Can foreigners buy Picasso Sky Gemme Phnom Penh condos? Yes, You Can Own a Sky Unit in Picasso Sky Gemme Without Needing a Local Partner or Land Tricks

Can foreigners buy Picasso Sky Gemme Phnom Penh condos? Complete Guide

Foreigners Are Snapping Up These Phnom Penh Condos—Here’s the One Legal Shortcut That Makes It Happen

Quick Answer: Yes, foreigners can buy Picasso Sky Gemme Phnom Penh condos through Cambodia’s strata title system, which allows foreign ownership of units above the ground floor up to 70% of any building.

Can foreigners buy Picasso Sky Gemme Phnom Penh condos? The simple answer is yes. Foreign buyers can legally purchase and own condos in this luxury development through Cambodia’s strata title ownership system. This system lets non-Cambodians own units above the ground floor while following the country’s rule that foreigners can own up to 70% of units in one building.

Key Takeaways About Foreign Ownership at Picasso Sky Gemme

1. Legal Standing: Yes, foreigners can buy and own Picasso Sky Gemme condos through Cambodia’s strata title system, which is fully legal and backed by the 2010 Foreign Ownership Property Law.
2. Investment Opportunity: Picasso Sky Gemme offers a strong investment with chances for value growth and rental returns between 5-8% based on trends in Phnom Penh’s top BKK1 district.
3. Development Quality: Built by Global Titan Stone Real Estate Group, this 52-floor luxury building in BKK1 offers high-end living spaces with special design touches.
4. Market State: The condo market in Cambodia shows signs of bouncing back in 2025, with economic growth around 6.1% helping real estate values.
5. Legal Protection: Strata title ownership gives foreign buyers solid property rights under Cambodian law, though some limits apply (no ground floor units, max 70% foreign ownership per building).

Understanding Cambodia’s Foreign Ownership Laws

Cambodia’s laws on foreign property ownership have changed a lot over time. For most of its history, foreigners couldn’t own property at all. This was based on Article 44 of Cambodia’s Constitution, which says only Cambodian citizens or companies can own land.

The big change came in 2010. The Cambodian government passed a law called “The Law on Providing Foreigners with Ownership Rights in Private Units of Co-Owned Buildings.” This law created a way for foreigners to buy and own condos in Cambodia.

The key rules for foreigners buying condos in Cambodia include:

• You can only buy units above the ground floor
• Foreigners can own up to 70% of the total units in any building
• You must have a proper strata title (not just a soft title)
• You can’t buy property within 30km of any land border (except with special permission)

These rules apply to all condo buildings in Cambodia, including Picasso Sky Gemme.

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About Picasso Sky Gemme Development

Picasso Sky Gemme (also known as Picasso 2) is a luxury condo project in Phnom Penh’s most desirable area, BKK1. The project is built by Global Titan Stone Real Estate Development Group, who also built the successful Picasso City Garden.

Here are the key facts about this development:

• 52 floors in total
• Located at Streets 57 and 282 in BKK1
• Around 276 living units ranging from 61 to 203 square meters
• Mix of 1 to 4-bedroom units and penthouses
• High ceilings (3.3-3.6 meters)
• Eight floors just for amenities
• Expected to be done in late 2028
• Currently in pre-sale phase as of 2025

The building is meant to bring a new level of luxury to Phnom Penh by mixing artistic design (inspired by Picasso) with top-end features in the city’s best location.

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Current State of Foreign Condo Ownership in Cambodia (2025)

As of 2025, the 2010 Foreign Ownership Property Law still provides the framework for foreigners buying condos in Cambodia. The key parts of this law remain:

1. Need for Strata Title: Foreigners can only buy condos with proper strata titles. These titles must be registered with the Ministry of Land Management, Urban Planning and Construction.
2. Ownership Limits: No more than 70% of units in any building can be owned by foreigners. At least 30% must be owned by Cambodian citizens.
3. Ground Floor Rule: Foreigners can only own units above the ground floor.
4. Border Area Rule: Properties within 30km of international borders can’t be owned by foreigners (for national security).

