Cambodian Real Estate Investment: Property Management Companies Matter Too – 5 Ways to Choose the Right One and Avoid Failure

2025.12.24

Author: Anna Araki / Anna Advisors Inc.

Cambodian real estate is becoming increasingly popular among foreign investors thanks to advantages such as USD-based operation and high yields.
While there are many high-grade properties favored by wealthy buyers, it’s not just the quality of the property itself that matters – how the property is managed is equally important.

If property management is inadequate, you may face higher risks of rent arrears, or see the asset deteriorate faster due to poor maintenance.

In this article, we explain in detail how to identify reliable property management companies in Cambodia.
By checking the quality of the management company as well as the property, you can operate your investment more appropriately and with greater peace of mind.

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Cambodian Real Estate Is Popular Among Foreign Investors

The Cambodian real estate market has characteristics such as the following, which make it attractive to foreign investors:

GDP growth is steadily trending upward, and land prices are rising.
The average age of the population is a very young 27, suggesting continued expansion in housing demand.
Urban development is active, especially in and around Phnom Penh.
Property prices remain lower than in neighboring countries.
Many properties offer gross yields around 10%.
Real estate can be purchased and operated in US dollars.
Cambodian banks offer high interest rates, which can further boost real estate returns.

Despite the many advantages and increasing number of properties, there is still ample room for new entrants, making Cambodian real estate a promising market.

(For more details on Cambodian real estate investment in general, please see our dedicated article on that topic.)

Five Risks and Drawbacks of Cambodian Real Estate Investment

While Cambodian real estate investment offers many benefits, it also carries risks and disadvantages.
Below we break these down into five main categories.

Risk That Pre-Built Properties Are Never Completed

In Cambodia, many developments use a pre-build system.

Under this system:

You pay a relatively small initial down payment at the start.
You then pay the remaining purchase price in stages as construction progresses.

The upside is that initial costs are relatively low.
However, there is a significant risk that the property may never be completed if the developer goes bankrupt or runs into serious financial difficulties.

Even if the property is not completed, there is usually no guarantee that your payments will be refunded.
In the worst case, all of the funds you invested could be lost.
Even when projects do reach completion, it is not uncommon for this to happen much later than originally scheduled.

Such cases are especially frequent among smaller, less stable developers, and construction halts are by no means rare in Cambodia.

Risk of Encountering Fraud

In overseas real estate investment, some actors exploit the fact that foreign investors are unfamiliar with local conditions and cannot easily monitor developments on the ground.
In recent years, fraud schemes have grown increasingly sophisticated, and even experienced investors can fall victim.

The Cambodian real estate market itself is still immature, and the legal framework is far from complete.
This means investors must be particularly vigilant against fraud and unscrupulous operators.

To ensure safe transactions, it is crucial to choose a trustworthy intermediary.

(For specific examples of fraud in real estate investment, please refer to our separate article that discusses these cases in detail.)

Risk That Local Real Estate Agents May Be Unlicensed

Compared with Japan, legal regulation in Cambodia is less comprehensive.
Some local agents operate without proper licenses, which is a serious concern.

If you purchase a property from an unlicensed agent, you face risks such as:

Being unable to obtain valid title documents;
Becoming embroiled in unexpected disputes.

It is also not advisable to buy property through individual brokers, as it is often unclear whether they have any formal qualifications.

When purchasing Cambodian real estate, the safest approach is to work with agents that are officially licensed by the relevant authorities.
Our own company operates under licenses granted by regulators in both Japan and Cambodia.

Risk of Vacancies and Rent Arrears

To generate returns from real estate investment, it is essential to secure tenants.

If a property remains vacant, you receive no rental income, and your income gains drop to zero.
Prolonged vacancies can also reduce the property’s assessed value, hurting your capital gains.

Rent arrears have similar effects: if tenants default on rent, your investment income is disrupted.

Ideally, you should work with an intermediary that has robust know-how in tenant acquisition and procedures for dealing with rent arrears.
However, many Cambodian real estate companies tend to be less thorough in after-care.

If the agent’s support is inadequate, the owner may be forced to deal with problems personally, which can become a major burden.

