Frontier Market Stocks: Consider These Countries

Last updated September 2nd, 2025

In most countries, stocks are the most common method of offshore investment by far.

Compared to actively managing rentals or a business, it’s way easier to just place a trade with your broker and be done with it.

With that said, frontier markets often don’t even have a stock market at all.

Frontier markets are on a rapid growth trajectory, but often aren’t developed enough to the point where they’ve built up the infrastructure required for a public equity market.

That’s not necessarily a bad thing. In fact, it’s part of the appeal of investing in frontier markets. Greater opportunities exist in places that aren’t yet swarmed by capital from BlackRock and other institutional investors.

Below, we’ll explore several frontier markets in Asia that do have fully-functioning stock exchanges that you can invest in as a foreigner.

They may still require travel to personally visit a branch and open a brokerage account. Regardless, a determined investor can benefit from entry barriers.

Stocks in Mongolia

Positioned directly to China’s northern border, Mongolia is getting tons of investment from its much bigger neighbor.

Mongolia isn’t a small country itself in terms of land size – it’s the world’s 18th largest. Having barely over 3 million inhabitants gives it one of the lowest population densities on the planet though.

Chinese investors are pouring into Mongolian investments because of this fact, combined with its vast reserves of coal, tin, oil, and other natural resources.

Simply put, Beijing needs a greater share of Mongolia’s resources as they deplete their own.

Out of all the frontier market exchanges we cover, stocks in Mongolia are the least correlated with assets in Europe and the Americas.

Easy access to hot money across the border is possibly why Mongolia has a fairly sizable stock exchange… at least for a frontier market.

You can trade nearly 200 publicly listed companies on the Mongolia Stock Exchange (MSE) ranging across almost every sector.

However, you’ll need to open a local brokerage account to buy stocks in Mongolia. There’s no other way around this. A few businesses do offer remote brokerage account opening services though.

Stocks in Vietnam

Vietnam arguably isn’t even a frontier market anymore. All of the major rating agencies consider it one though, so we’re still including Vietnam on our list.

The Southeast Asian nation is unique because it has two different stock exchanges. Both its capital of Hanoi and largest city of Saigon each have an exchange with several hundred listed firms.

You’ll generally need to open a brokerage account in Vietnam in order to trade stocks directly. Either that, or a trade through an account based in a nearby financial hub such as Singapore.

No brokerage that’s based in Europe or the US provides access to Vietnamese stocks. Nor any other frontier market, for that matter.

The bad news? You’ll need to visit Vietnam to open a local brokerage account and can’t do it from home.

If opening a local account is too inconvenient for you, it’s possible to buy frontier market ETFs based in other countries focus which exclusively on Vietnamese stocks.

A majority of these ETFs are listed on U.S. exchanges and include VanEck Vectors Vietnam. However, a frontier market ETF isn’t the best way to buy stocks in Vietnam. It’s not the most cost-effective either.

Instead, you should ideally look towards small and mid-cap stocks. There are dozens of smaller firms in Vietnam that barely see analyst coverage.

Plenty of undiscovered gems wait for anyone able to put forth the effort. That’s generally how things work in Asia’s emerging economies.

More Frontier Markets: Cambodia, Laos & Myanmar

It’s worth mentioning that some frontier markets in Asia, while they do technically have a stock exchange, are in a position of low trading volume or liquidity.

Either that, or they simply aren’t accessible to foreign buyers at all right now.

Cambodia’s stock market, for example, has precisely eleven listed companies. Five of those are quasi-public corporations including the Phnom Penh Water Supply Authority and Sihanoukville Autonomous Port.

Next door, stocks in Laos are in a similar position. The Lao Securities Exchange likewise has eleven listed which include the nation’s largest bank and two property developers.

The Yangon Stock Exchange in Myanmar is the world’s smallest with just four listed companies. It’s also the newest stock exchange in Asia. But few available options and lack of foreign buyers hindered its momentum.

That was even before a coup. Needless to say, buying stocks in Myanmar as a foreigner is practically impossible nowadays.