Some talk has happened about extending foreign ownership rights to buildings built before 2010, but no new laws have been passed as of early 2025.

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Picasso Sky Gemme Development Status

Picasso Sky Gemme is now being built in the BKK1 district. The project was launched on August 22, 2024, and is now in pre-sale as of 2025. Building is moving forward with plans to finish in late 2028.

The project has gotten lots of attention in Cambodia’s real estate market. The launch event was attended by Deputy Prime Minister Sun Chanthol, showing how important the project is to Cambodia’s growth.

In August 2024, Titan Stone Real Estate Development signed a deal with Realestate.com.kh (Cambodia’s biggest property website) to market the project, showing they want to attract both local and foreign buyers.

Foreign Ownership Opportunities at Picasso Sky Gemme

Picasso Sky Gemme offers strata title ownership for all its units, which means foreigners can buy them. The development provides freehold strata titles (hard titles) for each unit, giving secure legal ownership.

The units are being sold to both Cambodian and foreign buyers, with marketing that highlights:

• Strata title (freehold/hard title) ownership
• Prime BKK1 location that appeals to expats and foreign investors
• Flexible payment plans up to 40 months
• Strong rental potential due to high-end features and prime location

Since the project is still in pre-sale, foreign buyers now have the chance to buy at pre-construction prices with various payment options.

Key Numbers for Foreign Condo Buyers in Cambodia

The Cambodian condo market has some important numbers that foreign investors should know when looking at Picasso Sky Gemme:

1. Purchase Prices: Picasso Sky Gemme units start from about $2,924 per square meter (after discount) as of 2025. This puts it in the mid-to-high range of Phnom Penh’s luxury market.
2. Market Average Prices: For comparison, the average condo price in Phnom Penh was around $2,500 per square meter in mid-2024, showing that Picasso Sky Gemme is a premium option.
3. Rental Returns: In early 2025, apartment rental returns in Phnom Penh ranged from 5.01% to 8.5%, with a city average of 6.96%, offering good returns for investors.
4. Foreign Ownership Quota: Across Cambodia, foreigners can own up to 70% of units in any condo building, with the remaining 30% reserved for Cambodian citizens.
5. Transaction Costs: Foreign buyers pay a 4% transfer tax (stamp duty) on property transactions, based on the tax department’s assessed value of the property.

Market Trends in Cambodia’s Real Estate (2025)

The Cambodian real estate market in 2025 shows several notable trends:

1. Economic Growth: Cambodia’s economy is expected to grow by 6.1% in 2025 and 6.5% in 2026, creating a good environment for real estate value growth.
2. Condo Supply: By 2024, the total condo supply in Phnom Penh reached about 72,000 units, an increase of almost 25% from around 57,000 units the year before.
3. Luxury Market: In Phnom Penh, the number of luxury homes was over 30,000 in 2024, with plans to expand to 80,000 by the end of 2025.
4. Market Recovery: After tough times following COVID-19, there are signs that Cambodia’s property market is recovering in 2025, though some segments still face challenges.
5. BKK1 Premium: The BKK1 district, where Picasso Sky Gemme is located, continues to command premium prices compared to other areas in Phnom Penh.

Comparing Picasso Sky Gemme to Other Phnom Penh Condos

The data shows that Picasso Sky Gemme is positioned at the premium end of Phnom Penh’s luxury condo market, with pricing about 10% above the luxury segment average. This premium is justified by its prime BKK1 location, ceiling heights above market average, and extensive amenities.

Unit Types at Picasso Sky Gemme

Type A2 (1-Bedroom)

Unit Specs:

• 1 bedroom, 1 bathroom
• 76 sqm gross area (61 sqm net floor area)
• Well-designed layout
• Located above ground floor (eligible for foreign ownership)
• Strata title freehold (hard title)
• Completion: Q4 2028

This unit is ideal for single professionals or couples wanting luxury housing in Phnom Penh’s most prestigious district. The design focuses on space efficiency while maintaining luxury standards through high ceilings (3.3-3.6m) and quality finishes.

