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Secondary Residences and Holiday Rentals - December 2014

“About 1.76 million people joined the global [HNWI] population, which rose to a total of 13.7 million and the investable wealth of HNWIs grew by nearly 14% to reach a record high of US$56.62 trillion in 2013 … HNWIs are most likely to have the necessary means to afford a secondary residence, or even to take a holiday in a rental property. Growing inequality in most advanced economies has further accentuated the importance of this client segment."
- Jessica Kelly, Senior Tourism Analyst

This report looks at the following areas:

  • Will higher interest rates depress property values?
  • What are the current trends in resort development?
  • How is the online distribution of holiday rentals evolving?
  • How does one select a US ski resort property with investment potential?
  • What measures should upscale resort communities take to assure an adequate labour supply?

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Table of contents

  1. Introduction

      • Key findings
      • Data Sources

        • Abbreviations

          • Issues in the Market

              • Growing inequality
                • Labour supply
                  • ‘Cold beds’ and ‘ghost’ towns
                    • Holiday rentals on the big OTAs
                      • Apartment-rental websites challenge hotels
                      • Global Summary

                          • Demographic outlook
                            • Figure 1: Worldwide population distribution by age cohort (in millions), 2013 & 2050
                          • Demographic projections by major country market
                            • Figure 2: Worldwide population distribution by age cohort (in %) in selected major countries, 2013 & 2050
                          • Economic growth trend
                            • Figure 3: World Economic Outlook forecasts (% change unless noted otherwise), October 2014
                          • Interest rate outlook
                            • Figure 4: Outlook for short interest rates & 10-year government bond yields, 1 October 2014
                          • Exchange rates
                            • Figure 5: Outlook for foreign exchange rates, 1 October 2014
                          • Spending on travel and tourism
                            • Leisure travel expenditure
                              • Figure 6: Spending on leisure travel*: the 10 leading countries (in constant 2013 US$bn), 2013 & 2024
                            • Expenditure on domestic travel
                              • Figure 7: Spending on domestic travel*: the 10 leading countries (in constant 2013 US$bn), 2013 & 2024
                            • Incoming receipts
                              • Figure 8: Incoming receipts*: the 10 leading countries (in constant 2013 US$bn), 2013 & 2024
                            • HNWI overview by numbers and geography
                              • Classes of HNWI
                                • Figure 9: Breakdown of the global HNWI by wealth band, 2013
                              • UHNWI residential property
                                • Figure 10: Profile of UHNWI home ownership, 2013
                                • Figure 11: Percentage of UHNWI homes by type of location by region, 2013
                                • Figure 12: UHNWI principal residence by type of location by region, 2013
                                • Figure 13: UHNWIs becoming more or less interested in the following types of property locations (net balance of responses) by region, 2013
                                • Figure 14: Percentage of UHNWIs thinking of changing their country of residence & the main reasons for wanting to change by region, 2013
                                • Figure 15: Countries/regions that UHNWIs would be most likely to move to, 2013
                              • Strong growth in 2013
                                • Global HNWI and wealth growth led by North America
                                  • HNWIs up by 59% since 2008
                                    • Figure 16: HNWI population by region (in millions), 2008-13
                                    • Figure 17: HNWI wealth distribution by region (in US$ trllions), 2008-13
                                  • HNWIs by country
                                    • Figure 18: Top 25 HNWI population ranking, by country, 2013
                                  • More diversification of assets
                                    • Trend in residential property values
                                        • Figure 19: Knight Frank Global House Price Index, Q2/2014
                                      • Prime urban residential property values
                                        • Figure 20: Prime international residential real-estate values by major world city in order of estimated value in December 2013
                                    • Growing Inequality

