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SCMP Reporter

IF it's got four walls and a roof, then consider it HOT - there's little that's not sought-after in Hong Kong's property market which, despite efforts by the Government and the banks, continues to climb faster and higher than a new high-rise.

  In real estate-speak, terms such as ''zero availability'', ''no way but up'', ''very active'', ''high demand'', ''tight supply'' give you a pretty good idea of how the Hong Kong property market is looking.

  ''I've been in this business for about 11 years and I've never seen such an exciting, active market,''says Isabel Michie of First Pacific Davies.

  And when she says active, she's talking hyperactive - generally speaking, the rental market in Hong Kong jumped 12 per cent in the last two months of 1993, over the next month it is expected to leap another 10 to 15 per cent.

  In some apartment complexes, especially the newer ones, rents are going up week by week.

  As for the luxury end of the market, well that's basically out of control.

  The Peak was described as ''so unaffordable and very little in way of supply'', by Chesterton Petty's residential associate director, Renu Budhrani.

  Ms Michie had a nice description: ''The luxury end of the market is a law unto itself''.

  ''The top end is quite an emotional market,'' she explained. ''They will have the cash and they will buy it. Everyone sees for the rest of the year an upswing in luxury units.''   Those investing in the property boom in Hong Kong are predominantly locals residents and those from the mainland. On the rental side, there is, according to the several big property agents we talked to, a steady stream of expatriates flowing into the territory.

  They are coming from America and Britain mainly, and a lot of them are Chinese returning on expatriate terms. There are more people coming in than leaving, according to the agents.

  For the uninitiated, the South Side is seen as a good place for new European arrivals - ''it makes the move to Hong Kong a little less drastic,'' explained Ms Budhrani.

  Pacific View, in Tai Tam, is a popular development, which is reflected in the rents - in October a four-bedroom apartment on a high floor going for $60,000 a month, now expects to pay $80,000. But even then you'll have to stand in line - there's a 100 per cent occupancy rate at the moment.

  Another sought-after development in Tai Tam is The Manhattan, where 1,700 square feet will set you back around $50,000 a month. In fact, $50,000 ''doesn't get a family very far'' these days, according to the experts, if you're looking at a decent sized apartment in one of the new developments.

  New is in, as demand for space in the blocks of Royal Cliff in Repulse Bay, Tregunter Tower Three in Mid-Levels, Dynasty Court on Old Peak Road, and Clovelly Court on May Road, also in the Mid-Levels, prove. A two to three month waiting list is now the norm for hot rental properties.

  Around 2,500 square feet in Dynasty Court is going to set you back over $100,000 a month, to give you some idea of what money people are prepared to pay for a place to put their feet up after a hard day on the floor.

  On the ''for sale'' side, supply is having a tough job keeping up with demand - one property company put the sale price increase at 63 per cent for last year.

  Smaller apartments in new blocks are also becoming fashionable - as long as they have a decent kitchen, bathroom and good facilities, that is jacuzzis and gyms, and are conveniently located, young double-income couples especially are prepared to pay big bucks.

  The fully-furnished serviced apartment has also seen an upswing in popularity and there's a waiting list to get into developments like Parkside.

  The attraction is that a couple or small family can move into a place that is equipped right down to the crockery - a maid service at the other end of the phone. But, as many new to Hong Kong are quickly discovering, life's little luxuries do not come cheap.

  A fully-furnished two-bedroom apartment in Parkside can cost anywhere between $50,000 and $90,000 a month.



Be it ever so humble, at $100,000 a month