Estimated price range: $170,000-$220,000 based on the development’s average price per square meter of about $2,924. This makes it an accessible entry point into the high-end BKK1 property market.

Picasso Sky Gemme: 1 Bedroom Condo for Sale in Phnom Penh – Type A2

Type B5 (2-Bedroom)

Unit Specs:

• 2 bedrooms, 2 bathrooms
• 118 sqm
• Spacious layout with premium finishes and private balcony
• Located above ground floor (eligible for foreign ownership)
• Strata title freehold (hard title)
• Completion: Q4 2028

The Type B5 unit targets small families or investors looking for higher rental returns from expatriate tenants. The two-bedroom layout is the most popular unit type for the rental market in Phnom Penh’s premium districts.

Estimated price range: $345,000-$380,000 based on the development’s price per square meter. This unit type offers strong potential for both value growth and rental income given the preference for 2-bedroom units among Phnom Penh’s expatriate community.

Picasso Sky Gemme: 2 Bedroom Condo for Sale in Phnom Penh – type B5

Type A1 (1-Bedroom)

Unit Specs:

• 1 bedroom, 1 bathroom
• 61 sqm
• Efficient layout with modern design
• Located above ground floor (eligible for foreign ownership)
• Strata title freehold (hard title)
• Completion: Q4 2028

This smaller 1-bedroom option provides a more affordable entry point into Picasso Sky Gemme while still giving access to all building amenities. It’s the smallest unit type available in the development.

Estimated price range: $170,000-$185,000. The Type A1 units are positioned as investment opportunities targeting the young professional rental market or as part-time homes for business travelers frequently visiting Phnom Penh.

Picasso Sky Gemme : 1 Bedroom Condo for Sale in Phnom Penh – type A1

Type B3 (2-Bedroom)

Unit Specs:

• 2 bedrooms, 2 bathrooms
• 105 sqm
• Balanced layout with premium finishes
• Located above ground floor (eligible for foreign ownership)
• Strata title freehold (hard title)
• Completion: Q4 2028

The Type B3 unit offers a slightly smaller 2-bedroom option compared to the Type B5, keeping the highly desirable 2-bedroom layout while providing a more accessible price point for investors or end-users.

Estimated price range: $300,000-$330,000. This unit type balances space, functionality, and investment value, appealing to buyers seeking the versatility of a 2-bedroom unit without the premium price of the larger B5 configuration.

Picasso Sky Gemme: 2 Bedroom Condo for Sale in Phnom Penh – type B3

Type C3 (3-Bedroom)

Unit Specs:

• 3 bedrooms, 3 bathrooms
• 203 sqm
• Expansive layout suitable for larger families
• Located above ground floor (eligible for foreign ownership)
• Strata title freehold (hard title)
• Completion: Q4 2028

As one of the largest unit configurations in the development, the Type C3 targets wealthy families or investors seeking premium rental returns from the high-end expatriate market. The generous 203 sqm footprint provides substantial living space uncommon in most Phnom Penh condominiums.

Estimated price range: $590,000-$650,000. The Type C3 represents a significant investment opportunity within the development, appealing to buyers seeking luxury living spaces or aiming for the premium rental market.

Picasso Sky Gemme : 3 Bedroom Condo for Sale in Phnom Penh – type C3

What Experts Say About Foreign Ownership

Legal experts who specialize in Cambodian property law consistently confirm that foreign nationals can legally own condo units in Cambodia, provided they meet specific criteria:

Dr. Matthew James Whitehead, a legal scholar specializing in Southeast Asian property law, explains: “Strata titles allow foreign ownership of up to 70% of co-owned buildings, provided that foreigners do not own any real property on the ground floor. This clear legal framework has been instrumental in attracting foreign investment to Cambodia’s condominium sector.”

