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This paper presents how the financialization of housing is drawing new geopolitics of real estate in Southeast Asia. The article shows how the housing market of Phnom Penh is increasingly integrated onto global financial markets through the actions of banks, international developers, brokers and analysts. By studying more especially the condominium market, the paper argues that the financialization of households, real estate markets and real estate practices is generating new logics of capital extraction for the benefit of both local and international companies. Such processes are allowed by specific mechanisms of the circulation, landing and materialization of international capital, which highlights how financialization may redefine the economic sovereignty of Southeast Asian countries.