Vietnam emerging as serviced apartment market

George Sell George Sell Uploaded 10 April 2014

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Vietnam: CBRE Cambodia Research says that Phnom Penh has put the fallout from the global financial crisis and is responding to demand for serviced apartments.

According to CBRE's March 2014 report, 507 serviced apartment units came on line in Phnom Penh last year, with a further 170 due in 2014, with 20 condominium projects either completed or under construction.

Chris Hobden, surveyor at CBRE Cambodia, said: "Signs across all key Phnom Penh real estate sectors are positive, with new levels of quality set to be delivered to the office, retail and residential markets. Serviced apartments continue to benefit from high levels of demand, as demonstrated by the low vacancy rates in established buildings."

The report says demand is particularly high for studio and one-bedroom apartments in popular residential areas, such as BKK and Daun Penh.

www.cbre.com/kh

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