BKK3 |
| Russian | 9.6% | Strong on BKK3 and Toul Tom Poung furnished stock |
| French | 7.4% | Skews to BKK1 and Koh Pich premium units |
| Chinese | 11.8% | Koh Pich, Koh Norea, and CBD branded towers |
| American | 4.9% | BKK1 corporate leases and CBD resale |
MORE Group buyer nationality methodology tracks enquiry share from realestate com kh and Phnom Penh shortlist requests not census data On this page the leading signal is Polish at 9 0 with skew toward Over indexed on Megakim entry towers in BKK3 Polish 9 0 Russian 9 6 and French 7 4 remain citywide anchors in 2026 but building level mix diverges Megakim entry towers overweight Polish and Russian buyers while BKK1 and Koh Pich overweight French and Chinese enquiries Use the table as a resale liquidity hint when foreign quota nears 70 Treat every row as indicative Q2 2026 archive math Confirm live rent quota and SPA escrow language with a licensed Cambodia lawyer before transfer Treat every row as indicative Q2 2026 archive math Confirm live rent quota and SPA escrow language with a licensed Cambodia lawyer before transfer.
MORE Group rent comps: capital comps snapshot
rent comps ground Cambodia Condo Market Q2 2026 in furnished market reality at 7 gross bands not 12 marketing Time Square 11 completed at 480 month on 42 sqm implies about 7 1 gross before vacancy in our Q2 2026 archive Confirm live comps with a Cambodia lawyer before transfer.
| Building / source | Unit | Size | Monthly rent | Indicative gross | Note |
|---|---|---|---|---|---|
| Time Square 11 (completed) | 1BR furnished | 42 sqm | $480 | 7.1% | Young expat segment |
| Time Square 306 (completed) | 1BR semi-furnished | 44 sqm | $520 | 7.0% | Russian Market access |
| Local BKK3 mid-rise | 1BR unfurnished | 40 sqm | $380 | 7.5% | Local tenant mix |
MORE Group rent comp case study for this page anchors on Time Square 11 completed a 1BR furnished at 42 sqm quoting 480 per month implies about 7 1 gross before vacancy at typical ask prices The spread to Time Square 306 completed at 520 shows furnishing and floor drive a 7 0 to 7 1 gross band We underwrite net returns after 1 to 2 months vacancy 8 to 12 management and sinking fund lines because 12 to 15 brochure yields remain marketing only in 2026 Banking NPL near 8 9 raises completion risk on competing off plan supply that can soften rents 6 to 12 months after handover Treat every row as indicative Q2 2026 archive math Confirm live rent quota and SPA escrow language with a licensed Cambodia lawyer before transfer.
MORE Group escrow and payment terms: launch payment context
banking and launch stories in Cambodia Condo Market Q2 2026 tie back to whether SPAs include milestone escrow Megakim Time Square series under Megakim typically requires 20 on a 40 month calendar schedule with escrow listed as Not default Confirm live comps with a Cambodia lawyer before transfer.
| Project | Developer | Deposit | Schedule | Escrow practice | Verify before wire |
|---|---|---|---|---|---|
| Megakim Time Square series | Megakim | 20% | 40-month calendar | Not default | Haspo progress photos |
| OCIC Koh Pich / Koh Norea | OCIC | 30% | 24 to 36 month milestones | Solicitor account common | Masterplan phase map |
| Urbanland central | Urbanland | 30% | 24-month milestones | On request | Title bundle review |
Our escrow red flag checklist for launch payment context starts with whether instalments are calendar based or tied to construction milestones Megakim Time Square series under Megakim typically asks 20 with 40 month calendar while escrow is recorded as Not default In Cambodia’s 8 9 NPL environment we treat missing escrow language as a case study risk buyers who wired 20 down on a 40 month Megakim calendar plan without milestone exhibits bore delivery risk in prior cycles Request Haspo progress photos in writing and compare against OCIC 30 milestone templates before any second payment Treat every row as indicative Q2 2026 archive math Confirm live rent quota and SPA escrow language with a licensed Cambodia lawyer before transfer Treat every row as indicative Q2 2026 archive math Confirm live rent quota and SPA escrow language with a licensed Cambodia lawyer before transfer.
Insider tip: On Cambodia Condo Market Q2 2026, archive three rent comps, the foreign quota letter, and escrow or milestone exhibits in one folder before you wire more than 10% to 20% deposit, because 2026 stamp duty relief binds to registration timing not SPA date alone.
Frequently Asked Questions
Market estimates place standing stock between 76,000 and 80,000 units across completed and actively marketed towers. New launches continue in Koh Pich, Koh Norea, and middle-ring districts, so inventory rises even as annual absorption stays near 3% to 4%.
Supply from the 2015 to 2022 build wave outpaced expat and local end-user growth. Foreign buyer interest remains visible, but concentrated in entry price tiers and premium riverfront stock, leaving mid-market towers competing on discounts and payment plans.
The figure blends affordable launches in BKK3 and Ta Khmau with premium Koh Pich and Tonle Bassac towers that trade far higher. Entry projects can start near $40,000 total for compact units, while prime riverfront stock can exceed $3,000 per sqm.
Buyers have negotiating power on payment terms, furnishings, and parking in oversupplied districts, but completion risk rises when developers discount aggressively. Favour finished units or escrow-backed off-plan from proven builders over pure price chasing.
The stamp duty exemption through 31 December 2026 lowers transfer cost on qualifying purchases, which can offset part of a modest discount. Pair the incentive with our stamp duty guide calculations and do not rush a risky off-plan deal to save tax alone.
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