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Secondary Residences and Holiday Rentals - International - December 2016

“The wind is shifting as increasingly the luxury segments of resort and other exclusive property markets are encountering weakness while the lower and medium tiers of the market remain resilient. So far Airbnb has enjoyed phenomenal success by trying to be ‘all things to all people’. However, the accommodation-rental market is getting more sophisticated and fragmented as consumers demand more specific amenities, as well as assurances and security.”

Jessica Kelly, Senior Tourism Analyst

This report looks at the following areas:

  • How are macroeconomic (growth, interest rates, exchange rates) and geopolitical factors impacting the secondary-residence market?
  • What has been the recent trend in property prices in key upmarket resort locations?
  • How will the slowdown in wealth creation affect the secondary-residence market?
  • Will Airbnb’s growth be throttled by a stricter regulatory environment?
  • How is the short-term accommodation-rental market evolving?
  • Which are the main holiday-rental groups and what are their prospects?

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Table of contents

  1. Introduction

      • Key findings
      • Data Sources

        • Abbreviations

          • Issues in the Market

              • Slowdown in UHNWI growth
                • Downturn in (some) luxury property markets
                  • Airbnb running into regulatory hurdles
                    • Hotel groups entering the accommodation-rental market
                      • Impact of Brexit on secondary homes and holiday rentals
                      • Global Summary

                          • Demographic outlook
                            • Figure 1: Population trend by region, 2015-2100
                          • India due to overtake China
                            • Population aged 60 or over is growing the fastest
                              • Decline in the potential support ratio
                                • Economic growth trend
                                  • Figure 2: Overview of the WEO projections (% change, unless noted otherwise), October 2016 update
                                  • Figure 3: Overview of the WEO projections (% change, unless noted otherwise), October 2016 update (continued)
                                • Deflationary trend coming to an end
                                  • Figure 4: Outlook for inflation by major country & world region, October 2016 (y-o-y % change)
                                • Interest-rate outlook
                                  • Figure 5: Outlook for central bank policy interest rates by major currency zone, October 2016
                                  • Figure 6: Outlook for 10-year government bond yields by major currency zone, October 2016
                                • Exchange rates
                                  • Figure 7: Trend of major world currencies against the Swiss Franc, YTD 2016
                                  • Figure 8: Foreign exchange forecast, 27/09/2016
                              • Outlook for Spending on Leisure Travel

                                  • Figure 9: Spending* on leisure travel & tourism worldwide & by major region, (US$ billion), 2015 & 2026
                                • Top ten countries for leisure-travel expenditure
                                  • Figure 10: Top-ten countries for leisure-travel expenditure, 2015 & 2016
                                • HNWI overview by numbers and geography
                                  • Asia Pacific takes the lead
                                    • Figure 11: HNWI population, by region (m) 2010-15
                                    • Figure 12: HNWI wealth distribution, by region, (US$trn), 2010-15
                                  • Asia Pacific will continue to be growth engine
                                    • Figure 13: HNWI wealth projection, by region (US$trn), 2006, 2015, 2025
                                  • HNWIs by country
                                    • Figure 14: HNWI location & growth trend, 2005-25
                                    • Figure 15: HNWI location & growth trend, 2005-25 (continued)
                                  • Trend in residential property values
                                    • Two thirds of declining markets are in Europe
                                      • German markets remain strong
                                        • New restrictions on high-flying Chinese markets
                                          • Figure 16: Price trend in prime residential property markets worldwide, 2015
                                          • Figure 17: Price trend in prime residential property markets worldwide, 2015 (continued)
                                        • Wealthy and footloose
                                          • Seasonal fluctuations by major market
                                            • Figure 18: Seasonal fluctuations* of multi-millionaire (US$10m+) populations around the world, 2016
                                        • Issues in the Market

