ECONOMY

Boom in holiday housing

The holiday property and tourism real estate market is about to double within the next five years, particularly in Europe, the Middle East and Southeast Asia, according to an industry insider. Preben Vestdam, president and CEO of NorthCourse, one of the biggest companies internationally in supplying consultancy and research services and in tourism property management, emphasized the prospects of Greece in the development of tourism real estate, if small amendments are made to the legal framework. He was speaking at the third European conference on tourism real estate, which concluded yesterday in Athens and was held in Greece for the first time. NorthCourse has exclusive access to 55,000 tourist houses and hotel complexes in more than 100 countries, and offices in the US, the UK, Spain, the United Arab Emirates and Singapore, as part of the RCI Global Vacation Network. The company presented a survey that serves as a model for analyzing consumers’ requirements and behavior. This has been developed for investors active in the holiday property and tourism real estate market and provides statistics, provisions and trend analysis models that help maximize revenues and profits for investors. The conclusions from the European market include the following: – One in three Europeans are interested in vacations on the basis of holiday property. – Although the time-sharing lease domain remains at the focus of interest, attention has moved on to more luxurious and expensive forms of holiday property. – The country of residence is the safest criterion for predicting the interest of consumers about the various holiday property forms, compared with other demographic features such as age and income.