Demand for serviced apartments is predicted to grow and even extend to outlying areas close to Hong Kong's new international airport as the territory continues to lure thousands of foreign professionals on short-term contracts.
A new survey by Chesterton estate agents has revealed that the number of expatriates arriving annually - who occupy serviced apartments - has leapt from 54,000 to 129,500 in a decade.
'Since 1991, there has been a double-digit growth in the influx,' Chesterton's residential leasing director, Renu Budhrani, said.
Many have been involved in the development of Chek Lap Kok. More recently, there had been a surge in foreign companies establishing branches in Hong Kong to access the China market.
'We feel serviced apartments will continue to grow in appeal and demand as they serve a specific niche and Hong Kong enjoys a continued influx of foreign professionals,' Ms Budhrani said.
'Many more workers will be on a contract basis or temporary employment here while establishing offices in the new Special Administrative Region for further growth in China.' Serviced apartments appealed to this executive niche because they combined the conveniences of a first-class hotel with the privacy of domestic life. The flats came complete with maids, club facilities and shuttle transport.
They first emerged in Hong Kong in 1980 with the opening of New World and Harbour City apartments (since demolished) in Tsim Sha Tsui.
