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Many people are unable to access their holiday homes easily

Overseas property owners feeling the crunch

The credit crunch is having a major impact on overseas property owners, according to Europe’s leading holiday home website. DirectHolidayBookings.co.uk claims rising flight prices, the cancellation of some low cost routes and the failure of airlines such as Zoom and XL Airways means that many people are unable to access their holiday homes as easily as they have done in the past…

The credit crunch is having a major impact on overseas property owners, according to Europe’s leading holiday home website. DirectHolidayBookings.co.uk claims rising flight prices, the cancellation of some low cost routes and the failure of airlines such as Zoom and XL Airways means that many people are unable to access their holiday homes as easily as they have done in the past.

The general economic climate means that others are also renting out their properties as a way of earning extra income.

Andrew Gibson, managing director of DirectHolidayBookings.co.uk, said: “Many overseas property owners who previously kept their homes for private use are now renting out their homes to holidaymakers.

“This is partly due to them taking advantage of an extra source of income during the credit crunch, but also because many of them are spending less time abroad as a result of rising flight prices and less low-cost routes.

“The property downturn is not peculiar to the UK, therefore overseas homeowners can’t easily sell these properties and are considering other options to ensure they are financially viable.”

The situation has also led to an increase in bookings taken from overseas, especially from those living in the country where the properties are located or from other countries which still have good transport links to the destination.

Andrew added: “Not only are more people now renting out overseas properties, we have also seen a sharp rise in bookings as rising flight prices mean people are economising on accommodation and choosing holiday homes and apartments in favour of hotels.”

Vicky Karantzavelou
Co-Founder & Chief Editor - TravelDailyNews Media Network

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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