                                        • An Anglo-Saxon phenomenon
                                          • Figure 21: Trend in share of total income received by the top 1% in Australia, Canada, UK & US, 1910-2010
                                          • Figure 22: Trend in share of total income received by the top 1% in France, Germany, Japan & Sweden, 1910-2010
                                        • Impact on second-home market
                                          • Second homes now out of reach of auto workers
                                            • Entry level
                                              • Shrinking income
                                                • Good deals to be had, however
                                                • Labour Supply

                                                    • Housing costs are the problem
                                                      • Cheaper housing for locals
                                                        • Teton County Housing Authority
                                                          • Affordable housing
                                                              • Figure 23: Affordable homes by size & category, 2014
                                                              • Figure 24: Maximum annual household annual income (in US$) allowed for each category of housing, according to number of household members, 2014
                                                            • Nantucket Housing Needs Covenant
                                                              • Figure 25: Median home prices on Nantucket Island compared to median incomes, 1997-2010
                                                            • Maximum sales price calculation
                                                              • Figure 26: Maximum sales price historical data, 2003-14
                                                          • ‘Cold Beds’ and ‘Ghost’ Towns

                                                              • Swiss react to ‘cold beds’
                                                              • Holiday Rentals on the Big OTAs

                                                                  • Growing fast on Booking.com
                                                                    • Holiday rentals broken out
                                                                      • Impact of holiday rentals on Booking.com’s business
                                                                        • Booking.com launches rental site Villas.com
                                                                          • HomeAway on Expedia
                                                                          • Apartment Rental Websites Challenge Hotels

                                                                              • Barcelona’s moratorium
                                                                                • ‘Be Mate’
                                                                                  • Mountains/winter sports
                                                                                      • Figure 27: Price trends for prime ski property in major resorts worldwide, June 2013-June 2014
                                                                                    • Alpine overview
                                                                                      • Figure 28: What can be purchased with €1m by major Alpine resorts, June 2014
                                                                                    • Ultra-prime ski resorts
                                                                                      • Figure 29: Key features & property values in ultra-prime ski resorts, 2014
                                                                                    • Oversupply of apartments in Swiss ski resorts
                                                                                      • The rebirth of Andermatt
                                                                                        • North American ski resorts
                                                                                          • US ski resorts ranked for property investment potential
                                                                                            • A wide variance in price levels
                                                                                              • Figure 30: RealtyTrac's rating of US ski resorts for their property investment potential, 2014
                                                                                            • Nearby amenities are a plus for property values
                                                                                              • Aspen, Snowmass Village and Basalt
                                                                                                • Figure 31: Trends in the Aspen, Snowmass Village & Basalt residential real-estate market*, YTD August 2014
                                                                                                • Figure 32: Trends in the Aspen, Snowmass Village & Basalt residential real-estate market* excluding luxury properties, YTD August 2014
                                                                                                • Figure 33: Trends in the average sales discounts at 8/31, the ask-sold discount* % in the Aspen, Snowmass Village & Basalt residential real-estate market, 2009-14
                                                                                                • Figure 34: Trends in the average sales discounts, original-sold discount %* in the Aspen, Snowmass Village & Basalt residential real-estate market, 2009-14
                                                                                              • Jackson Hole
                                                                                                • Figure 35: Sale by type of property in Jackson Hole, first half of 2014
                                                                                                • Figure 36: Sale by price category of property in Jackson Hole, first half of 2014
                                                                                            • The Caribbean

                                                                                                • Barbados
                                                                                                  • British Virgin Islands
                                                                                                    • Cayman Islands
                                                                                                      • Jumby Bay
                                                                                                        • Mustique
                                                                                                          • St Barts
                                                                                                            • Buyers by nationality
                                                                                                              • Figure 37: Leading nationalities buying luxury property in selected Caribbean locations, 2013-14
                                                                                                          • China

                                                                                                              • Hainan
                                                                                                              • France

