More Spanish holiday home owners are looking to rent out their properties this summer with data showing that the supply of holiday rental accommodation in Spain grew sharply in the last quarter of 2011.
Demand from holiday makers has stayed strong, according to the UK’s largest holiday home rentals website HomeAway. Its latest report shows that Spain is the tenth best performing market in terms of growth in inventory on its website, the first time the country entered the 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, it suggests. 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 was the fifth most popular destination for holidays in the last quarter of the year.
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, eurozone 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 Home Away this January, some 56% of respondents said they’re planning a trip to the eurozone 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.
The company said that it 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 European Union in July 2013.
Both Monarch and Ryanair have announced new routes. Monarch has announced flights from London Gatwick, Birmingham and Manchester to Dubrovnik, while Ryanair has also established a brand new route for 2012.