                                          • Slowdown in UHNWI Growth

                                              • HNWI by wealth band
                                                • Figure 16: Breakdown of HNWI population by wealth band, 2015
                                              • Effect of falling oil price and a rising Dollar
                                                • Billionaires’ wealth declining
                                                  • An end to rising income inequality?
                                                    • Gini coefficient indicates rising inequality
                                                      • Figure 17: The income gap in the US, 1970-2015
                                                    • Will words lead to political action?
                                                      • Theresa May takes a populist tone
                                                      • Downturn in (some) Luxury Property Markets

                                                          • Figure 19: Luxury secondary-residence markets where values declined in 2015
                                                        • Downturn in exclusive US markets
                                                          • Luxury crashing in the Hamptons
                                                            • Figure 20: Trend in luxury property transactions in the Hamptons, 2008-Q2 2016
                                                          • Aspen going downhill
                                                            • Miami on the skids too
                                                            • Airbnb Running into Regulatory Hurdles

                                                                  • Figure 21: Example of regulatory measures in force by city, November 2015
                                                                • Airbnb listings concentrated in a few key locations
                                                                  • New York State Attorney General’s study
                                                                    • Staggering growth of short-term rentals in NYC
                                                                      • Figure 22: Monthly growth in private short-term rentals on Airbnb, 2010-14
                                                                    • Short-term rentals generated over US$500 million in NYC, 2010-14
                                                                      • Disproportionate role of commercial operators
                                                                        • Figure 23: Units, bookings, nights & revenue of the top 12 hosts in New York, 2010-14
                                                                      • Airbnb purges New York listings
                                                                        • Airbnb has taken down thousands of listings
                                                                          • New York State law prohibits short-term rentals
                                                                            • Law signed by Governor Cuomo
                                                                              • Airbnb forced to act under duress
                                                                                • Airbnb sues
                                                                                  • Airbnb drops suit
                                                                                    • New York City owed millions in unpaid bednight taxes
                                                                                      • Figure 24: Private short-term rentals in tax liability incurred in New York City, 2010-14
                                                                                    • Short-term rentals said to reduce New York housing stock
                                                                                      • Emphasis on commercial Airbnb usage in previous studies
                                                                                        • Impact Listings according to BJH’s analysis
                                                                                          • Correlation of Impact Listings and median asking prices
                                                                                            • Figure 25: Neighbourhoods by number of Impact Listings, 2015
                                                                                          • France gets tougher on rentals
                                                                                            • Paris crackdown
                                                                                              • Berlin ups the ante
                                                                                                • Barcelona threatens Airbnb and others
                                                                                                  • Barcelona moves to restrict short-term rentals
                                                                                                    • Meanwhile ‘top manta’ continues unhindered
                                                                                                      • Mediocre results so far…
                                                                                                        • Andalusia’s holiday rental law
                                                                                                          • Excluded properties
                                                                                                            • Definition of holiday rental – What properties are included
                                                                                                              • Rental types
                                                                                                                • Lodging requirements
                                                                                                                  • Holiday-rental agreements
                                                                                                                    • Registration form
                                                                                                                      • Price and reservation
                                                                                                                        • Fines and sanctions
                                                                                                                          • Clandestine activity
                                                                                                                            • Holiday-rental registration slow to take hold in Andalusia
                                                                                                                              • London’s mayor lobbied to take action
                                                                                                                              • Hotel Groups Enter the Accommodation-Rental Market

                                                                                                                                  • Hotel services for rental apartments
                                                                                                                                    • Be Mate
                                                                                                                                      • Selection criteria
                                                                                                                                        • Locations and booking
                                                                                                                                          • Hotel services included
                                                                                                                                            • AccorHotels/onefinestay
                                                                                                                                              • Figure 26: Oasis Collections’ locations, 2016
                                                                                                                                            • AccorHotels has acquired onefinestay
                                                                                                                                              • onefinestay
                                                                                                                                                • Part of a two-pronged strategy
                                                                                                                                                  • Choice enters the holiday-rental market
                                                                                                                                                    • Partnering with holiday-rental management companies
                                                                                                                                                      • Brand boost for Choice Hotel franchisees
                                                                                                                                                        • Conclusion and outlook
                                                                                                                                                        • Impact of Brexit on Secondary Homes and Holiday Rentals