                                                                                                                    • Figure 38: Annual price trend to end Q2/2014 (change in % Q2/2013-Q2/2014)
                                                                                                                    • Figure 39: Quarterly price trend Q2/2014 (change in % Q1-Q2/2014)
                                                                                                                    • Figure 40: Trend in apartment prices by major French city during the year ended June 2014
                                                                                                                    • Figure 41: Trend in the volume of transactions in apartments & houses, 2004-mid-2014
                                                                                                                  • Prime property market
                                                                                                                    • Property searches by region
                                                                                                                      • Figure 42: Breakdown of searches for French prime property by major region in % during 2013
                                                                                                                      • Figure 43: Fixed-rate mortgage rates, July 2013 & July 2014
                                                                                                                    • Chinese presence
                                                                                                                      • Paris
                                                                                                                        • Provence
                                                                                                                          • Côte d’Azur
                                                                                                                            • Industry insight: interview with Mikael Marzo, owner, Agence des Parcs de St Tropez, 14 November 2014
                                                                                                                              • New projects in St Tropez
                                                                                                                                • Figure 44: Exclusive Resort development property details in St Tropez, 2014
                                                                                                                                • Figure 45: Les Lices development property details in St Tropez, 2014
                                                                                                                              • South-west France
                                                                                                                                • Evian
                                                                                                                                  • Foreign source markets by region
                                                                                                                                    • Figure 46: Foreign buyer source markets for luxury residential property by region in France, 2013
                                                                                                                                • Germany

                                                                                                                                    • North Frisian Islands: Sylt, Foehr and Amrum
                                                                                                                                      • Figure 47: Property prices on Sylt, 2013-14
                                                                                                                                      • Figure 48: Property prices on Amrum, 2013-14
                                                                                                                                      • Figure 49: Property prices on Foehr, 2013-14
                                                                                                                                    • Source markets
                                                                                                                                      • Figure 50: Source markets of property buyers* on Sylt, 2013
                                                                                                                                    • Falling volume of sales
                                                                                                                                      • East Frisian Islands: Borkum, Norderney, Juist and Langeoog
                                                                                                                                        • Figure 51: Property prices on Juist, 2013-14
                                                                                                                                        • Figure 52: Property prices on Borkum, 2013-14
                                                                                                                                        • Figure 53: Property prices on Norderney, 2013-14
                                                                                                                                        • Figure 54: Property prices on Langeoog, 2013-14
                                                                                                                                      • Origin of buyers
                                                                                                                                        • Trend in transaction volumes
                                                                                                                                          • Baltic coast: Timmendorfer Strand, Fischland-Darss-Zingst, Rügen, Usedom
                                                                                                                                            • Figure 55: Property prices on Timmendorfer Strand, 2013-14
                                                                                                                                            • Figure 56: Property prices on Fischland-Darss-Zingst, 2013-14
                                                                                                                                            • Figure 57: Property prices on Rügen, 2013-14
                                                                                                                                            • Figure 58: Property prices on Usedom, 2013-14
                                                                                                                                          • Origin of buyers on Rügen
                                                                                                                                            • Trend in transaction volumes
                                                                                                                                              • Alpine region: Garmisch-Partenkirchen, Chiemsee and Tegernsee
                                                                                                                                                • Figure 59: Property prices in Garmisch-Partenkirchen, 2013-14
                                                                                                                                                • Figure 60: Property prices in Tegernsee, 2013-14
                                                                                                                                                • Figure 61: Property prices in Chiemsee, 2013-14
                                                                                                                                              • Trend in transaction volumes
                                                                                                                                                • Comparative summary and outlook
                                                                                                                                                  • Figure 62: Comparative prices for condos & houses in very good locations in major German resorts, 2014
                                                                                                                                              • Italy

                                                                                                                                                  • Figure 63: Breakdown of accommodation services expenditure associated with all types of holiday home ownership (in €bn), 2010*
                                                                                                                                                • No boom and bust
                                                                                                                                                  • Favourable tax changes
                                                                                                                                                    • Prime property market
                                                                                                                                                      • Como lakeside prices remain firm
                                                                                                                                                        • Lakeside not always a guarantee, however
                                                                                                                                                        • Spain

