柬埔寨房地产亮点-2025年下半年莱坊柬埔寨

H2 2025 knightfrank.com.kh/research CONTENTS International Trade Balance Despite the risks, Cambodia’s trade and supplychains are expected to grow more slowly. As of GDP Growth December 2025, the combined exports and importstotal reached USD 64.02 billion, marking asignificant increase of USD 10 billion from 2024,which represents a robust 15% growth. The mainexports, particularly garments, apparel, footwear, Phnom Penh Office Sector6 4.8% Phnom Penh Retail Sector10 Phnom Penh Hotel Sector14 Phnom Penh Serviced Apartment Sector18 Overview Phnom Penh Condominium Sector22 In the second half of 2025, Cambodia’s economicgrowth is expected to slow due to external Phnom Penh Landed Housing Sector26 pressures and domestic vulnerabilities. Whileexports, and improvements in the industrialsector mainly drove the economic recovery, On the import side, Cambodia showed stronggrowth, surging 17.7% in the first ten months of Phnom Penh Industrial Sector30 The import expansion mainly included mechanical appliances and machinery, which steadily increased since July in the second half of 2025,nearly doubling in October witha84.5% increase According to the IMF, Cambodia’s GDP growth isforecasted to slow to 4.8%, down from 6.0% ayear earlier in 2025 indicating moderating Inflation Inflation is expected to rise moderately to 2.52% by2025, driven by supply-side factors such as higher ECONOMIC SNAPSHOT OF CAMBODIA ECONOMIC SNAPSHOT OF CAMBODIA Tourism Recently, Etihad Airways started direct flightsfrom Abu Dhabi to Phnom Penh, and more new prices. While inflation remains containedcompared with the peaks seen in 2022, rising foodprices could pose a risk to household purchasingpower, particularly for low-and middle-income Whilst exports surpassed expectations during2025, achieving significant year-on-year growthdespite Trump's tariffs, Cambodia's tourism routes are expected, such as Turkish Airlinesinaugurating routes from Istanbul to Phnom Penhand Air Cambodia expanding flights to Tokyo, recovery reversed. International tourist arrivals began to decline in Q2 and continued decreasing Currency Strength Regarding the currency value, the Khmer riel hasremained stable. According to the National Bank of Cambodia (NBC), the average USD-KHRexchange rate for the second half of 2025 was4008 riel per US dollar, with the US Dollar Index As of December 2025, the total tourist arrivalsreached 5.57 million, which is 16.8% below 2024. Cambodia has significant growth potential in theindustrial sector and infrastructure development, Thailand, Vietnam, and China are the maincontributors to Cambodia's tourism growth. ECONOMIC SNAPSHOT OF CAMBODIA Origin Countries of NewlyApproved Investment WHAT ARE THE MOST POPULAR INVESTMENTS? PHNOM PENH OFFICE SECTOR PHNOM PENH OFFICE SECTOR Supply & Demand The remaining office spaces are distributedamong ToulKorkwith 9%,ChroyChangvaat 5%, Meanwhile, Grade C and Grade A represent 28%and 23%, respectively. These classifications can As of the second half of 2025, the Phnom Penhoffice supply experienced a slight increase. The existing supply reached 1,040,255 squaremetre 1.04 million sq mThe existing supply reachedapproximately 1,040,255 sq m of NLA,a 2% y-o-y growth. In the future supply, the office market in PhnomPenh is set to expand significantly, with the The majority of office spaces in Phnom Penh areconcentrated in the City Centre, which accounts for a significant 80% of the total supply. Incontrast, the Suburban areas contribute only 20% 24,875 sq m development pipeline recorded at 746,680 sq m, a38% increase from 2024. A notable aspect of this completions that entered the market, enhancing the total Net Lettable Area (NLA) byapproximately 24,875 sq m. These developmentsincluded a Grade A office building and a Grade B During H2 2025, there were a few newcompletions entering the market. growth is the predominance of Centrally-owned office spaces, which will account for 69% of theupcoming supply. In contrast, Strata-title officesare expected to make up the remaining 31%. Both 746,680 sq mThe future supply in the development In the City Centre,Chamkarmondistrict leads inoffice supply, accounting for 23% of the total stock. Close behind isDaunPenh, which holds22%. Both Boeung Keng Kang and 7 Makara pipeline is recordedat 746,680 sq m, a38% increase from 2024. In the Phnom Penh City Centre, upcoming officeprojects are predominantly Grade A, which will In Phnom Penh’s office market, there are twomain ownership structures, centrally-owned andstrata-title. Currently, centrally-owned properties Knight Frank hascategorisedthe office marketinto three distinct classifications: Grade A, Grade PHNOM PENH OFFICE SECTOR PHNOM PENH OFFICE SECTOR In view of increasing vacancy rates, office rentsrecorded a modest decline during H2 2025. For Conversely, the medium to long-term outlookappears promising. The approval of CDC projects, Looking at the breakdown b