Serviced apartments take the growth challenge
In recent years’ demand for serviced apartments has soared according to Knight Frank’s 2016 Global Cities Report.
The report states that over the past seven years the serviced apartments industry has grown by 80 per cent with more than 750,000 properties worldwide and the trend is set to continue.
Savills 2015 serviced apartments report noted an increase in the number of international visitors.
However, despite the incredible growth, the availability of short-term rental accommodation is not meeting demand in many markets. Thus, indicating obvious long-term rewards for investors and landlords in the serviced apartment industry.
The serviced apartments sector is still relatively new in Europe but the UK is among those leading the way with investment and growth.
According to the recent joint survey by ASAP and Savills, the UK serviced apartments sector is expected to double in size over the next two years.
James Foice, managing director of ASAP said..
"The expansion to every corner of the UK is particularly exciting… Our report confirms the sector will be the UK's fastest-growing hospitality segment to the end of 2017, with average annual growth of 8.4 per cent for both 2016 and 2017.".
This news is an incredibly positive sign for A Space in the City and our continuous growth in the industry. As Savills noted in its 2015 report, brand development and differentiation will be key to maintaining and increasing market share something that we take very seriously.
With our recent expansion in Swansea we look forward to further opportunities that will allow us to grow and expand as Wales’ largest serviced apartments provider.