Here’s the main question: can these frontier markets attract a greater number of listings and lure foreign investors?

So far, Cambodia’s stock exchange is steadily growing over time. Laos is stagnant while Myanmar’s is collapsing.

Time will tell how Asia’s frontier market stock exchanges will perform over the long-term.

We think several of these frontier market stock exchanges, although perhaps not all, will see immense growth in terms of both market cap and profitability in the coming decades.

Frontier Market Stocks: FAQs

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What’s a Frontier Market?

Frontier markets refer to economies that are less developed compared to emerging markets. These economies are not large or prosperous enough to be classified as emerging markets.

Typically, frontier markets are experiencing rapid economic growth. This is often driven by demographic factors such as population expansion, urbanization, the emergence of a new middle class, and increasing foreign investment.

Some examples of frontier markets include Laos, Cambodia, and Nepal.

While frontier markets have the potential for rapid economic growth, investing in them involves a certain degree of risk. Many frontier markets either lack a stock exchange altogether, or have a small one that is challenging to access.

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How Can I Trade Stocks in Frontier Markets?

Opening an brokerage account in Singapore will give you access to some frontier market stocks in Asia. You’ll be able to trade in Indonesia, Philippines, and Vietnam through an offshore account based in one of Asia’s financial hubs.

However, it’s worth noting that the vast majority of frontier market stock exchanges require a local account in order to access them. These countries usually haven’t developed to the point where they’re accessible from abroad.

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What’s the Smallest Stock Exchange in the World?

Cambodia and Laos both have only eleven stocks listed on their exchange, which makes them both tie for the world’s smallest stock market.

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How Are Emerging Markets and Frontier Markets Different?

The key differences between emerging markets and frontier markets lie in their size, level of economic development, and risk profile.

Emerging markets are generally larger and more developed economies compared to frontier markets. These nations typically have more established stock markets which makes them more accessible.

In contrast, frontier markets are smaller and less mature, often lacking the robust financial infrastructure found in emerging economies. As a result, frontier market stock exchanges tend to be smaller and more challenging to access.

This disparity in development also translates to differing risk profiles. Emerging markets are generally viewed as lower-risk investment destinations. Frontier markets, on the other hand, are considered riskier in general.

However, this increased risk also brings the potential for higher returns, as frontier markets often experience rapid growth driven by factors like population expansion, urbanization, and rising foreign investment.

Best Areas in Phnom Penh to Buy Property

Are you looking to invest in Phnom Penh’s dynamic property market?

As Cambodia’s bustling capital undergoes rapid urbanization and economic growth, savvy investors are taking note of the exciting opportunities in this high-potential frontier market.

With its vibrant street life, stunning architecture, and growing expat community, Phnom Penh offers a compelling mix of affordability, livability, and investment potential. But with so many neighborhoods to choose from, where should you focus your property search?

In this article, we’ll explore the top four districts for buying condos and apartments in Phnom Penh: Daun Penh, Chamkar Mon, 7 Makara, and Boeng Keng Kang (BKK).

Whether you’re seeking a centrally-located pad in the heart of the business district or an up-and-coming area with room for growth, these neighborhoods offer some of the best prospects for investors in the Cambodian capital.

Daun Penh – The Central Business District

At the top of our list is Daun Penh, Phnom Penh’s primary central business district (CBD) and commercial hub. This bustling neighborhood is home to key landmarks like the Central Market, numerous government offices, and the historic riverside area.

Daun Penh’s strategic location and growing skyline make it a top pick for long-term growth and appreciation. The district’s focal point, Street 110, is lined with gleaming office towers and luxury condos, with even more high-rises under construction.

As Phnom Penh continues to attract international businesses and investors, demand for prime real estate in the CBD is expected to soar.

However, this prime location comes with a premium price tag. Daun Penh boasts some of the highest property prices in Cambodia, especially along the coveted riverside.

You should expect to pay at least $70,000 for a small one-bedroom condo here, with prices rising sharply as you approach Sisowath Quay.

Another challenge in Daun Penh is the limited supply of residential properties, as the district is dominated by commercial and retail developments.

