Cheapest Places to Buy Real Estate in Asia

Here are Asia's Cheapest Places to Buy Real Estate

Last updated May 20th, 2024.

We recently posted an article ranking the most expensive cities in Asia to buy real estate.

Thus, a list of Asia’s cheapest countries to buy property, along with the reasons for their low prices, makes a natural follow-up piece.

Here’s a disclaimer though: you shouldn’t buy property (or any other asset) only because it’s inexpensive.

Property is sometimes cheap for a reason. Weak future investment prospects are usually priced into the market and can keep real estate values low.

The opposite is also true. Just because a property market is expensive in absolute terms doesn’t mean it won’t continue outperforming.

For example, Singapore and Hong Kong are two of the most expensive cities in the world. Both of these cities are major global finance hubs with high living standards and limited development space.

As such, there’s a solid argument that Singapore real estate remains a good deal… despite costing US$20,000 per square meter on average.

Of course, some people called property in Singapore and Hong Kong “too expensive”  ten years ago back when condos in these cities were half the price.

Critics exist today as well. Time will tell whether they’re incorrect this time around.

The best strategy is to focus on overall value. Ask yourself if rental yields are high enough and whether there’s potential for appreciation. Smart investors shouldn’t bargain hunt for the sake of it.

With all that said, some property markets enjoy a rare combination of fair prices and great value. Here are Asia’s cheapest places to buy real estate.

The Philippines

The Philippines is the third least expensive country for property investors. Buying a condo in Manila will set you back by approximately US$3,000 per square meter.

Home prices in the archipelago went on a bull run for the past few years, more than doubling since the turn of the decade. Not many bargains are left, though. Current real estate values are way beyond the level where most locals can afford them.

The Philippine property market is also overvalued compared with others in the region. Giving just one example, buying a condo in Bangkok will cost you barely US$1,000 more per square meter than in Manila on average.

High prices in the Philippines remain despite Bangkok’s income levels standing at triple the median salary in Manila.

You only must look at the next country on our list for an even more developed, lower-priced market to compare with the Philippines.

Nonetheless, we probably won’t see a real estate collapse in the Philippines anytime in the near future. That’s because the Philippine economy is still among the fastest growing in Southeast Asia, with a projected growth rate of over 6% for 2024.

Foreign investors, especially buyers from China, India, and neighboring countries in ASEAN, should soak up any excess supply in the meantime.

Either way, the Philippine property market (or, at the very least, the capital of Manila) should see modest growth ahead. It’s one case where comparatively low prices don’t necessarily equal a great bargain.



Property in Malaysia’s capital city, Kuala Lumpur, costs only about US$2,500 per square meter on average.

That makes Malaysia one of the cheapest places to buy a house in the world.

Despite this, Malaysia ranks among the richest countries in Southeast Asia. It’s the third wealthiest in the whole region after Brunei and Singapore.

It certainly helps that Malaysia is one of few places in the region where foreigners can own freehold land.

Why are real estate prices in Malaysia so low? Quite simply, Kuala Lumpur went through a construction boom and now suffers from a heavy buildup of housing inventory, which is also why it’s now among the cheapest countries to buy property.

Unfortunately, rental yields in Malaysia are also horrendous at around 2% net. Nobody wants to be a landlord here. It’s just too much effort and cost for not enough reward.


 Kuala Lumpur has an impressive skyline. Regardless, not enough Malaysians can afford a shiny new condo unit.

Malaysia’s Ringgit was one of Asia’s worst-performing currencies, declining by nearly 40% since the start of the decade.

Falling commodity prices and weak exports led the currency to reach levels not seen since the 1980s. This means buying property in Malaysia is now cheaper in terms of most foreign currencies.

However, Malaysia’s long-term economic outlook is much better. Its strong population growth will help this relatively small nation of 30 million people rise to 40 million inhabitants before the year 2040.

All these facts, alongside rising urbanization and greater consumer purchasing power, will inevitably lead to a higher demand for prime real estate in Malaysia.

Do you mind waiting a while for property prices and rental yields to increase? That’s a personal investment decision.

Regardless, Malaysia’s demographic fundamentals show that real estate values in Kuala Lumpur, Penang, and elsewhere will almost surely appreciate in time.



By far, Cambodia is the cheapest country to buy a house in Asia as a foreigner. It costs roughly US$1,000 per square meter to buy prime residential property in the nation’s capital of Phnom Penh.

Mind you, we aren’t talking about new high-rise condominiums in Phnom Penh. Expat-targeted info about real estate in Cambodia focuses on such condos.

But they’re often expensive, suffer from high vacancy rates, aren’t popular among local buyers, and have little resale value. The realtors selling these overpriced condos usually make a commission above 10%!

Older shophouse apartments built during Cambodia’s colonial era are some of the best deals in the region, though. Their quality can range from fixer-uppers, to buildings with 5-star standards and luxurious fittings.


These apartments might be a few decades old. Yet they’re well-built and boast a desirable location in Phnom Penh’s financial centre.


Why is property in Cambodia so inexpensive? Unlike Malaysia, for example, there’s less mismatch between supply and demand.

Housing in Cambodia is cheap simply because the nation is one of Asia’s least developed.

It may not be the case for long though. With annual GDP growth exceeding 6% on average over the past decade, Cambodia is among the fastest growing nations on the planet.

Meanwhile, tourist arrivals and foreign investment in Cambodia are on the upswing and often rising by numbers in the double-digit percentage range each year.

Angkor Wat is the world’s largest religious structure, bringing in millions of dollars worth of revenue annually. No other frontier market in the world’s can claim a tourism industry as developed as Cambodia’s.

On top of Cambodia’s low property values, it’s common to achieve rental yields above 7% in many cases.


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