                                                                                                                                                              • Figure 64: Capacity, occupancy & number of staff by autonomous region, 2013
                                                                                                                                                              • Figure 65: Arrivals & overnights in holiday rental accommodation by autonomous region, 2013
                                                                                                                                                              • Figure 66: Source markets for holiday rental accommodation by country & region, 2013
                                                                                                                                                            • Foreign tourists opt for holiday rentals
                                                                                                                                                              • Property market performance
                                                                                                                                                                • Housing costs down by 42% since 2007
                                                                                                                                                                  • Foreclosures up 4.2%
                                                                                                                                                                    • Home sales rose by 10.7% in July
                                                                                                                                                                      • Housing glut diminishing
                                                                                                                                                                        • Increased investment reducing housing supply
                                                                                                                                                                          • Regional variation according to foreign buyer requirements
                                                                                                                                                                            • Almost 70% of property transactions in cash
                                                                                                                                                                              • Foreign buyers driving Spanish housing market
                                                                                                                                                                                • Continuation of trend in Q2/2014
                                                                                                                                                                                  • Russians zero in on luxury property market
                                                                                                                                                                                    • Foreigners buy new homes in Barcelona
                                                                                                                                                                                      • Andalusia plan to save 25,000 homes from demolition
                                                                                                                                                                                        • Envisaged changes
                                                                                                                                                                                          • Local political pressure
                                                                                                                                                                                            • Next developments
                                                                                                                                                                                            • UAE

                                                                                                                                                                                                • Abu Dhabi
                                                                                                                                                                                                  • Figure 67: Apartment rents in Abu Dhabi, Q3/2013-Q3/2014
                                                                                                                                                                                                  • Figure 68: Average villa rents in Abu Dhabi, Q3/2013-Q3/2014
                                                                                                                                                                                                • Outlook
                                                                                                                                                                                                  • Dubai
                                                                                                                                                                                                    • Figure 69: Average apartment rents in Dubai, 2012-Q3/2014
                                                                                                                                                                                                    • Figure 70: Average villa rents, Q3/2009-14
                                                                                                                                                                                                  • New developments launched
                                                                                                                                                                                                    • Outlook
                                                                                                                                                                                                      • Another off-plan boom and bust?
                                                                                                                                                                                                      • UK

                                                                                                                                                                                                            • Figure 71: Year-on-year % change in house prices, August 2011-August 2014
                                                                                                                                                                                                            • Figure 72: Trend in UK house prices, August 2004-14
                                                                                                                                                                                                          • Outlook
                                                                                                                                                                                                            • Figure 73: Mortgage cost as a % of take-home pay, Q2/1988-Q2/2014
                                                                                                                                                                                                          • Mortgage market review
                                                                                                                                                                                                            • Coastal premium
                                                                                                                                                                                                              • Secondary residences abroad
                                                                                                                                                                                                                • Figure 74: Volume forecast of number of second homes owned by households in England, 2008/09-2017/18
                                                                                                                                                                                                              • Overseas buyer interest
                                                                                                                                                                                                                • Figure 75: Trend in searches* by UK residents for foreign property by country, September 2014
                                                                                                                                                                                                              • Interest by Spanish region
                                                                                                                                                                                                                • Figure 76: Trend in searches* by UK residents for Spanish property by top 20 locations, September 2014
                                                                                                                                                                                                              • Revived interest in property abroad
                                                                                                                                                                                                                • Caution still prevails
                                                                                                                                                                                                                  • Upscale segment well supported
                                                                                                                                                                                                                    • The mortgage market
                                                                                                                                                                                                                      • Dubious practices on the rise again
                                                                                                                                                                                                                        • Timeshare making a comeback
                                                                                                                                                                                                                          • Reduced from €550,000 to €159,000
                                                                                                                                                                                                                            • Inheritance tax uncertainty
                                                                                                                                                                                                                            • US

