In short: An agency in Cambodia is tested on three things: a real estate agent's licence from the RPR regulator under the FSA, several developers on its books rather than one, and after-sale support fixed in writing. The agency's commission is paid by the developer — 8–10% of the transaction value — which is why the price for the buyer through a broker and directly from the sales office is, as a rule, the same.

This material is for information only, is current as of July 2026 and is not an investment recommendation: rates and regulatory requirements change — verify them with a local lawyer.

Who sells real estate in Cambodia

The developer directly. The primary source of prices and documents: Megakim World Corporation (Taiwanese capital, the Time Square TS1–TS12 range) delivered all of its BKK1 projects on time — TS1 in 2017, TS5 in December 2025. But a sales office only shows you its own range, and market practitioners do not confirm the existence of discounts "for coming without a broker": the price list is one and the same.

Platforms and local brokers. According to market reviews, Realestate.com.kh and FazWaz Cambodia are technologically strong, IPS Cambodia and CBRE lead in commercial and premium property, while the mass-market local broker works without a website and without Russian. Their common weak point: a listings window does not do the selection for you and does not model your financials.

The Russian-speaking agency. This segment is barely covered: the main competitors are English- and Chinese-speaking. Hence the risk — behind the sign saying "Russian agency in Cambodia" there may be one person with an arrangement with one developer.

Who pays whom the commission

The commission is paid by the developer — 8–10% of the transaction (around 8% on average). The buyer pays nothing separately for the broker's services. Within an agency network the commission is then split further: a partner supplying a cold lead usually gets 30% of it (≈2.5% of the transaction), and 50% for a ready client (≈4%). Hence the check to run: make sure that selection matched to your goal has not been quietly replaced by selection matched to the agent's most profitable property.

The real money goes not on commission but on fees and taxes — at purchase, during ownership and on exit (the contract is signed within 10 calendar days of the reservation clearing, and the first instalment of 20–50% within 3 days of signing):

Item How much
Unit reservation $500–3,000 (at Megakim — $500)
Transfer tax (stamp duty) 4% of the assessed value; for new-builds from a licensed developer — an exemption up to $70,000 and a $70,000 deduction in the $70–210k range; resale between individuals is generally not covered by the relief. The regime is stated as running until the end of 2027 — check the year currently in force with the GDT
Annual tax (TOIP) 0.1% a year on the amount above the tax-free threshold of KHR 100 million (≈ $25,000)
Rental income tax 10% for a resident, 14% withheld at source for a non-resident
Assignment before handover $300 (at Megakim), with no 4% tax
Re-registration fee $1,500
Capital gains tax (CGT) — paid by the seller 20% on the gain; introduction postponed to 1 January 2027. With the fixed 80% deduction for expenses the effective rate is ≈ 4% of the price

The licence is the first question, not the last

Real estate agency work in Cambodia is subject to mandatory licensing. The regulator is the Real Estate and Pawnshop Regulator (RPR) within the Financial Services Authority (FSA), and the underlying instrument is the Prakas on licensing real estate services; developers, brokers, valuers and pawnshops are licensed separately.

Registration of a company with the Ministry of Commerce is not enough: a PLC is registered online with nominal capital of KHR 4 million (≈ $1,000), and that is not a licence. The trend in 2024–2026 is tighter enforcement and fines for operating without one.

Check the person, not the signboard: if the agent works for the developer, ask for the developer's licence; if they work for an agency, ask for proof of employment. And write to the company's official email address: "Does this person work for you, and in what capacity?"

Questions to ask the agent before paying a reservation

  1. Do you hold an RPR/FSA licence, and which legal entity is it issued to?
  2. Which developers do you work with, and what share of your deals goes to any single one?
  3. Show me three properties matched to my goal from different developers — and justify the choice.
  4. How many buildings has the developer completed, and were there any delays? The benchmark is at least 3, ideally 5–6.
  5. Is the land under the project on hard title and owned by the developer? Is there a construction permit?
  6. Is the apartment registered under strata title, above the ground floor, and is the 70% foreign-ownership limit in the building still available?
  7. Give me the contract to study before signing and before paying the reservation.
  8. What happens if construction is delayed: is there a penalty on the developer and a freeze on payments?
  9. What is the net yield after taxes, vacancy and the service charge?
  10. If a GRR is offered — what percentage, for what term, who signed it and who pays the tax on the payments?
  11. What exactly do you do after the building is handed over, and is that fixed in the contract?

On the numbers specifically: advertising claiming "15–20% guaranteed yield" is not supported by calculation. An analysis of properties in our database gives a net yield of 4–9% a year: Time Square 5, a 1BR at $72,000 — around 7.9% net; Le Condé 2 with GRR — 6.8%; a villa at $350,000 — 3.5%. Practitioners' independent estimate is 4–8%. Anything above that is instalment-plan leverage, expected price growth, or a calculation with taxes and costs left out.

