Rental Rates of Serviced Apartment Increase as Supply Increases by 21% in H1 of 2022

• 13 July 2022
• Local News
• 1305 Views

In the first half of 2022, rental rates for serviced apartments increased slightly, while supply also increased by 21% compared to the second half of 2021, according to CBRE Cambodia on 07 July 2022.

Rental prices of serviced apartments increased by 2.4% for Grade A (high price) and by 1.5% for Grade B (medium price).

For the supply in H1 this year, more than 400 units were completed and operated, equivalent to 21% of the total supply of Grade A and Grade B apartments, compared to H2 of 2021, which are operated by international operators.

Over the last six months, three serviced apartment projects were completed, including the Citadines Flatiron Phnom Penh in Daun Penh district and the Jasmine Residence in Boeung Keng Kang district, both of which are Grade A. In addition, TK Central is a Grade B project in Toul Kork district.

According to CBRE Cambodia, both condo and serviced apartment rents gradually recover as the former occupiers return.

For the serviced apartment market trend, international operators also plan to operate at least 500 units in the following quarters.

• Analysis