Disadvantage That Overall Management Quality Is Lower Than in Japan

Cambodians are generally known for being gentle and friendly, which is part of their charm.
However, from a Japanese perspective, certain behaviors can feel quite “loose”, for example:

Frequently arriving 30 minutes or more late.
Changing jobs often (sometimes quitting after just a month).
Offering various excuses for lateness or absence (in some cases reporting the death of the same relative more than once).

These are based on real experiences of the author, Araki, and they often manifest in business settings as well.

Compared with Japanese service standards, the quality of many Cambodian property management companies is not as high.
If management is inadequate, risks include:

Insufficient cleaning and maintenance, leading to tenant complaints.

Failure to respond properly to rent arrears;

Proper Management After Purchase Is Essential in Real Estate Investment

In overseas real estate investment, local management companies are typically entrusted with property management.
However, compared with Japan, the service level of property managers abroad is not always high.

In Cambodia:

The job market is tight and favorable to workers.
Regardless of how long they have worked at a company, many employees will quickly move to a new job if a better offer arises.

As a result, staff turnover at management companies tends to be high, and responsibility often becomes blurred.
When no one clearly “owns” the responsibility, routine tasks such as cleaning and facility maintenance may be neglected.

If maintenance is inadequate, the following disadvantages may arise:

Faster deterioration or damage to the property, leading to a drop in asset value → harder to realize capital gains.
Tenant complaints and negative reputations, leading to lower occupancy rates → harder to secure income gains.

Of course, the inherent qualities of the property itself are important.
But in order to preserve asset value, the quality of ongoing property management is just as critical.

Using Professional Support Is Recommended for Cambodian Real Estate Investment

Cambodian real estate is attractive because of relatively low price levels and high yields, but it also carries risks such as non-completion of pre-build projects and fraud.

To avoid non-completion risk, it is important to choose projects developed by major, financially stable developers.
To defend against fraud, it is crucial to work with trustworthy agents.
Because local management companies may offer lower service quality than in Japan, you must also pay close attention to property management.

However, for beginners, it can be difficult to properly evaluate developers, intermediaries, and management companies.

When purchasing Cambodian real estate, we strongly recommend choosing a company that offers comprehensive after-sales support, including property management.
In particular, companies that maintain offices on the ground in Cambodia are usually able to respond more quickly in case of emergencies.

Our firm has an office in Cambodia, where Japanese staff are permanently based.

Five Points for Identifying Reliable Cambodian Real Estate Companies

Selecting a reliable company is essential in Cambodian real estate investment.
Below are five key points for identifying good partners.

In particular, companies that handle both brokerage and property management are more likely to provide end-to-end support from purchase through operation.

Ability to Provide Financial Advice at the Time of Purchase

When purchasing overseas real estate, it is generally difficult to obtain financing from financial institutions, and investors are often expected to use their own funds.
Even though property prices in Cambodia are relatively low, resale condominiums tend to be in the JPY 10-million range, which is still a major decision.

A good company will:

In some cases, introduce financial institutions that are more receptive to overseas mortgage loans, thereby helping with financing arrangements.

Propose properties that match the client’s asset profile and risk tolerance;

Handling Projects Developed by Major Developers

In the Cambodian market, it is especially important to be vigilant about the non-completion risk of pre-build projects.
Small and mid-sized developers often have unstable finances, and it is not uncommon for construction to be suspendeddue to funding problems.

If a management or brokerage company focuses on properties developed by large, financially sound developers, this significantly reduces the risk that construction will remain unfinished.

For example, our company handles and manages units in the “J-Tower” series, an ultra-luxury condominium line developed by a Japanese firm.

Given this, the likelihood that the third building currently under development will also be completed successfully is very high.

Two J-Tower buildings have already been completed, demonstrating a solid track record.

Comprehensive After-Sales Support

The real challenges of property ownership arise after the purchase, during day-to-day operation.
Unexpected issues such as rent arrears or damage and malfunctions in facilities can and do occur.

When problems arise, local management companies in Cambodia may not always provide the same level of support as their Japanese counterparts.

The ideal scenario is to work with a Japanese company that handles both brokerage and management:

Our company has an office in Cambodia and is fully equipped to provide comprehensive after-care services.