                                                                                                                                                                                                                                • Trend in home sales by type
                                                                                                                                                                                                                                  • Figure 77: Share of home sales by intended use, 2003-13
                                                                                                                                                                                                                                  • Figure 78: New & existing home sales, 2003-13
                                                                                                                                                                                                                                • Trend in home prices
                                                                                                                                                                                                                                  • Figure 79: Median sales price, 2004-13
                                                                                                                                                                                                                                • Buyer motivation
                                                                                                                                                                                                                                  • Figure 80: Reasons for purchasing home, 2013
                                                                                                                                                                                                                                  • Figure 81: Length of time buyer plans to own property, 2013
                                                                                                                                                                                                                                  • Figure 82: Likelihood of buying an investment property in next two years, 2013
                                                                                                                                                                                                                                  • Figure 83: Likelihood of buying a holiday home in next two years, 2013
                                                                                                                                                                                                                                  • Figure 84: Is now a good time to purchase real estate?, 2013
                                                                                                                                                                                                                                • Socio-demographic profile of US home buyers by type
                                                                                                                                                                                                                                  • Figure 85: Age distribution of home buyers by type of residence, 2013
                                                                                                                                                                                                                                  • Figure 86: Household income of home buyers by type of residence, 2013
                                                                                                                                                                                                                                  • Figure 87: Number of income earners in households by type of residence purchased, 2013
                                                                                                                                                                                                                                  • Figure 88: Racial/ethnic background of home buyers by type of residence, 2013
                                                                                                                                                                                                                                • Property characteristics
                                                                                                                                                                                                                                  • Figure 89: Location of property purchased, by type, in 2013
                                                                                                                                                                                                                                  • Figure 90: Region of home purchased in 2013
                                                                                                                                                                                                                                  • Figure 91: Type of dwelling purchased during 2013
                                                                                                                                                                                                                                  • Figure 92: Size of property purchased, by type, in 2013
                                                                                                                                                                                                                                  • Figure 93: Distance from primary residence of secondary residences purchased in 2013
                                                                                                                                                                                                                                • Type of transaction
                                                                                                                                                                                                                                  • Figure 94: Proportion of distressed sales in 2013
                                                                                                                                                                                                                                  • Figure 95: How the property was purchased, 2013
                                                                                                                                                                                                                                • Property search channels
                                                                                                                                                                                                                                  • Figure 96: First steps taken in buying process, 2013
                                                                                                                                                                                                                                  • Figure 97: How buyers found the home they purchased, 2013
                                                                                                                                                                                                                                • Property financing
                                                                                                                                                                                                                                  • Figure 98: Percentage of buyers using mortgage financing, 2013
                                                                                                                                                                                                                                  • Figure 99: Per cent of purchase price financed, 2013
                                                                                                                                                                                                                                  • Figure 100: Difficulty of mortgage application & approval process, 2013
                                                                                                                                                                                                                              • Resort Industry Development Trends

