Phnom Penh is the capital city of Cambodia, and of course, it has become the country’s political, economic, industrial, cultural, educational, and tourism center. Phnom Penh is located at the junction of the Mekong River, Bassac River, and Tonle Sap River. The soil is fertile and suitable for agriculture. Before the 1960s, it was called the “Pearl of Asia”. Phnom Penh is the largest city in the country, with a population of 2.3 million people. Phnom Penh has everything expected of a metropolitan city; there are shopping malls, cafes, commercial districts, government headquarters, embassies, hotels, and entertainment centers. It also provides investors with business opportunities everywhere.
While the economic activities in Phnom Penh arrays in all industries such as tourism, agriculture, manufacturing, garment, and many forms of goods trading, the real estate industry boasts the highest return for investors. In recent years, real estate in Phnom Penh is the fastest and most profitable industry I the country, with investment returns as high as 29%. The Borey and Condominium market saw the most significant increase in the last two years, with 22,500 units ready to be handed over by 2022 for Borey homes, and 45,000 units for condominiums in the same year. In addition, the government is vigorously developing and improving infrastructure. The first phase of the Phnom Penh New International Airport project will be completed in 2023. At the same time, the construction of a highway from the airport to the city center, connecting the third and fourth ring roads in Phnom Penh, can meet the large number of tourists brought by international events, and also help for tourists and business people to and from the airport to the city.
Phnom Penh New International Airport
Located in Kandal Province – just 30km outside of the capital, the new $1.5 billion Phnom Penh International Airport is expected to finish its phase in 2023. The new airport will be one of the world’s largest airports by land area of 2,600 hectares. “Once the new airport starts operating, Phnom Penh will welcome more tourists and investors worldwide with more direct flights to the capital” . When phase one is completed, the new Phnom Penh International Airport will accommodate 13 million tourists per year, nearly tripling the handling capacity of the old Phnom Penh International Airport. This will significantly boost the tourism industry as well as create more jobs for the locals. Seizing the opportunity with this mega project, the real estate industry sees substantial cash injections from foreign investors into developing the surrounding areas and the city center to prepare for future commercial activities.