Short-term holiday letting proving popular

Released on: November 23, 2007, 9:40 am

Press Release Author: Jim watson

Industry: Real Estate

Press Release Summary: A growing number of people appear to be turning away from the
usual package holidays and traditional hotels when they travel abroad in favour of
renting a holiday home.

Press Release Body: A growing number of people appear to be turning away from the
usual package holidays and traditional hotels when they travel abroad in favour of
renting a holiday home for the duration of their stay overseas - creating new
opportunities for those looking to invest in foreign property markets.

The difference between the hotel market and this emerging buy-to-let sector is the
\"quality\" of properties, according to Olivia Mullan, head of rentals at MRI Overseas
Property, who said that rented houses tend to have the odd \"additional advantage\"
such as \"luxurious finishes\" and \"homely comfort\".

Such exquisite touches can make short-term rents a \"much more attractive\" option for
people travelling abroad, particularly for those holidaymakers with families, Ms
Mullan claimed.

\"A spacious two-bedroom apartment is an attractive alternative to a cramped hotel
room, which the traditional package holiday offers,\" she said.

Buy-to-let investors may be keen to capitalise upon this trend, Ms Mullan continued,
adding that another advantage is that owners can use their overseas property
themselves for their own holidays.

However, research conducted by the firm in partnership with YouGov revealed that 29
per cent of people who currently own property abroad choose to visit their holiday
home only twice each year - a fact that could mean that many are missing out on a
significant business opportunity.

\"Apart from the capital growth and the greater investment that it is, it can
actually provide quite a lucrative income for them as well,\" Ms Mullan argued.

Earlier in the year, Savills and Holiday-Rentals.co.uk surveyed 12,000 overseas
property owners and found that more than half said that investment was the primary
reason for purchasing a second home abroad.

Lucian Cook, director of Savills Research, claimed that \"rental potential\" was also
found to be one of the most important financial considerations for most second
homeowners, prompting many to look to far-flung destinations beyond the likes of
France and Spain to find new investment opportunities.

However, Mr Cook also noted that 49 per cent of those questioned said they had
financed their property acquisitions through mortgages and so were potentially at
risk from \"changes in occupancy rates and achievable weekly rental levels\".

\"Nonetheless capital growth has played a fundamental part in the viability of these
investments,\" he added.

Perhaps encouragingly, Ms Mullan suggested that property owners are now increasingly
\"beginning to realise\" that they are in a position to view their overseas property
as a business potentially offering a significant income.

Web Site: http://cyprus.assetz.co.uk/

Contact Details: Address:Assetz House, Newby Road, Stockport,Cheshire,SK7 5DA

fax:0845 400 6010

email:linkexchangeseo@gmail.com

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