                                                                                                                                                                                                                                  • A broader range of ages
                                                                                                                                                                                                                                    • Segmentation by age cohort
                                                                                                                                                                                                                                      • Marketing to Gen Xers and Millennials
                                                                                                                                                                                                                                        • Family values remain important
                                                                                                                                                                                                                                          • ‘Wellbeing’ instead of ‘wellness’
                                                                                                                                                                                                                                            • Location, location, location
                                                                                                                                                                                                                                              • Secondary and tertiary locations are lagging
                                                                                                                                                                                                                                                • Figure 101: What matters most to today's consumers at the resort(s) where your work is focused?, 2014
                                                                                                                                                                                                                                              • Product and design trends
                                                                                                                                                                                                                                                • Must-have options for outdoor living
                                                                                                                                                                                                                                                  • Turnkey properties fetch a premium
                                                                                                                                                                                                                                                    • Amenity and activity programme trends
                                                                                                                                                                                                                                                      • Simple is the new retro
                                                                                                                                                                                                                                                        • Family instead of golf?
                                                                                                                                                                                                                                                          • Simplified ownership structures
                                                                                                                                                                                                                                                            • Top-tier products selling well
                                                                                                                                                                                                                                                              • Smaller and standardised also selling
                                                                                                                                                                                                                                                                • No-frills homes
                                                                                                                                                                                                                                                                  • Timeshare making a comeback
                                                                                                                                                                                                                                                                    • Marketing trends
                                                                                                                                                                                                                                                                      • Electronic closings
                                                                                                                                                                                                                                                                        • Well-informed customers
                                                                                                                                                                                                                                                                          • Websites
                                                                                                                                                                                                                                                                            • Web advertising
                                                                                                                                                                                                                                                                              • Social media
                                                                                                                                                                                                                                                                                • Print media must be hyper-targeted
                                                                                                                                                                                                                                                                                  • Referral – a reliable high-producing channel
                                                                                                                                                                                                                                                                                    • Try before you buy
                                                                                                                                                                                                                                                                                      • Industry trends
                                                                                                                                                                                                                                                                                        • Top-tier resorts investing to become year round
                                                                                                                                                                                                                                                                                          • Foreclosed opportunities
                                                                                                                                                                                                                                                                                            • Changing environment
                                                                                                                                                                                                                                                                                              • Foreign buyer profile
                                                                                                                                                                                                                                                                                                • Figure 102: Average & median prices paid for US residential property*, 2009-14
                                                                                                                                                                                                                                                                                                • Figure 103: Proportion of all-cash sales & those financed with mortgages, 2007-14
                                                                                                                                                                                                                                                                                                • Figure 104: Estimate of foreign purchases of US residential real estate by major country, 2013-14
                                                                                                                                                                                                                                                                                                • Figure 105: Share of total residential real-estate purchases by foreign country, 2010-14
                                                                                                                                                                                                                                                                                              • Profile of foreign buyers by top five countries
                                                                                                                                                                                                                                                                                                • Canada
                                                                                                                                                                                                                                                                                                  • Figure 106: Breakdown of Canadian purchases of existing US residential properties by state, 2014
                                                                                                                                                                                                                                                                                                  • Figure 107: Breakdown of Canadian purchases of existing US residential properties by type, 2014
                                                                                                                                                                                                                                                                                                • China
                                                                                                                                                                                                                                                                                                  • Figure 108: Breakdown of Chinese purchases of existing US residential properties by state, 2014
                                                                                                                                                                                                                                                                                                  • Figure 109: Breakdown of Chinese purchases of existing US residential properties by type, 2014
                                                                                                                                                                                                                                                                                                • India
                                                                                                                                                                                                                                                                                                  • Figure 110: Breakdown of Indian purchases of existing US residential properties by state, 2014
                                                                                                                                                                                                                                                                                                  • Figure 111: Breakdown of Indian purchases of existing US residential properties by type, 2014
                                                                                                                                                                                                                                                                                                • Mexico