                                                                                                                                                            • Luxury London home values predicted to fall on Brexit
                                                                                                                                                              • Fewer sales
                                                                                                                                                                • Figure 27: Post-Brexit vote projection for the trend in London luxury home values, 2015-20
                                                                                                                                                              • Most expensive performed worst
                                                                                                                                                                • Figure 28: London upscale residential price performance by value segment, 2010-15
                                                                                                                                                              • Continental chalet rentals to suffer
                                                                                                                                                                • Scotland to benefit
                                                                                                                                                                  • Brexit sinks British demand for property in Spain
                                                                                                                                                                  • Beach/Coastal/Warm-Weather Locations

                                                                                                                                                                      • Côte d’Azur
                                                                                                                                                                        • Trend in property prices
                                                                                                                                                                          • Sub-markets
                                                                                                                                                                            • Saint-Jean-Cap-Ferrat
                                                                                                                                                                              • Cap d’Ail, Beausoleil, Roquebrune Cap-Martin
                                                                                                                                                                                • St Tropez
                                                                                                                                                                                  • Buyer profiles
                                                                                                                                                                                    • Figure 29: Top spenders on prime Riviera property (average spend), 2011-14
                                                                                                                                                                                  • Dubai
                                                                                                                                                                                    • Figure 30: Residential monthly sales transactions, Dubai, 2014 & 2015*
                                                                                                                                                                                    • Figure 31: Average residential sales price % change, key Dubai sub-markets, Q4 2014 to Q3 2015*
                                                                                                                                                                                    • Figure 32: Average residential sales prices, Dubai, 2015*
                                                                                                                                                                                  • Relatively modest supply growth
                                                                                                                                                                                    • Foreigners account for 80% of buyers
                                                                                                                                                                                      • Property yields
                                                                                                                                                                                        • Outlook
                                                                                                                                                                                          • Florida
                                                                                                                                                                                            • Figure 33: Trend in Florida house prices, January 1995-May 2015
                                                                                                                                                                                            • Figure 34: Trend in Florida condominium prices, January 1995-May 2015
                                                                                                                                                                                            • Figure 35: Summary statistics for the Florida residential property market, September 2016
                                                                                                                                                                                          • Market for single-family homes
                                                                                                                                                                                            • Figure 36: Single family-house sales activity in Florida, state-wide by MSA, closed sales & median-sale prices, Q2 2016
                                                                                                                                                                                          • Market for townhouses and condos
                                                                                                                                                                                            • Figure 37: Townhouse & condo sales activity in Florida, state-wide by metropolitan statistical area, closed sales & median sale prices, Q2 2016
                                                                                                                                                                                          • Foreign buyers
                                                                                                                                                                                            • Figure 38: Number of sales to international buyers in Florida & dollar volume of international sales in Florida in past 12 months*, 2005-15
                                                                                                                                                                                            • Figure 39: Share of international sales to Florida's residential market in past 12 months*
                                                                                                                                                                                          • Profile of foreign buyers
                                                                                                                                                                                            • Figure 40: Share of foreign buyers of residential property in Florida by principal nationality, 2008-15
                                                                                                                                                                                          • Miami and Fort Lauderdale favoured
                                                                                                                                                                                            • Average purchase price sharply up in 2015
                                                                                                                                                                                              • More realtors enter the market
                                                                                                                                                                                                • Factors affecting decision to purchase
                                                                                                                                                                                                  • Reasons for not purchasing a Florida property
                                                                                                                                                                                                    • Hainan
                                                                                                                                                                                                      • Property market cools down from an overheated pace
                                                                                                                                                                                                        • China has its ‘snowbirds’ too
                                                                                                                                                                                                          • Amenities for older folks
                                                                                                                                                                                                            • Other locations are competing with Hainan in the retiree market
                                                                                                                                                                                                              • Monaco
                                                                                                                                                                                                                • Figure 41: Trend in the mean & median price of property transactions in Monaco, 2006-15
                                                                                                                                                                                                                • Figure 42: Resale property transactions by type in Monaco, 2006-15
                                                                                                                                                                                                              • Buyer profile
                                                                                                                                                                                                                • Price trends
                                                                                                                                                                                                                  • Monaco is growing
                                                                                                                                                                                                                    • Phuket
                                                                                                                                                                                                                      • Villas
                                                                                                                                                                                                                        • Growth in supply
                                                                                                                                                                                                                          • Figure 43: Supply trend in the supply of completed villas in Phuket, 2004-17
                                                                                                                                                                                                                        • A rise in secondary market sales