Lawyers from DFDL, a leading legal firm in Cambodia, highlight that the foreign ownership law has been consistently applied since 2010, providing legal certainty for foreign investors. They also note recent tax incentives that may benefit property investors, including “capital gains tax exemption on the sale/transfer of immovable property that is sold by a physical person prior to 31 December 2025.”

https://www.youtube.com/@dabestpropertiescambodia306

Real Estate Market Expert Opinions

Real estate professionals have various views on Cambodia’s property market in 2025, particularly regarding investment potential for foreigners:

According to CBRE Cambodia’s Fearless Forecast 2025, the market is facing challenges but also presents opportunities: “The year 2025 is an opportunity for resetting, innovating, and seizing growth as the market evolves with new demands and trends.”

James Hodge, Director of CBRE Cambodia, notes that “Cambodia’s real estate sector faces another challenging year in 2025, with recovery only expected by 2026 due to oversupply, low liquidity, and reduced foreign investment. However, premium developments in prime locations like BKK1 continue to perform better than the broader market.”

Malay Nop, Executive Director at IPS Cambodia, offers a more optimistic view: “Phnom Penh’s condo market is not oversupplied; rather, it faces an imbalance between supply and demand in different segments. High-quality developments in prime locations like BKK1 continue to attract both local and foreign buyers.”

Investment Analyst Perspectives

Investment analysts provide insights into the potential returns and risks associated with Cambodian condominium investments:

According to Global Property Guide’s analysis, “In Q1 2025, gross rental yields for apartments in Phnom Penh ranged from 5.01% to 8.5%, with a city average of 6.96%. These yields compare favorably to many other Asian markets, offering attractive returns for foreign investors.”

Financial analysts from InvestAsian highlight Cambodia’s continued appeal: “Cambodia is enjoying accelerating growth, with real growth expected to hit 6.1% in 2025 and 6.5% in 2026. Total GDP stands at around $31.8 billion, with strong fundamentals supporting continued real estate appreciation in prime areas.”

Risk assessments from industry experts identify several challenges for foreign investors, including “market oversupply in certain segments, potential for property disputes in some areas, and the need for due diligence when selecting developers and properties.”

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Future Outlook for Cambodia Real Estate (2025-2030)

Economic projections for Cambodia remain positive, with the World Bank forecasting GDP growth of 6.1% in 2025 and 6.5% in 2026. This strong economic foundation provides a supportive environment for real estate appreciation.

For the condominium sector specifically, market observers project several key trends for the 2025-2030 period:

1. Price Appreciation: According to Cambodia Investment Review, “Prices in Phnom Penh’s condo market are projected to increase by up to 40% by 2030, marking a second evolutionary cycle for the market.”
2. Supply Adjustment: After a period of rapid development, new project launches are expected to slow down, allowing existing inventory to be absorbed. CBRE Cambodia predicts that by 2026-2027, the market will achieve better balance between supply and demand.
3. Market Segment Differences: Luxury developments in prime locations (like BKK1) are expected to outperform the broader market, with continued strong demand from both domestic and foreign buyers. Meanwhile, mid-range projects may face more competitive pressure.
4. Rental Market Strengthening: With Cambodia’s continued economic growth and increasing expatriate population, rental demand is projected to strengthen, potentially improving rental yields which currently average around 7%.

Future Outlook for Picasso Sky Gemme

As a pre-sale development with completion scheduled for 2028, Picasso Sky Gemme’s trajectory will be influenced by both broader market trends and project-specific factors:

1. Completion Timing: The 2028 completion date positions the development to potentially benefit from the projected market recovery expected by 2026-2027, with units becoming available as the market strengthens.
2. Premium Positioning: The development’s location in BKK1 and high-end specifications should help it maintain value even during market fluctuations, as premium properties in prime locations typically demonstrate greater resilience.
3. Developer Track Record: Global Titan Stone Real Estate Group’s successful delivery of Picasso City Garden during the challenging pandemic period suggests strong execution capability, reducing completion risk for investors.
4. Potential Appreciation: Given the project’s pre-sale status, early investors may benefit from price appreciation between purchase and completion, with some market analysts projecting 15-20% potential growth from pre-sale to completion for well-located projects.

