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Hassle-free living catches on

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More expatriates and locals are attracted to the 'ready-to-go' nature of serviced apartments

THE DEMAND for serviced apartments is gaining pace as more expatriates arrive in Hong Kong, and as locals show a growing interest in hassle-free residential accommodation.

Rental values have also risen in the past two years, and with a diminishing supply of new projects, property consultants expect the market growth to maintain momentum.

Simon Lo, director of the research and consulting division at Colliers International, said rentals went up an average of 10 per cent this year on bullish leasing sentiment.

'The leasing activity of serviced apartments is closely tied to the economy and business conditions. Given the continued expansion of multinational companies, particularly those in the finance industry, more expatriates are coming to Hong Kong to take up assignments, which is fuelling demand for serviced flats,' he said.

Mr Lo said rents would continue to go up as the supply of serviced apartment developments decreased, aggravated by a lack of suitable land for new projects.

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