Such firms are more likely to offer robust after-sales support, including assistance with tenant issues and other property-management challenges.

Advice and Simulations That Take Exit Strategies Into Account

Whether you focus on income gains or capital gains, carefully planning your exit strategy is critical to successful asset building.

For example, the approach to property management will differ depending on whether:

The property is for personal use or investment;
You intend to hold it long-term or sell it in the short term.

It is important to perform detailed simulations that take into account factors such as:

Trends in property prices in the surrounding area;
Your investment horizon and objectives.

Good companies will propose management methods that reflect your individual goals and circumstances, always with a clear view of how and when you will exit.
Conversely, companies that simply broker properties without offering such planning are less desirable.

Our firm regularly hosts seminars on real estate investment and also provides individual consultations, taking into account each client’s unique situation.

Having Japanese Staff on the Team

Overseas property investment involves language barriers that do not exist in domestic transactions.
Working with a real estate company that has Japanese staff substantially improves communication and overall convenience.

In major urban areas of Cambodia, many real estate agents offer services in English, but relatively few can also support Japanese.
Our local office has Japanese staff permanently based in Cambodia, and we can handle everything from property purchase to after-care entirely in Japanese.

Main Responsibilities of Cambodian Property Management Companies

The main responsibilities of Cambodian property management companies include:

Cleaning within the building and on the grounds;
In large condominiums, ongoing inspection and maintenance of interior and exterior facilities;
Allocation of a portion of management fees to repair reserves and facility maintenance;
In some cases, following up with tenants who are in rent arrears;
Handling new lease or sale listings when tenants move out.

In terms of the tasks themselves, the work is broadly similar to that of management companies in Japan.
However, properties managed by local developers in particular tend to show more lapses in management quality.

Three Recommended Property Management Companies in Cambodia

Below are three recommended management companies operating locally in Cambodia.
All are Japanese companies, making it easier to receive services that align with Japanese expectations and standards.

Anna Advisors | Japanese Staff Permanently Based in the Cambodian Office

Our company not only brokers the purchase and rental of Cambodian real estate, but also handles property management.

Japanese staff are permanently stationed at our office in Cambodia, overseeing management operations for individual properties.
By respecting the local Cambodian culture while firmly enforcing rules, we are able to deliver management quality comparable to Japan.

Our office is located in central Phnom Penh, enabling us to respond immediately in Japanese when urgent situations arise.
We also specialize in total support for asset building, including property selection and cash-flow simulations tailored to each client’s goals.

Fuji Realty | Strong in Rental Properties Through Partnerships With Local Managers

Fuji Realty is part of the major real estate group CENTURY 21, and has more than 10 years of experience in Cambodian real estate brokerage.

The company is particularly strong in rental brokerage in Phnom Penh and surrounding areas.
It maintains a close network with local management companies.

Its staff receive training from Japanese professionals and are able to support clients in Khmer, English, Chinese, and Japanese.
In addition to managing its own properties, Fuji Realty also provides rental management for properties purchased through other companies.

HopeTree | Providing Japanese-Quality Property Management Services

HopeTree is a property management company that develops and manages resort facilities in Japan, such as ski resorts, and also maintains a base in Hong Kong.

It provides Japanese-style services that are speedy, meticulous, and highly attentive in markets around the world.
In Cambodia, it manages properties in prime areas such as BKK1, which are particularly popular among foreigners.

HopeTree delivers Japan-level quality overseas and has an impressive track record, including being designated by developers as their management company.
For properties in Cambodia, it runs a Japanese help desk, enabling support in Japanese.

Conclusion

In Cambodian real estate, local management companies do not always match Japanese service standards.
However, the quality of the management company directly affects occupancy rates, and ultimately investment returns.

When searching for properties in Cambodia, it is therefore essential to evaluate not only the property itself, but also the quality of the management company.
Because Japanese management firms are more likely to provide services on par with those in Japan, choosing properties managed by Japanese companies is a strong strategy.

Our firm maintains an office in Phnom Penh and operates with a robust after-care structure, including day-to-day management operations.
If you are considering Cambodian real estate investment and want support that also covers property management, we would be honored to assist you.