This scarcity, combined with strong demand from wealthy locals and expats, means that investors need to act fast and be prepared to pay top dollar for the right property.

For those willing to take on these challenges, Daun Penh offers unbeatable potential for capital appreciation and rental yields.

Look for well-located condos or apartments with good amenities and transport links. While entry prices may be steep, the long-term rewards of investing in Phnom Penh’s CBD are likely to be substantial.

Chamkar Mon – The Upscale Residential Haven

Next up is Chamkar Mon, an affluent residential district that is home to some of Phnom Penh’s most desirable neighborhoods, including BKK1.

With its leafy streets, upscale restaurants, and international schools, Chamkar Mon is a magnet for wealthy locals and expats seeking a high-quality lifestyle.

The district’s crown jewel is undoubtedly BKK1, a trendy enclave known for its hip cafes, boutiques, and luxury apartments. This neighborhood has become the go-to choice for Phnom Penh’s expat community, driving up property prices and rental demand.

Daun Penh is the business center of Phnom Penh, filled with local traditional shophouses, government offices, and business complexes. Property prices in the neighborhood are set to rise higher each year. 

However, BKK1’s popularity has also led to an oversupply of condos in recent years, making it a less attractive option for investors compared to other parts of Chamkar Mon.

Savvy buyers may want to look at neighboring areas like Tonle Bassac or Olympic, which offer a similar upscale vibe at slightly lower prices.

One key advantage of investing in Chamkar Mon is the district’s large supply of high-quality apartments and condos, catering to a range of budgets and preferences. Whether you’re seeking a compact studio or a spacious family unit, you’ll find a suitable property here.

Another plus is Chamkar Mon’s excellent infrastructure, including international hospitals, shopping malls, and parks. This makes the district a safe and convenient choice for long-term residents, ensuring a stable rental market and potential for capital appreciation.

When investing in Chamkar Mon, look for well-maintained properties in secure buildings with good facilities.

7 Makara – The Up-and-Coming Hotspot

For investors seeking an affordable entry point with strong growth potential, 7 Makara is an exciting option.

This up-and-coming district, located just west of central Phnom Penh, is undergoing rapid development and transformation.

While 7 Makara may lack the glitz and glamor of more established areas like Daun Penh or BKK1, it offers a compelling mix of affordability, livability, and long-term appreciation potential. The district’s lower land costs and ample supply of new condo developments make it an attractive choice for budget-conscious investors.

Despite its lower prices, 7 Makara is far from a backwater.

The district is already home to international brands like Burger King, and developers are increasingly eyeing it for new projects. Many locals believe that 7 Makara will be part of the city center by the end of the decade, driving up property values and rental demand.

One key advantage of investing in 7 Makara is the potential for capital appreciation as the district develops and gentrifies.

As more businesses and amenities move into Cambodia, property prices are likely to rise, rewarding early investors who got in at the ground floor.

Another plus is 7 Makara’s growing expat community, attracted by the district’s affordable rents and proximity to the city center. This trend is likely to continue as more foreigners discover the hidden charms of this up-and-coming area.

A mixed of high-rise residences, houses, and apartments above shophouses can be found all over Phnom Penh. With the expansion of the city, demand for solid residential property keeps growing.

When investing in 7 Makara, look for well-constructed condos in newer developments with good security and management.

While the district may not have the same level of amenities as more central areas, its lower prices and strong growth potential make it a smart choice for long-term investors.

Boeng Keng Kang (BKK) – The Expat Enclave

Last but not least, we have Boeng Keng Kang (BKK), a popular residential area that is often divided into three sub-districts: BKK1, BKK2, and BKK3.

Of these, BKK1 is the most well-known and sought-after, thanks to its trendy cafes, international restaurants, and luxury apartments.

BKK1’s popularity with expats has made it one of the most expensive areas to buy a condo in Phnom Penh, with prices rivaling those in Daun Penh’s riverside.

The neighborhood’s limited land supply and high demand have also led to an oversupply of condos in recent years, making it a less attractive option for investors compared to other parts of the city.

