Feb. 16, 2017, 12:17 p.m.
In the first half of 2015, serviced apartment supply bumped up 14 per cent versus 2014 - meanwhile, rental prices remained similar to the year prior as a host of new offerings entered the local market.
CBRE Cambodia’s recent report highlights that a total 349 additional serviced apartment units will come online within the local marketplace before mid-2016. 5797 units presently exist, and 11 more condo projects are currently underway. Check out CBRE's listings on Realestate.com.kh
However, the supply appears to be overshooting the current demand. Want to learn more about serviced apartment expectations?
Overall occupancy rates of serviced apartment units have declined from 90 percent to around 70 percent at the end of 2014. However, showing slight improvement, this occupancy across all serviced apartment units rate grew to 80 percent this year, according to the CBRE report. Check out a video interview about how to find the best expat rentals in Phnom Penh.
According to the report, on average, for a serviced apartment unit, a one bedroom unit or studio with 50 to 55 square meters varies from $1,000 to $1,500, two bedroom units with 70 square meters varies from $2,000 to $2,500 and three bedroom units with 110 square meters varies from $3000 to $3,500 per month, while “penthouse”units with 250 square meters are priced between $4,000 to $5,000 per month, according to the report, depending on the architecture and design. Make sure you get a good contract, here are a few tips!
Check out over 200 serviced apartments for rent in Cambodia on Realestate.com.kh