Why investors underestimate Cambodia: Full ownership, dollar, growth

Valentina Orlova — founder and leading expert of TINORA, 12+ years in Asian real estate markets

Full ownership for a foreigner, payments in dollars, economic growth, rental income. How to invest and buy real estate in Cambodia — analysis by a TINORA expert.

Shortly

In Cambodia, a foreigner can register an apartment from the second floor and above as full ownership (freehold) — indefinitely, in his own name, without a nominal holder.
Up to 80% of payments in the country are made in dollars; inflation in 2025–2026 remains at 1.3–1.6%.

• Foreign direct investment in the first half of 2026 amounted to $2.6 billion — up 18.5% year-on-year.
• The economic bloc of the government was largely formed by graduates of Russian and Soviet universities — including Deputy Prime Minister and Minister of Economy and Finance Oun Pornmonirot (MSU).

Cambodia: an investment destination that is undervalued

It is customary to keep Cambodia in the shadow of its more popular neighbors — and this is its investment feature. While the market remains out of the spotlight, the country is showing steady growth: foreign direct investment in the first half of 2026 reached $2.6 billion, adding 18.5% to the same period last year. The economy is growing, according to World Bank forecasts, by about 4–5% per year — almost twice the global average. At the same time, a visa, work and bank account are issued in the country on the spot; work is possible both for yourself, since for local companies when applying for a work permit.
For an investor exploring Asia, this is a reason to look at the market from a different angle.

Full ownership — rare in Asia

In no major market in Southeast Asia does a foreigner gain full ownership as easily as in Cambodia. The apartment from the second floor and above is registered in the name of a foreign buyer as full ownership — freehold, without a time limit and without a nominal holder. Possession is direct, in your own name, indefinite.
The contrast with neighbors is indicative. In Bali, foreigners have access to predominantly long-term rentals; Thailand has a quota for foreign owners in a house. Cambodia — exception: here it is the norm to buy an apartment. For an investor who cares about owning an asset rather than the right to it, this is a key advantage of the market. First coastline —from $1,200/m², new project enters the market in October 2026. Capital center —from $1,700/m², premium project at the presale stage. Both prices — start of sales, lower than what will be at the time of delivery.

Dollar payments and low inflation

The official currency is the —rielle, but in fact up to 80% of payments in the country are made in dollars: rent, wages and real estate transactions are counted in the usual hard currency. As a consequence, the investor's capital and rental income are independent of local currency fluctuations. Inflation, high in past decades, stabilized at 1.3–1.6% – in 2025—2026, one of the calmest in Southeast Asia.

Visa, work and bank account — as a single package

The administrative side of staying in the country is simple. The annual multiple entry visa is extended within the country, without leaving. Legal work is processed through an annual work permit costing from $100. The same resident status simplifies opening a bank account and issuing a card — that is, not only the visa issue is resolved, but also the entire household infrastructure. 90% of places have contactless payment by QR code.
Essential caveat: the purchase of real estate itself does not provide either a visa or a residence permit — these are separate procedures. However, they are not difficult to formalize and can go parallel to the transaction.

Calm geography and climate

Real estate — physical asset and sustainability of the environment matters. Cambodia is not an earthquake-prone area and is not affected by typhoons. Temperatures remain at 28–35°C all year round. The dry season lasts from November to April; in the «green season» from May to October, precipitation occurs in short showers, mainly at night.

In the center of business Asia

Cambodia is inferior to its neighbors in area, but is located on the maritime corridor between India, China and Australia — the largest economies in the region. The main business centers in Asia are within the morning flight: Bangkok — 1 hour 15 minutes, Kuala Lumpur and Singapore — about two hours, Hong Kong — 2 hours 45 minutes. For the investor and tenant, this is convenient logistics that directly supports the demand for rent.

Quality of life at a reasonable price

For those who consider moving for years rather than seasons, the economics of everyday spending are significant. Admission from a foreign specialist and studying at an international school in Phnom Penh are noticeably cheaper than in Bangkok: about $6,000–8,000 per year versus a typical $15,000–20,000 for a comparable level. The capital is considered one of the most intense gastronomic scenes in the region —from Khmer cuisine to Italian, Japanese and Korean, which reflects the size of the established community of foreign residents.

Russian and Soviet education — at the heart of Cambodian elite

Relations between Russia and Cambodia — not a declaration, but part of the country's government structure. Diplomatic relations were established in 1956; in May 2026, their 70th anniversary was celebrated. But for understanding the market, something else is more important: a significant part of Cambodia’s top leadership was educated in the USSR and Russia, and this is open, verifiable data.
Deputy Prime Minister and Minister of Economy and Finance Oun Pornmonirot — Doctor of Social and Political Sciences, graduate of Moscow State University; fluent in Russian and has headed the country's Supreme National Economic Council for many years. Deputy Prime Minister and Minister of Education Hangchuon Naron — MGIMO graduate. Permanent Deputy Prime Minister Wongsey Wissot — also a graduate of MGIMO. Three current deputy prime ministers, including the person responsible for the entire economy and finances of the country, — with Russian education.
In total, about 8,000 Cambodians passed through Soviet and Russian universities. For an investor from a Russian-speaking country, this removes the feeling «of a foreign market»: the management environment here is historically familiar with the Russian school, and people from Russia, Ukraine and Belarus are treated with respect — a rare history of long-standing and warm ties for Asia.

How they invest here: by the sea and in the city

TINORA works with two object profiles and the choice is determined by the investor's goal.
In the city — primarily Phnom Penh, business and diplomatic areas such as BKK1. Demand for rent here is generated by foreign specialists, international companies and long-term residents — a solvent and stable audience that provides predictable rental income all year round.
By the sea — coast and resort locations, where demand is touristy and the potential for value growth remains in the young market. This is a different profitability profile, closer to seasonal, but with a different capital growth horizon.
Which format more accurately meets the task — of preserving capital, receiving rental income or playing on rising costs — is determined through consultation, for a specific object.

Sharing — one of the login options

If the acquisition of the entire property is not yet included in the plans, there is a separate opportunity to enter with a smaller budget — joint ownership.
Several investors purchase one property in shares, and each becomes a co-owner of a real apartment with a registered ownership right to it, and not a participant in the investment scheme.
This is an additional market entry route, not the only way to invest in Cambodia. It allows you to test the market at an early stage or distribute capital across several objects. The appropriateness of this format is also examined individually in each case.

What's next

Outlined — general outline of the market. A detailed analysis of areas, specific objects and real profitability is collected in a separate investor guide for Cambodia: without pressure and without promises, only numbers and facts.

Download investor guide to Cambodia — and get full picture of the market.

Questions left — contact a TINORA expert: we will match the facility to your budget and objectives.