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Tuesday, 22 July 2008 00:00 |
As overseas property investors look for ways to bridge the financial gap left by the credit crunch, a number of them are looking to rent their home to holidaymakers.
Greg Grant, managing director of Holiday-Rentals, explained the benefits of renting property overseas in popular places such as Spain, describing how investors can "see that a month's rental can, if timed well, pay for much of the year's running costs on a home".
The number of people taking holidays is not declining and, according to Ian Rumgay, European communications manager at TripAdvisor, "people are just looking at ways of downsizing or cutting costs".
One of the ways of cutting costs effectively is for consumers to look at alternatives to hotels when they are way.
As Mr Grant explained "renting does not suffer during a downturn". The company has seen no downturn in traffic to their website and enquiries for holidays but they have noticed that families in particular "may desert hotels and save money by renting a home".
It seems that confidence in markets such as Spain is still high. According to the latest Financial Times database figures, 57 per cent of Spaniards expected to see an increase in house prices over the next five years. |
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