In short: a Russian-speaking investor usually compares five destinations — Cambodia, Thailand, Vietnam, Dubai and Bali. They should be compared not by promised yields but by three verifiable parameters: what form of ownership a foreigner actually receives, what currency transactions are settled in, and how the exit from the asset works. Cambodia answers all three: freehold on a condominium apartment from the second floor upwards, settlement in US dollars, entry from $50–58k.

This material is for information only and is not an investment recommendation. The data is current as of July 2026; legislation and prices change — before any transaction, verify the terms with a licensed local lawyer and against the developer's current price list.

Five destinations: what actually differs

Comparing markets by "yield" is pointless — the advertised figure is attractive everywhere. What you should compare is the price per square metre, the form of ownership and the stage of the market.

DestinationAverage price $/m² (capital)What a foreigner getsMarket stage
Phnom Penh, Cambodia$2,200Freehold on an apartment from the 2nd floor (strata title), indefiniteEarly growth
Bangkok, Thailand$6,500Freehold capped by a 49% quota per building; land leases — 30 years as standardMature / stagnating
Ho Chi Minh City, Vietnam$6,500Form of ownership outside our database — verify separatelyNo stage assessment in our database
Dubai, UAEPrime centre $7,000–15,000+Freehold availableMature / correcting
Bali, IndonesiaNo verified data in our database——

A caveat on the table: the figures for Phnom Penh, Bangkok and Ho Chi Minh City are city-wide averages, whereas for Dubai our database holds only the prime-centre range. These are different metrics and cannot be compared directly.

For Bali, and for the form of ownership in Vietnam, we deliberately give no figures: we have no verified data of our own, and retelling other people's reviews where money is at stake is bad practice.

For calibration: Kuala Lumpur is $5,500/m², Singapore $17,000, Hong Kong $24,000. Dubai went through a similar stage earlier: Downtown was $3,000–4,000/m² in 2010 and $7,000–10,000 in 2023–2025.

The entry threshold: how much money you actually need

Specific figures from our property database:

  • MIRO (R&F City, Phnom Penh) — a completed project (partial handover from August 2023), a 38 m² studio at $50,000–58,000 ($50,000 on the 2nd floor, $58,000 on floors 15–25), rent of $300–350/month, managed by Fulin Property.
  • Time Square 11 "Castle" (BKK3, Megakim) — a 50 m² 1BR: $64,404 on the price list, $57,964 with a 10% discount, i.e. $1,159/m². Delivery Q2 2029. Important: this is the price of one specific unit from an early sales schedule, not the current price list. As of 6 July 2026 the project is 95% sold (21 units left), and the remaining stock now starts at around $1,300/m².
  • Kingston Royale (Mean Chey) — $1,015/m² on one unit (a 45 m² 1BR, February 2026): the lot came back on the market and went below the official price list. That is not the project's average price but a one-off offer — though it does mark the lower bound for new condos in the capital.

Then the instalment plan comes into play. One standard scheme is 30/40/30: 30% down payment, 40% interest-free over 36 months, and 30% as a single payment in month 37. On a $50,000 property that is $15,000 at entry and around $556 a month; if you do not have the money for the final payment, the developer lends the balance at 10% a year — over 10 or 15 years, depending on the developer. The scheme is not universal: at Time Square 11 it is 20/35/45, at Kingston Royale 30/36/34. Proportions, terms and credit conditions should be read in the specific contract and fixed in advance.

Hence the working entry threshold: $15–20k of actual cash, and that is a down payment, not the full price of an apartment. For comparison, here is the wording from our internal pricing analysis: "a 38 m² studio in prime BKK1 costs $60,000. In Bangkok the same one costs $250,000. In Singapore, $640,000." A qualification to it: $60,000 for 38 m² is ~$1,580/m², which is a pre-sale-stage price ($1,000–1,600/m² by our data), not the city average ($2,200/m²) and not the price of completed prime property in BKK1 ($3,000–3,500/m²).

