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The past decade has seen a drastic increase in the number of people renting out their rooms or residences as tourist accommodation, transforming the way millions of people travel and the hospitality industry as we know it. As a leading real estate agency, our team at Frank Salt Real Estate, delves into what contributed to the growth of websites hosting self-catering accommodation, such as Airbnb and www.maltaholidaylets.com.mt.
Travel is deeply important to millennials
Although the rapid rise in popularity of holiday homes has been propelled by a number of factors, the main one is due to millennials; an age group that accounts for the vast majority of all guests who have ever ditched hotels for alternate forms of lodging. And the number is increasing drastically.
Most millennials regard travelling as part of their core identity, and so prioritise it over buying property or paying off debt. Across all countries, nearly 90% of those forming part of this age group – who do not have enough money to travel as much as they’d like to – say that if they suddenly had more money to spend, they would spend it on travelling more.
…which leads us on to budgets…
Partly because luxuries offered by hotels – such as daily room cleaning, reception services and breakfasts are not included – holiday homes are much more affordable, even more so when the price is shared with others. Gone are the days when individuals had to save up for ages to travel due to expensive accommodation or having to settle for a shared dorm at a dingy hostel.
Millennials are seeking something new from their travels
The larger part of millennials seek unique travel experiences and say that the best way to learn about a place is to live like the locals do. They prefer to stay in lodgings that are in cool, local neighbourhoods. A majority of them say that discovering hidden streets and sites is more important to them than visiting major tourist attractions and feeling part of the local community through their choice of accommodation.
Offering flexibility and an added revenue stream, investing in a holiday home can be a tempting opportunity, which is why more and more people are choosing to invest in such a second property.
Looking for a real estate agency or property management services?
Established in 1969, Frank Salt Real Estate has cemented its reputation as the islands’ leading, independent real estate agency, building an excellent infrastructure of branches across Malta and Gozo. So whether you’re looking for a personal property or one to rent out, our team is dedicated to finding the right property for you. We even offer property management services to take the hassle of hosting off your plate, check out our services on the Property Management webpage.
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