                                                                                                                                                                                                                          • Figure 44: Resales vs primary sales in the first half of 2016
                                                                                                                                                                                                                        • Price segmentation of the market
                                                                                                                                                                                                                          • Figure 45: Luxury villa transactions by price strata, H1 2016
                                                                                                                                                                                                                        • Villa configurations
                                                                                                                                                                                                                          • Figure 46: Unit mix & configurations, H1 2016
                                                                                                                                                                                                                        • Branded vs non-branded
                                                                                                                                                                                                                          • Figure 47: Branded vs non-branded villas sold & for sale, Q2 2016
                                                                                                                                                                                                                        • Sales by micro-location
                                                                                                                                                                                                                          • Figure 48: Luxury villa inventory & villas for sale by micro-location in Phuket, H1 2016
                                                                                                                                                                                                                          • Figure 49: Luxury villa sales price & sales per month by micro-location in Phuket, H1 2016
                                                                                                                                                                                                                        • Condominiums
                                                                                                                                                                                                                          • Spanish coast and islands
                                                                                                                                                                                                                            • Figure 50: Trend in incoming tourist arrivals in Spain, 2007-15
                                                                                                                                                                                                                            • Figure 51: Monthly Spanish property sales, year-to-date*, August 2007-16
                                                                                                                                                                                                                            • Figure 52: Spanish home sales per month, 2007-August 2016
                                                                                                                                                                                                                          • Resales dominate the market
                                                                                                                                                                                                                            • Malaga Province
                                                                                                                                                                                                                              • Resales rise 25% in August
                                                                                                                                                                                                                                • Figure 53: Spanish home sales: new & resale, monthly y-o-y % change, August 2014-August 2016
                                                                                                                                                                                                                              • Most transactions in areas favoured by foreigners
                                                                                                                                                                                                                                • Balearics lead the pack
                                                                                                                                                                                                                                  • Figure 53: Spanish home sales, by selected region, YTD August 2016
                                                                                                                                                                                                                                • Foreign buyers are liquid
                                                                                                                                                                                                                                  • Foreign share of purchases
                                                                                                                                                                                                                                    • Figure 54: Foreign demand as a % of the Spanish housing market, Q1 2013-Q2 2016
                                                                                                                                                                                                                                  • Foreign buyers by nationality
                                                                                                                                                                                                                                    • Figure 55: Foreign purchasers of Spanish residential property, Q1 2016
                                                                                                                                                                                                                                    • Figure 56: Foreign purchases of Spanish residential property by nationality, Q2 2016
                                                                                                                                                                                                                                    • Figure 57: Percentage change in demand for Spanish residential property by nationality, Q2 2016
                                                                                                                                                                                                                                  • Brexit effect?
                                                                                                                                                                                                                                    • Figure 58: British demand & the strength of the Pound, Q1 2013-Q2 2016
                                                                                                                                                                                                                                  • Property-price trend in resort areas
                                                                                                                                                                                                                                    • Domestic market
                                                                                                                                                                                                                                      • Andalusia leads for transactions
                                                                                                                                                                                                                                        • Andalusia’s Costa del Sol
                                                                                                                                                                                                                                          • Rental yields up to 8% and above
                                                                                                                                                                                                                                            • The Marbella property market
                                                                                                                                                                                                                                              • Cleaning up Marbella
                                                                                                                                                                                                                                                • Spain’s ‘Golden Visa’ scheme
                                                                                                                                                                                                                                                  • SAREB: the ‘Bad Bank’
                                                                                                                                                                                                                                                    • SAREB sold 25 homes per day during H1 2016
                                                                                                                                                                                                                                                      • Completed homes for sale
                                                                                                                                                                                                                                                        • Apartments for sale in Estepona
                                                                                                                                                                                                                                                          • Figure 59: Apartments for sale in the Estela Building in Estepona, 2016
                                                                                                                                                                                                                                                        • Breakdown by location of developments completed by SAREB
                                                                                                                                                                                                                                                          • Less time needed to sell
                                                                                                                                                                                                                                                            • Costa del Sol developments selling twice as fast as a year previously
                                                                                                                                                                                                                                                              • Outlook for the Spanish housing market
                                                                                                                                                                                                                                                              • Mountain/Winter-Sports Locations