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Practical Considerations for Foreign Buyers

Foreign investors considering purchasing a unit in Picasso Sky Gemme should be aware of several practical implications:

1. Legal Structure: As foreigners can directly own strata title units, no complex company structure is needed for Picasso Sky Gemme units, simplifying ownership and potentially reducing costs compared to land purchases.
2. Financing Options: While local financing for foreigners is limited in Cambodia, some developers including Picasso Sky Gemme offer installment payment plans (up to 40 months) to make purchases more accessible.
3. Tax Implications: Foreign property owners in Cambodia face several taxes:
   • 4% transfer tax (stamp duty) on acquisition
   • Annual property tax of 0.1% on properties valued over $25,000
   • Rental income tax of 10% on gross rental income
   • Potential capital gains tax of 20% after 2025, though currently exempted until December 31, 2025
4. Market Timing: Entering during the pre-sale phase offers the lowest entry prices but requires confidence in the developer’s ability to complete the project as specified. The current pre-sale phase for Picasso Sky Gemme represents this opportunity.

Recommendations for Foreign Investors

Due Diligence Recommendations

1. Title Verification: Confirm that the development has proper strata title registration with the Ministry of Land Management, Urban Planning and Construction (MLMUPC), which is essential for legal foreign ownership.
2. Developer Assessment: Investigate the track record of Global Titan Stone Real Estate Group, particularly their completed Picasso City Garden project, to assess construction quality and timeline adherence.
3. Payment Protection: When making pre-sale payments, ensure funds are held in escrow accounts or otherwise protected against developer default. Request written confirmation of these protections as part of the purchase agreement.
4. Legal Representation: Engage an independent, reputable law firm with expertise in Cambodian property law to review all contracts and advise on the purchase process.

Investment Strategy Recommendations

1. Unit Selection: For maximum rental yield potential, focus on 1 and 2-bedroom units (Types A1, A2, B2, B3, B5), which typically generate higher percentage returns than larger units in the Phnom Penh market.
2. Floor Selection: Units on higher floors typically command premium rental rates and resale values due to better views and reduced noise, making them preferable for long-term investment despite potentially higher initial prices.
3. Payment Strategy: If financially viable, taking advantage of developer payment plans rather than full upfront payment can improve investment returns by spreading capital commitment while securing pre-sale pricing.
4. Risk Management: Given the long completion timeline (2028), consider diversifying real estate investments rather than concentrating entirely in a single pre-construction development.

Final Thoughts: Can Foreigners Buy Picasso Sky Gemme Phnom Penh Condos?

Yes, foreigners can buy Picasso Sky Gemme Phnom Penh condos through Cambodia’s strata title system. This legal framework provides secure ownership rights for foreign nationals while respecting Cambodia’s constitutional restriction on foreign land ownership.

For foreign investors seeking exposure to Cambodia’s growing real estate market, Picasso Sky Gemme represents a premium option in Phnom Penh’s most desirable district. The development’s high-end specifications, prime location, and strata title structure make it a legally compliant and potentially attractive investment opportunity.

However, as with any significant property investment, thorough due diligence is essential. Prospective buyers should engage qualified legal representation, carefully review all contract terms, and assess both the developer’s track record and the broader market dynamics before proceeding with a purchase.

Useful Resources

1. DaBest Properties Guide to Foreign Property Ownership in Cambodia
2. Cambodia’s 2025 Property Tax Incentives
3. Global Property Guide – Cambodia
4. DaBest Properties YouTube Channel
5. Contact DaBest Properties for More Information

For personalized advice on purchasing a unit in Picasso Sky Gemme or other Cambodian properties, contact our team of experts at DaBest Properties.