柬埔寨房地产亮点2025年上半年（英）-莱坊

knightfrank.com.kh/researchCambodia Real Estate HighlightsH1 2025Knight Frank’s half-yearly review of market trends in the Cambodia real estate marketContentCambodia Economic SnapshotPhnom Penh Office SectorPhnom Penh Retail SectorPhnom Penh Hotel SectorPhnom Penh Serviced Apartment SectorPhnom Penh Condominium Sector1357911Phnom Penh Landed Housing Sector13Phnom Penh Industrial Sector15Siem Reap Real Estate Overview1721Sihanoukville Real Estate OverviewRecent Economic PerformanceEconomic activity during H1 2025 remained relatively robust but uneven, primarily driven by growth in the garment, travel goods, and footwear sectors, as well as expansion in non-garment manufacturing and services, particularly in the travel and tourism sector.Total goods exports, especially GTF goods to the U.S. and EU markets, remained strong but showed signs of moderation, growing by 11.6% year-on-year (y/y) in the first quarter of 2025.Cambodia's exports to the United States increased to over $4 billion between January and May 2025, representing a 27% rise compared to the same period last year. However, goods exports will be affected by changes in global trade policy, creating additional challenges. Following US President Donald Trump’s announcement in April, the US imposed a 49% tariff on Cambodia, which was renegotiated down to 36% in July. Negotiations are ongoing. In light of concerns over a potential economic downturn, the Cambodian Government is reassessing its strategies. Shortly after the April announcement, the Trump administration initiated a 90-day tariff pause for all countries except China. This adjustment temporarily stabilised export demand and alleviated immediate economic concerns for Cambodian businesses.Cambodia Economic SnapshotDespite facing trade challenges, over the first five months of 2025, the Council for the Development of Cambodia (CDC) approved a total of US$4.2 billion worth of approvals across 290 projects. This figure represented a remarkable year-over-year increase of 90%. While there was a notable increase in the value of approved Foreign Direct Investment (FDI) projects, the approved domestic investment value declined significantly, shrinking by 96.7% y/y to reach only US$23 million during the first quarter of 2025.Phnom Penh, which had experienced a construction and real estate boom before the pandemic, was the worst hit. The decline in property construction, which has been crucial for credit demand, private investment, and economic growth, continues to impact overall economic activity in the capital.In March 2025, inflation increased to 3.7 per cent year-over-year, mainly due to rising food prices. Although rice prices remained stable, average prices for meat, fish, fruits, and vegetables went up, leading to an acceleration in the food component of the consumer price index. This is expected to increase due to the closure of the Cambodia-Thailand border amid rising tensions, with many products sold in Cambodia being imported from T