                                                                                                                                                                                                                                                                  • Figure 60: Global ski visitor & resort distribution, 2016
                                                                                                                                                                                                                                                                • Current trends
                                                                                                                                                                                                                                                                  • Upgrading the offer
                                                                                                                                                                                                                                                                    • Winter X-Games and Snowbombing
                                                                                                                                                                                                                                                                      • Mergers strengthen the offer
                                                                                                                                                                                                                                                                        • Alpine resorts
                                                                                                                                                                                                                                                                          • Figure 61: Highest elevation vs season length in European ski resorts, 2016
                                                                                                                                                                                                                                                                        • Trend in Alpine prime property values
                                                                                                                                                                                                                                                                          • Figure 62: Trend in the Knight Frank Prime Ski Property Index in 2015
                                                                                                                                                                                                                                                                        • Buyer profile
                                                                                                                                                                                                                                                                          • Figure 63: Age profile of the buyers of prime Alpine ski property, 2014-16
                                                                                                                                                                                                                                                                        • Switzerland
                                                                                                                                                                                                                                                                          • Final law voted
                                                                                                                                                                                                                                                                            • Verbier
                                                                                                                                                                                                                                                                              • St Moritz is the dearest
                                                                                                                                                                                                                                                                                • France
                                                                                                                                                                                                                                                                                  • Six Senses Residences Courchevel
                                                                                                                                                                                                                                                                                    • Other resorts
                                                                                                                                                                                                                                                                                      • Austria
                                                                                                                                                                                                                                                                                        • Mayrhofen has potential
                                                                                                                                                                                                                                                                                          • Kitzbühel and Lech
                                                                                                                                                                                                                                                                                            • Aspen in a tailspin
                                                                                                                                                                                                                                                                                              • Aspen’s real-estate nosedive continues
                                                                                                                                                                                                                                                                                                  • Figure 64: Pitkin County’s real-estate sales through June, 2010-16
                                                                                                                                                                                                                                                                                                • Vail and Beaver Creek showing a similar trend
                                                                                                                                                                                                                                                                                                • Overview of Secondary Residences in France

                                                                                                                                                                                                                                                                                                    • Figure 65: French housing stock by category, 2009-15
                                                                                                                                                                                                                                                                                                • Overview of Secondary Residences in Germany