                                                                                                                                                                                                                                                                                                  • Figure 112: Breakdown of Mexican purchases of existing US residential properties by state, 2014
                                                                                                                                                                                                                                                                                                  • Figure 113: Breakdown of Mexican purchases of existing US residential properties by type, 2014
                                                                                                                                                                                                                                                                                                • UK
                                                                                                                                                                                                                                                                                                  • Figure 114: Breakdown of UK purchases of existing US residential properties by state, 2014
                                                                                                                                                                                                                                                                                                  • Figure 115: Breakdown of UK purchases of existing US residential properties by type, 2014
                                                                                                                                                                                                                                                                                                • Top states for foreign property purchases
                                                                                                                                                                                                                                                                                                  • Figure 116: US states' share of total residential real-estate purchases by foreign buyers, 2010-14
                                                                                                                                                                                                                                                                                                • Florida
                                                                                                                                                                                                                                                                                                  • Figure 117: Rise & fall of Florida residential real-estate prices, 2000-13
                                                                                                                                                                                                                                                                                                • Foreign buyer profile
                                                                                                                                                                                                                                                                                                  • Figure 118: Average home prices paid by foreign buyers of Florida property versus overall average, 2013-14
                                                                                                                                                                                                                                                                                                  • Figure 119: Origins of international homebuyers purchasing in Florida, July 2013-June 2014
                                                                                                                                                                                                                                                                                                  • Figure 120: Share of foreign property purchases by Florida’s metropolitan areas, July 2013-June 2014
                                                                                                                                                                                                                                                                                                • Florida, a prized location
                                                                                                                                                                                                                                                                                                  • Figure 121: Reason* for foreign buyers purchasing Florida real estate, 2009-14
                                                                                                                                                                                                                                                                                                • Favoured locations
                                                                                                                                                                                                                                                                                                  • Figure 122: Location preference for foreign buyers purchasing Florida real estate, 2009-14
                                                                                                                                                                                                                                                                                                • Importance of exchange rate
                                                                                                                                                                                                                                                                                                  • Why they didn’t buy
                                                                                                                                                                                                                                                                                                    • Usage of properties
                                                                                                                                                                                                                                                                                                      • Figure 123: Intended use of Florida property purchased by international clients, 2009-14
                                                                                                                                                                                                                                                                                                      • Figure 124: Months international buyer plans to use property purchased in Florida, 2010-14
                                                                                                                                                                                                                                                                                                    • Type of property purchased
                                                                                                                                                                                                                                                                                                      • Figure 125: Type of property purchased in Florida by international buyers, 2012-14
                                                                                                                                                                                                                                                                                                    • Purchase financing
                                                                                                                                                                                                                                                                                                      • Trend in source markets
                                                                                                                                                                                                                                                                                                        • Figure 126: Share of total residential real-estate purchases in Florida by foreign country, 2008-14
                                                                                                                                                                                                                                                                                                      • Prices for Miami luxury property rising on foreign demand
                                                                                                                                                                                                                                                                                                        • Key Biscayne
                                                                                                                                                                                                                                                                                                          • New developments barely meet demand
                                                                                                                                                                                                                                                                                                            • E&V sales offices in Miami increase sales by 150%
                                                                                                                                                                                                                                                                                                              • Brazilians and Venezuelans dominate the premium market
                                                                                                                                                                                                                                                                                                                • Miami is also set to remain a growth market in the long term
                                                                                                                                                                                                                                                                                                                  • High-end property in Fort Lauderdale outperforms
                                                                                                                                                                                                                                                                                                                    • Relative property values
                                                                                                                                                                                                                                                                                                                      • Fort Lauderdale more laid back
                                                                                                                                                                                                                                                                                                                        • The ‘Venice of America’
                                                                                                                                                                                                                                                                                                                          • An upgraded airport
                                                                                                                                                                                                                                                                                                                            • Paramount – a taste of Miami in Lauderdale
                                                                                                                                                                                                                                                                                                                              • Branded residences on tap
                                                                                                                                                                                                                                                                                                                                • A US$32-million property
                                                                                                                                                                                                                                                                                                                                • Holiday Rental Distribution Platforms

