Spain booms as the ‘MET’ takes a hit following Arab Spring
Q4 Marketplace Report from HomeAway.co.uk reveals recovery of Euro-zone destinations and Croatia as the new rising star
15/02/2012 - Supply of holiday rental accommodation in Spain grew sharply in the last quarter of 2011 as demand from holidaymakers also stayed strong, according to the UK’s largest holiday home rentals website, HomeAway.co.uk. Figures released today by the company position Spain as the tenth best performing market in terms of growth in inventory on its website. It was the first time the country entered this top ten last year.
Due to the tough resale market in 2011 it would seem more Spanish holiday homeowners looked to rent out their properties to help cover costs. Now, as property prices are largely thought to have bottomed out, Spain is again becoming one of the most attractive investment options for Brits.
The country also performed well on the demand side too. Overall, booking enquiries for Spain in 2011 were up 27% compared to 2010 and Malaga Province was the fifth most popular destination for holidays in the last quarter of the year, according to HomeAway.co.uk. This supports recent figures from Skyscanner which show Spain remains the number one holiday destination for Brits.
On the other hand, after rapid growth and a promising performance in 2010, Morocco, Egypt and Turkey all saw booking enquiries fall following the Arab Spring. Meanwhile, Euro-zone countries recovered as people switched back to traditional destinations to take advantage of the good exchange rate and stable environment. Based on a survey by HomeAway.co.uk this January, 56% of respondents said they’re planning a trip to the Euro-zone this year to profit from the strong pound.
The rising star in Europe during the last part of 2011 was Croatia, which experienced a 35% increase in property listings at the end of 2011 compared to the same period the previous year, as well as strong increase in booking enquiries. HomeAway.co.uk expects the Croatian property and travel markets will grow even further this year, as the country benefits from more UK flight arrivals and gets set to join the E.U. in July 2013.
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