                                                                                                                                                                                                                                                                                                    • North Friesland
                                                                                                                                                                                                                                                                                                      • Figure 66: Overnights in the main German resort destinations, 2013-14
                                                                                                                                                                                                                                                                                                    • Buyer source markets
                                                                                                                                                                                                                                                                                                      • Figure 67: Buyers source markets for Sylt property, 2016
                                                                                                                                                                                                                                                                                                      • Figure 68: Buyers source markets for Amrum & Föhr property, 2016
                                                                                                                                                                                                                                                                                                    • East Frisian Islands
                                                                                                                                                                                                                                                                                                      • Buyer source markets
                                                                                                                                                                                                                                                                                                        • Figure 69: Buyer source markets for East Frisian Islands property, 2016
                                                                                                                                                                                                                                                                                                      • Lübeck Bay and Fehmarn
                                                                                                                                                                                                                                                                                                        • Buyer source markets
                                                                                                                                                                                                                                                                                                          • Figure 70: Buyer source markets Lübeck Bay property, 2016
                                                                                                                                                                                                                                                                                                        • Mecklenburg coast & islands
                                                                                                                                                                                                                                                                                                          • Figure 71: Buyer source markets for Fischland-Darss-Zingst property, 2016
                                                                                                                                                                                                                                                                                                        • Buyer source markets
                                                                                                                                                                                                                                                                                                          • Figure 72: Buyer source markets for Rügen property, 2016
                                                                                                                                                                                                                                                                                                        • Alpine region
                                                                                                                                                                                                                                                                                                          • Buyer source markets
                                                                                                                                                                                                                                                                                                            • Gärmisch-Partenkirchen
                                                                                                                                                                                                                                                                                                              • Figure 73: Buyers source markets for Gärmisch-Partenkirchen property, 2016
                                                                                                                                                                                                                                                                                                            • Tegernsee
                                                                                                                                                                                                                                                                                                              • Figure 74: Buyer source markets for Tegernsee property, 2016
                                                                                                                                                                                                                                                                                                            • Chiemsee
                                                                                                                                                                                                                                                                                                              • Figure 75: Buyer source markets for Chiemsee property, 2016
                                                                                                                                                                                                                                                                                                            • Property values in German resorts
                                                                                                                                                                                                                                                                                                              • Apartments
                                                                                                                                                                                                                                                                                                                • Figure 76: Range of prices* for apartments in “very good” locations, 2015-16
                                                                                                                                                                                                                                                                                                                • Figure 77: Range of prices* for apartments in “good” locations, 2015-16
                                                                                                                                                                                                                                                                                                                • Figure 78: Range of prices* for apartments in “average” & “less desirable” locations, 2015-16
                                                                                                                                                                                                                                                                                                              • Houses
                                                                                                                                                                                                                                                                                                                • Figure 79: Range of prices* for single & two-family houses in “very good” locations, 2015-16
                                                                                                                                                                                                                                                                                                                • Figure 80: Range of prices* for single & two-family houses in “good” locations, 2015-16
                                                                                                                                                                                                                                                                                                                • Figure 81: Range of prices* for single & two-family houses in “average” & “less desirable” locations, 2015-16
                                                                                                                                                                                                                                                                                                            • Overview of Secondary Residences in the US

                                                                                                                                                                                                                                                                                                                • Market environment in 2015
                                                                                                                                                                                                                                                                                                                  • The composition of residential sales
                                                                                                                                                                                                                                                                                                                    • Figure 82: New & existing home sales by intended use, 2003-15
                                                                                                                                                                                                                                                                                                                    • Figure 83: Median sales price, 2004-15
                                                                                                                                                                                                                                                                                                                    • Figure 84: Property purchase by type of location of property, 2016
                                                                                                                                                                                                                                                                                                                    • Figure 85: Holiday homes purchased by type of location, 2015
                                                                                                                                                                                                                                                                                                                    • Figure 86: Region of home purchase, 2015
                                                                                                                                                                                                                                                                                                                    • Figure 87: Type of property purchased, 2015
                                                                                                                                                                                                                                                                                                                    • Figure 88: Size of property purchased, 2015
                                                                                                                                                                                                                                                                                                                    • Figure 89: Proportion of distressed sales of all purchases in 2015
                                                                                                                                                                                                                                                                                                                    • Figure 90: Distance from primary residence of holiday & investment properties purchased in 2015
                                                                                                                                                                                                                                                                                                                    • Figure 91: Property buyer profile in 2015
                                                                                                                                                                                                                                                                                                                    • Figure 92: Purchasing channel by type of property purchased in 2015
                                                                                                                                                                                                                                                                                                                    • Figure 93: First step taken in the home-buying process, by type of property purchased, 2015
                                                                                                                                                                                                                                                                                                                    • Figure 94: Where buyer found the home they purchased, by type of property, in 2015
                                                                                                                                                                                                                                                                                                                    • Figure 95: Use of mortgage financing for property purchases in 2015
                                                                                                                                                                                                                                                                                                                    • Figure 96: Reasons for purchasing holiday & investment properties in 2015
                                                                                                                                                                                                                                                                                                                    • Figure 97: Length of time buyer plans to own property, 2015
                                                                                                                                                                                                                                                                                                                    • Figure 98: Likelihood of buying an investment property in next two years, 2015
                                                                                                                                                                                                                                                                                                                    • Figure 99: Is now a good time to purchase real estate?, 2015
                                                                                                                                                                                                                                                                                                                  • Foreign source markets
                                                                                                                                                                                                                                                                                                                    • Figure 100: Dollar volume of sales to foreign buyers from top five countries, 2010-16
                                                                                                                                                                                                                                                                                                                • Overview of Secondary Residences in the UK

