Owners of overseas properties benefiting from holiday rental surge

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Malta favored holiday jaunt

Holiday properties in Spain are proving to be the most popular with Malta also seeing an increase in demand, according to the latest Holiday Lettings Property Bulletin for March 2011.

The company reports a 20% increase in demand for holiday villas and cottages compared with March 2010 with a 54% increase in February holidays booked in February and a 55% increase in demand for those taking a break during the April bank holiday.

Spanish holiday homes continue to dominate summer demand with the Balearics particularly benefiting with Malta seeing a 29% year on year increase in demand for farmhouses.

It is good news for those who own properties abroad and want to generate income by renting them out, according to Kate Stinchcombe-Gillies, spokesperson for Holiday Letting.’ The recognised saving when renting a cottage is hitting home with consumers in tough economic times. In most cases there’s no VAT to pay on a rental and perhaps most importantly for families, the cost per person is significantly less, almost half that of booking hotel rooms in many instances,’ she explained.

‘Holiday home owners are benefiting from an increase in demand by providing a more personal service and better value for money, not to mention more space and privacy for guests seeking an escape from the bustle of everyday life,’ she said.

‘The last minute booking trend of 2009 appears to be making a return alongside today’s financial uncertainty as people take holidays once they know they can afford them, rather than plan too far in advance. This trend is particularly prominent in the UK and in city locations where short or weekend breaks are also a popular option,’ she added.

She reckons that it is both Spain’s reputation for offering value for money family holidays and its longstanding place in the hearts of British holidaymakers that are likely to be contributing to its popularity so far this year for advance summer bookings, especially when prices for a studio apartment rental sleeping four start at £89 for a week.

‘Malta benefits from a similar tradition with British holidaymakers as Spain. As more and more rental properties come to market on the archipelago, there seems an almost nostalgic pull to the islands that are also renowned for affordable living standards, hot summers, warm shoulder seasons and great diving,’ added Stinchcombe-Gillies.

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