Ownership access: instruments that are constantly confused

The basic rule: a foreigner cannot own land in Cambodia. The 2001 Land Law, Art. 8: ownership of land belongs only to Khmer individuals and legal entities; the same is enshrined in Art. 44 of the 1993 Constitution. Buying through a nominee is punishable (Art. 251), and the property is confiscated by the state without compensation.

There are four lawful instruments, and they are not interchangeable:

  1. Strata title — a condominium apartment. Law of 24.05.2010: full ownership of the unit, but only from the second floor upwards. The foreign share in a building is capped at 70% of the floor area of the private units (Sub-Decree No. 82, 2011). There is a prohibition within 30 km of land borders — except in SEZs and approved urban zones. The right arises only after registration in the cadastre.
  2. Leasehold / perpetual lease. Civil Code, Arts. 244–247: not less than 15 and not more than 50 years, with an extension of up to another 50. In practice villas are structured as 50+50 = up to 100 years. Stronger than the Thai model, where the standard is 30 years.
  3. A company with Khmer participation — a legal entity in which ≥51% belongs to Khmer persons is treated as local and may own land (Land Law, Art. 9).
  4. A trust under the 2019 Trust Law — land or a villa through a regulated trustee.

The conclusion: strata title works only for a condominium apartment — you cannot buy land or a villa under that scheme. For a house or land what remains is a long lease, a company with Khmer participation, or a trust; of these the least risky is a lease in which the lessor is the developer itself rather than an unfamiliar private individual.

Liquidity and the currency of settlement

The strong side is the currency. The economy is fully dollarised: transactions, rent and exit are all counted in USD, with the riel left for everyday spending. For an investor from a rouble economy that removes the risk of local-currency devaluation — but it removes neither the rouble-to-dollar exchange risk nor bank compliance when transferring funds.

The weak side is the secondary market. There is barely any proper resale market in Cambodia. The main route out is assignment of the contract before ownership is registered: $300 at Megakim, $200 under the Kingston Royale template contract (November 2025), with the developer's written consent; the new buyer then does not pay the 4% transfer tax. But this mechanism works only while new investors keep coming into the market — and that is the main liquidity risk.

Two tax facts that change the exit model: the 20% capital gains tax for individuals has been deferred to 01.01.2027 — on a "buy off-plan, sell after handover" horizon that date has to be built into the calculation. And Cambodia has a double taxation treaty with Thailand, but none with Russia.

Yields: real figures instead of advertised ones

Our net yield calculation (non-resident, 14% rental tax, 15% vacancy, 10% management, service charge, property tax). This is a model for calibrating expectations, not a list of available offers: Time Square 5, for example, was delivered in December 2025 and is sold out — it is here as a case study.

PropertyPriceGrossNet
Time Square 5, 1BR 60 m² (BKK1)$72,00015%~7.9%
Time Square 5, 3BR 100 m²$120,00018%~9.6% (optimistic; realistically 7–8%)
Le Condé 2, 1BR 70 m² (GRR 8% × 3 years)~$140,0008%~6.8%, fixed by contract
Villa with land$350,0006.9%~3.5%

The realistic corridor is 4–9% net, which matches the assessment of a market practitioner (4–8% net with price growth of 6–7% a year) — that is expert opinion, not official statistics. Promises of "15–20% guaranteed profit" are a red flag: such a figure usually has the leverage effect of an instalment plan built into it, or leaves taxes and costs undeducted.

A separate word on GRR. Guaranteed Rental Return is a term of a contract with a specific developer, not a property of the market. Rate and term come as a pair, and the pair is chosen as a whole. At Wyndham Garden BKK1 (UC88) there are three mutually exclusive packages: 8% × 3 years, or 7% × 5 years, or 6% × 10 years. You cannot take the highest rate and the longest term separately — no such condition exists. ODOM has a different scheme: 8% × 5 years plus a buy-back at 110%. The reliability of the programme comes down to the operator's financial strength, and once the GRR ends the yield becomes whatever the market pays.

