Phnom Penh's residential price index has now fallen for nine straight months

Phnom Penh's residential price index has dropped for nine consecutive months, and project sales rates in the capital are at their lowest point in a decade. That combination gives buyers real room to negotiate, something the market hasn't offered in years.

The catch is that this isn't a blanket bargain. The correction is deep enough to call a bottom in the prime central districts (BKK1, Tonle Bassac, Toul Kork), where transactions are USD-denominated and carry no currency risk. It looks considerably less safe once you move toward the coast: Sihanoukville's half-finished towers are the standing reminder of what happens when a Cambodian property cycle turns without enough underlying demand to fill what got built.