However, BKK2 and BKK3 offer a more affordable alternative for those seeking a slice of the expat lifestyle. These sub-districts have a similar vibe to BKK1 but with lower prices and more room for growth.

They are also popular with young professionals and families living in Cambodia, ensuring a diverse and stable rental market.

One key advantage of investing in BKK is the area’s excellent connectivity and amenities. The neighborhood is well-served by public transport, including tuk-tuks and motorbike taxis, and is home to a range of international schools, hospitals, and shopping centers.

Another plus is BKK’s large expat community, which provides a ready pool of potential tenants and buyers for investors.

Many foreigners are drawn to the area’s cosmopolitan vibe and convenient location, making it a relatively low-risk choice for those seeking a stable rental income.

When investing in BKK, look for well-maintained properties in newer buildings with good security and facilities.

While prices may be higher than in other parts of Phnom Penh, the area’s enduring popularity with expats and growing local middle class make it a solid choice for long-term capital appreciation.

Top Neighborhoods in Phnom Penh

Phnom Penh’s property market offers a wealth of opportunities for investors, from the bustling streets of Daun Penh to the leafy avenues of Chamkar Mon.

Whether you’re seeking a prime location in the heart of the business district, a prestigious address in an upscale neighborhood, or an affordable option with strong growth potential, Phnom Penh has something to offer.

The key is to do your due diligence, work with reputable partners, and stay attuned to the city’s rapid development and changing dynamics.

One thing is almost certain though: Cambodia’s real estate market is poised for continued transformation in the years ahead.

FAQs: Locations to Invest in Phnom Penh

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How Much Does Phnom Penh Real Estate Cost?

Property prices in Phnom Penh vary widely depending on the neighborhood and type of unit. In prime areas like Daun Penh’s riverside or BKK1, you should expect to pay at least $70,000 for a small one-bedroom condo.

However, in up-and-coming districts like 7 Makara, prices are significantly lower, with new condo developments offering affordable entry points for budget-conscious investors.

Overall, Phnom Penh real estate is competitively priced compared to other capital cities in the region. You can find centrally-located condos for around $1,000 per square meter, which is considered a “global floor” price. As Cambodia’s economy continues its rapid growth, these prices are likely to appreciate steadily in the years ahead.

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Where is Phnom Penh’s Most Expensive Area?

Daun Penh, Phnom Penh’s central business district, commands some of the highest property prices in the city, especially along the coveted riverside area. The district’s prime location, growing skyline, and scarcity of residential properties have driven up costs, with investors needing to pay top dollar for the right unit.

BKK1, a trendy enclave known for its upscale restaurants and luxury apartments, is another contender for Phnom Penh’s priciest neighborhood. The area’s popularity with wealthy expats has led to prices rivaling those in Daun Penh, although an oversupply of condos in recent years has somewhat dampened its investment appeal.

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What is the Cheapest Part of Phnom Penh?

The cheapest neighborhoods in Phnom Penh are those located in the far suburbs. The price per square meter in Chroy Changvar and Chbar Ampov, for example, are much less expensve than the city’s average.

Within the city center, 7 Makara district is an exciting option. This up-and-coming area, located just west of Daun Penh Phnom Penh, offers a compelling mix of low prices, livability, and appreciation potential.

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Where is Phnom Penh’s City Center?

Phnom Penh’s city center is generally considered to encompass the Daun Penh, 7 Makara, Chamkar Mon, and BKK districts.

Daun Penh, the city’s commercial and administrative hub, is the city’s central business district (CBD). Home to key landmarks like the Central Market, government offices, and the historic riverside area. Many of Phnom Penh’s largest office towers and luxury condos are concentrated here.

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How High Are Rental Yields in Phnom Penh?

Phnom Penh offers some of the most attractive rental yields in the region, with average returns around 6%. This is significantly higher than more developed markets like Bangkok or Kuala Lumpur, where yields have compressed to 3-4% in recent years.

The combination of affordable property prices and strong rental demand from a growing expat population makes Phnom Penh an appealing choice. However, yields can vary widely by neighborhood,