Risks that have to be named out loud

  • Thin liquidity. There is barely any secondary market; your exit depends on the inflow of new buyers.
  • Sihanoukville is a story of its own. Construction frozen after COVID has largely not resumed; the abandoned buildings are slated for demolition "within 5 years". Freehold there is rare, and the city's dependence on the gambling industry is a regulatory risk.
  • A developer with no history. A sensible minimum is 3–5 completed projects that you can go and see in person.
  • Schemes involving an unfamiliar local partner. Registering land or a villa to a local person — or to a company in which they hold 51% — on a "gentleman's agreement" gives you zero guarantees. It is safer when the counterparty on a long lease is the developer itself.
  • CGT from 2027. If the 20% capital gains tax really does come into force on 01.01.2027 (its introduction has already been postponed several times), it will cut into the returns of the "enter at pre-sale, exit at handover" strategy.
  • Tax residency. 183 days in Cambodia make you a resident, taxed on worldwide income.

Five questions to answer before choosing a country

  1. What is my goal? Preserving capital, earning a yield, or preparing to relocate. Those are three different portfolios, and the properties that suit them barely overlap.
  2. Is my budget a down payment or the whole sum? With a 30/40/30 instalment plan the difference is fundamental.
  3. What is my horizon? Up to 3 years — a play on assignment and price growth, to be calculated with the possible CGT from 2027 factored in. From 5 years — rental income, in which case net yield and the quality of the management company matter more.
  4. Am I willing to manage the asset? If not, look towards GRR, accepting a lower return (~6.8% against ~7.9%) but without vacancy or hassle.
  5. How will I exit, and who will I sell to? The most awkward and the most important question. You need the answer before you buy, not after.

Frequently asked questions

Can a foreigner buy a house with land in Cambodia? Not directly. The 2001 Land Law (Art. 8) reserves ownership of land for Khmer persons. A house or villa is structured through a long lease (Civil Code, Arts. 244–247: up to 50 years with an extension of up to another 50), through a company with ≥51% Khmer participation, or through a trust under the 2019 law.

Which is cheaper — Cambodia or Thailand? On the average price per square metre in the capitals, Phnom Penh is roughly three times cheaper than Bangkok: $2,200 against $6,500. In the prime segment the gap is comparable: $1,600–3,500/m² against $5,000–10,000+. But price is only one parameter: the Thai market is mature with an established resale turnover, while the Cambodian one is early-stage with thin liquidity. That is precisely the price built into the low cost of entry.

GRR of 8% for 10 years — does that exist? No, no such condition exists among our properties. Rate and term come as a pair: at Wyndham Garden BKK1 it is 8% × 3 years, or 7% × 5 years, or 6% × 10 years — one package of your choice. An offer of the "highest rate for the longest term" kind is worth re-checking against the text of the contract, not the presentation.

What currency are transactions settled in? Cambodia's economy is dollarised: purchase, rent and sale are all counted in USD, with the riel used for everyday spending. This removes the risk of local-currency devaluation but does not remove banks' compliance procedures when opening an account and transferring funds.

How much tax does a foreign owner pay? On purchase — 4% transfer tax (new-builds up to $70,000 from a licensed developer are exempt; for $70,000–210,000, $70,000 is deducted from the base). Annually — 0.1% of the assessed value above a threshold of about $25,000. On rent — 10% for a resident and 14% for a non-resident. The 20% CGT is deferred to 1 January 2027. Important: transfer tax reliefs are introduced by sub-decrees and extended annually, so always verify the current year's rates and thresholds with Cambodia's General Department of Taxation (GDT) before a transaction.

Once more: this is informational material, not an investment recommendation and not an offer. Past price performance does not guarantee future results, and GRR is an obligation of a specific developer rather than of the market. Make your decision after independent legal and tax due diligence.

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