Limited availability of serviced apartments in key European cities is encouraging development, says real estate firm Savills, which predicts a 50% increase in capacity over the next two years.
Limited availability of serviced apartments in key European cities is encouraging development, says real estate firm Savills, which predicts a 50% increase in capacity over the next two years.
The firm cites developments by StayCity, Ascott, IHG and Accor as examples, with the UK and Germany seeing the most investment.
It investigated eight European cities, and found the availability of serviced apartments lags far behind Asia and the US. Amsterdam has 0.2 units per 1,000 overseas visitors, according to the report, while Paris and London have 0.3 and 0.6 respectively.
In contrast, New York has 5.8 units per 1,000 overseas visitors and Hong Kong 2.9.
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