                                                                                                                                                                                                                                                                                                                                  • Airbnb

                                                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                                                        • US$13-billion valuation
                                                                                                                                                                                                                                                                                                                                          • Figure 127: Growth in nights booked at Airbnb, 2008-13
                                                                                                                                                                                                                                                                                                                                          • Figure 128: Airbnb performance figures, 2008-12
                                                                                                                                                                                                                                                                                                                                        • Business model
                                                                                                                                                                                                                                                                                                                                          • Chip Conley as global hospitality head
                                                                                                                                                                                                                                                                                                                                            • Social-networking feature
                                                                                                                                                                                                                                                                                                                                              • Current developments
                                                                                                                                                                                                                                                                                                                                                • Three quarters of Airbnb rentals in New York said to violate the law
                                                                                                                                                                                                                                                                                                                                                  • Big-time ‘hosts’
                                                                                                                                                                                                                                                                                                                                                    • Figure 129: Top earning Airbnb hosts in New York, 2010-14
                                                                                                                                                                                                                                                                                                                                                • HomeAway

                                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                                      • Competition
                                                                                                                                                                                                                                                                                                                                                        • Current developments
                                                                                                                                                                                                                                                                                                                                                          • Partnership with Interhome
                                                                                                                                                                                                                                                                                                                                                            • Partnership with Expedia
                                                                                                                                                                                                                                                                                                                                                              • HomeAway to force holiday rental owners online
                                                                                                                                                                                                                                                                                                                                                                • Two years to bring everyone online
                                                                                                                                                                                                                                                                                                                                                                  • Rewards and punishments
                                                                                                                                                                                                                                                                                                                                                                    • What’s driving the online push?
                                                                                                                                                                                                                                                                                                                                                                    • HouseTrip

                                                                                                                                                                                                                                                                                                                                                                        • Overview
                                                                                                                                                                                                                                                                                                                                                                          • Born out of frustration
                                                                                                                                                                                                                                                                                                                                                                            • Financial backing
                                                                                                                                                                                                                                                                                                                                                                              • Competition
                                                                                                                                                                                                                                                                                                                                                                                • Business model
                                                                                                                                                                                                                                                                                                                                                                                  • Current developments
                                                                                                                                                                                                                                                                                                                                                                                    • A change at the top
                                                                                                                                                                                                                                                                                                                                                                                    • Interhome/InterChalet

                                                                                                                                                                                                                                                                                                                                                                                        • Overview
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 130: Interhome's holiday rental houses & apartments, 2012
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 131: Breakdown of Interhome's customer base by nationality, 2012
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 132: Favourite destination countries, 2012
                                                                                                                                                                                                                                                                                                                                                                                        • Current developments
                                                                                                                                                                                                                                                                                                                                                                                        • onefinestay

                                                                                                                                                                                                                                                                                                                                                                                            • Overview
                                                                                                                                                                                                                                                                                                                                                                                              • Homeowners are also clients
                                                                                                                                                                                                                                                                                                                                                                                                • Hotel services provided
                                                                                                                                                                                                                                                                                                                                                                                                  • Asset-light and sustainable
                                                                                                                                                                                                                                                                                                                                                                                                    • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                    • TripAdvisor

                                                                                                                                                                                                                                                                                                                                                                                                        • Overview
                                                                                                                                                                                                                                                                                                                                                                                                          • Vacation rental calculator
                                                                                                                                                                                                                                                                                                                                                                                                            • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                            • Tui Ag

                                                                                                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                  • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                  • Wyndham Worldwide

                                                                                                                                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Trend in the number & average value of Wyndham’s holiday rentals, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                      • Revenue sources and cancellations
                                                                                                                                                                                                                                                                                                                                                                                                                        • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                          • Seasonality and booking window
                                                                                                                                                                                                                                                                                                                                                                                                                            • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                              • Holiday rental overview
                                                                                                                                                                                                                                                                                                                                                                                                                                • Fragmented supply
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Demand for holiday rentals
                                                                                                                                                                                                                                                                                                                                                                                                                                    • US market
                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                        • More restrictions on property development
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Impact of higher interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Estimated impact on property prices
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 134: Simulated impact of a rate rise on property values, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Revival of interval ownership
                                                                                                                                                                                                                                                                                                                                                                                                                                              • An increased pipeline

                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                              To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                              Secondary Residences and Holiday Rentals - December 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                              US $1,935.88 (Excl.Tax)