                                                                                                                                                                                                                                                                                                                    • Figure 101: Trend in the volume & value of the market for domestic holiday rentals, 2011-21
                                                                                                                                                                                                                                                                                                                  • Outbound holiday rentals
                                                                                                                                                                                                                                                                                                                    • A ban on secondary-home construction?
                                                                                                                                                                                                                                                                                                                    • Holiday Rentals Worldwide

                                                                                                                                                                                                                                                                                                                        • 5.6 million rental properties in Europe and US
                                                                                                                                                                                                                                                                                                                          • Short-term rentals in the US
                                                                                                                                                                                                                                                                                                                            • Figure 102: Short-term rental experience in 2015
                                                                                                                                                                                                                                                                                                                            • Figure 103: How rental property was/will be managed*, 2015
                                                                                                                                                                                                                                                                                                                            • Figure 104: Potential rental income impacted* (at least moderately), 2015
                                                                                                                                                                                                                                                                                                                            • Figure 105: Why rent the property?*, 2015
                                                                                                                                                                                                                                                                                                                            • Figure 106: When rented & will rent, 2015
                                                                                                                                                                                                                                                                                                                          • Rejected by Airbnb
                                                                                                                                                                                                                                                                                                                            • Booking.com and Abritel are main channels
                                                                                                                                                                                                                                                                                                                            • Ten Leading Online Accommodation-Rental Platforms