Signs that an agency only sells its own stock

  • Every enquiry gets the same complex; only the floor and the size change.
  • No comparison of alternatives: price per square metre, delivery date, instalment terms, net yield.
  • The conversation starts with a property rather than with your goal: capital appreciation, cash flow, relocation, minimum entry.
  • A "today only" discount, pressure on timing, evasive answers about the licence.
  • Risks are never named at all: not resale liquidity, not tax changes, not the specifics of Sihanoukville.

A single-developer broker is not necessarily a fraud: sometimes it is honest work as a developer's sub-agent. But in that case you are buying access to a price list, not a selection.

After-sale support

The market's main vulnerability is that agencies sell and disappear, leaving the investor alone with handover inspection, tenants and taxes. Check what is fixed in writing:

Stage What the agency should provide
Construction Monitoring of the payment schedule, progress reports
Handover On-site inspection of the apartment, registration of the strata title, help with a bank account and a visa
Operation A management company or a GRR programme, advice on rental and property taxes
Exit Assignment before handover, help with resale, a buy-back option where one exists

A close look at GRR. Guaranteed Rental Return is a term of a contract with a specific developer or operator, not a market guarantee. The rate and the term come as a pair and cannot be combined at their maxima: Wyndham Garden BKK1 (UC Group) offers 6% for 10 years, or 7% for 5 years, or 8% for 3 years; Le Condé 2 — 8% for 3 years; ODOM — 8% for 5 years with a buy-back at 110%, but that applies to office strata units, not apartments. The phrase "8% for 10 years" adds the highest percentage to the longest term from different programmes — no such condition exists. The price of a GRR is a return below the market's potential and dependence on the operator's financial strength.

What can lawfully be sold to you

A foreigner cannot own land in Cambodia: the 2001 Land Law (Art. 8) and the Constitution (Art. 44) reserve that right for Khmer persons, and registering property to a nominee leads to confiscation without compensation. Four different instruments are available, and one must not be substituted for another:

  • Strata title — freehold on a condominium apartment (law of 24 May 2010): from the second floor only, a 70% limit on units in the building held by foreigners, a prohibition within 30 km of the borders except in SEZs and approved urban zones; the right arises after registration in the cadastre.
  • Leasehold — Civil Code, Arts. 244–247: from 15 to 50 years with an extension of up to another 50; developers' practice is the 50+50 scheme (in Thailand the standard is 30 years).
  • A company with ≥51% Cambodian participation (Art. 9) — for land and commercial property, not for an apartment. The controlling stake stays with the local partner: this is not ownership but an arrangement held together by the articles of association and a pledge of shares. A purely nominee structure "just to get around the rule" falls under Art. 8 — confiscation without compensation.
  • A trust under the 2019 law — for land and villas: a licensed trustee and registration with the Trust Regulator, which makes it more transparent than "we agreed it with a private individual", but more expensive to maintain.

Check the title: hard title is registered in the MLMUPC cadastre, while soft title is recognised only at commune level — for a foreign transaction that is a red flag.

Risks an honest agency will raise itself

  • Yield. Net yield is 4–9% a year, not 15–20%. There is no citizenship-for-property programme in Cambodia.
  • Liquidity. There is barely any full-fledged secondary market: selling a completed property can take 6–12 months.
  • Taxes. The 4% transfer tax relief is time-limited, and the 20% CGT has been deferred to 1 January 2027 — which hits the "buy off-plan, sell after handover" strategy.
  • The developer and the country. Construction sites frozen since COVID in Sihanoukville are a fact of the market: look at completed buildings, not at renders. Cambodia is a young market, and past price performance does not guarantee future results.

Frequently asked questions

Q: Is it cheaper to buy directly from the developer?
A: In practitioners' experience — no: the price list is the same, developers do not give a separate "no broker" discount, and they pay the 8–10% commission to the agency out of their own margin. A broker adds comparison of properties, document checks and support. Even so, verify the terms of a specific project with the developer directly.

Q: How do I check that an agency is entitled to operate?
A: Ask for the Real Estate and Pawnshop Regulator (RPR) licence issued under the FSA and the legal entity it is issued to: registration with the Ministry of Commerce is not a sector licence. An individual agent should additionally be verified by letter to the company's official email address.

Q: Do I have to fly to Cambodia in order to buy?
A: No — market data suggests around 90% of transactions are closed remotely: online reservation, electronic signing, transfer of the instalment. The downside is that you depend far more on the agent's integrity, so checking the licence and the documents is critical.

Q: Is GRR of 8% a guarantee of income?
A: It is an obligation of a specific developer or operator for a specific term, not a market guarantee. Percentage and term are inseparable: 8% for 3 years and 6% for 10 years are different programmes. The payments are subject to rental tax, and the reliability of the arrangement equals the financial strength of whoever signed it.

Disclaimer: this article is for information only and is not investment, legal or tax advice. The figures are stated as of July 2026 and may change. Investing in overseas real estate carries a risk of partial or total loss of the funds invested — carry out your own due diligence and consult licensed professionals in Cambodia.

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