                                                                                                                                                                                                                                                                                                                                • Figure 107: The leading accommodation-rental websites ranked by number of listings, October 2016
                                                                                                                                                                                                                                                                                                                              • 9flats
                                                                                                                                                                                                                                                                                                                                • 9flats has purchased Wimdu
                                                                                                                                                                                                                                                                                                                                  • A quarter of the size of Airbnb
                                                                                                                                                                                                                                                                                                                                    • European competition
                                                                                                                                                                                                                                                                                                                                      • Synergies and improved quality
                                                                                                                                                                                                                                                                                                                                        • Airbnb
                                                                                                                                                                                                                                                                                                                                          • Guests motivated mainly by price
                                                                                                                                                                                                                                                                                                                                            • Money savers
                                                                                                                                                                                                                                                                                                                                              • Home seekers
                                                                                                                                                                                                                                                                                                                                                • Collaborative consumers
                                                                                                                                                                                                                                                                                                                                                  • Pragmatic novelty seekers
                                                                                                                                                                                                                                                                                                                                                    • Interactive novelty seekers
                                                                                                                                                                                                                                                                                                                                                      • Conclusions on segmentation
                                                                                                                                                                                                                                                                                                                                                        • Airbnb’s two products
                                                                                                                                                                                                                                                                                                                                                          • Figure 108: Airbnb market segments & characteristics, 2016
                                                                                                                                                                                                                                                                                                                                                        • Airbnb acquires Trip4real
                                                                                                                                                                                                                                                                                                                                                          • Airbnb making strides in Chinese market
                                                                                                                                                                                                                                                                                                                                                            • Tujia.com
                                                                                                                                                                                                                                                                                                                                                              • How Tujia differs from Airbnb
                                                                                                                                                                                                                                                                                                                                                                • Trust is a big issue
                                                                                                                                                                                                                                                                                                                                                                  • Property management frequently outsourced
                                                                                                                                                                                                                                                                                                                                                                    • Vertically integrating the supply chain
                                                                                                                                                                                                                                                                                                                                                                      • Mayi.com acquisition
                                                                                                                                                                                                                                                                                                                                                                        • Regulation
                                                                                                                                                                                                                                                                                                                                                                          • Outlook
                                                                                                                                                                                                                                                                                                                                                                            • Overseas expansion
                                                                                                                                                                                                                                                                                                                                                                              • Wimdu
                                                                                                                                                                                                                                                                                                                                                                                • Wimdu has changed hands twice in a matter of weeks
                                                                                                                                                                                                                                                                                                                                                                                  • Expedia/HomeAway
                                                                                                                                                                                                                                                                                                                                                                                    • Priceline/Booking.com
                                                                                                                                                                                                                                                                                                                                                                                      • Kayak testing out short-term rentals
                                                                                                                                                                                                                                                                                                                                                                                        • Booking.com closes Villas.com rental brand
                                                                                                                                                                                                                                                                                                                                                                                          • TripAdvisor
                                                                                                                                                                                                                                                                                                                                                                                            • TripAdvisor has acquired HouseTrip
                                                                                                                                                                                                                                                                                                                                                                                              • Interhome
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 109: Countries where Interhome rentals are present, 2016
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 110: Interhome's quality rankings, 2016
                                                                                                                                                                                                                                                                                                                                                                                              • Wyndham Worldwide
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 111: Wyndham Worldwide revenue & EBITA by principal business segment, 2014 & 2015
                                                                                                                                                                                                                                                                                                                                                                                              • Wyndham Destination Network
                                                                                                                                                                                                                                                                                                                                                                                                • Vacation exchange
                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                    • RCI
                                                                                                                                                                                                                                                                                                                                                                                                      • The Registry Collection
                                                                                                                                                                                                                                                                                                                                                                                                        • Wyndham Vacation Rentals UK
                                                                                                                                                                                                                                                                                                                                                                                                          • Novasol
                                                                                                                                                                                                                                                                                                                                                                                                            • Cuendet
                                                                                                                                                                                                                                                                                                                                                                                                              • Landal GreenParks
                                                                                                                                                                                                                                                                                                                                                                                                                • Wyndham Vacation Rentals N.A.
                                                                                                                                                                                                                                                                                                                                                                                                                  • Revenue
                                                                                                                                                                                                                                                                                                                                                                                                                    • Operating statistics
                                                                                                                                                                                                                                                                                                                                                                                                                      • Wyndham invests in sharing economy with two new deals
                                                                                                                                                                                                                                                                                                                                                                                                                        • TUIvillas
                                                                                                                                                                                                                                                                                                                                                                                                                          • The TUI quality algorithm
                                                                                                                                                                                                                                                                                                                                                                                                                            • Reviews for quality control
                                                                                                                                                                                                                                                                                                                                                                                                                            • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                • The first shall be last and last first
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Airbnb’s growth to be slowed by regulation
                                                                                                                                                                                                                                                                                                                                                                                                                                    • More segmentation in accommodation rental
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amenity-driven peer-to-peer rentals
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Harnessing personal networks for holiday rentals
                                                                                                                                                                                                                                                                                                                                                                                                                                          • How does it work?
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Funding and business model

                                                                                                                                                                                                                                                                                                                                                                                                                                            Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                            Secondary Residences and Holiday Rentals - International - December 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                            £1,495.00 (Excl.Tax)