Key regions: India, Vietnam, Saudi Arabia, Singapore, Germany
The Vacation Rentals market in Cyprus has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Cyprus are increasingly seeking unique and personalized accommodation options, leading to a rise in demand for vacation rentals over traditional hotels. Customers are looking for a more authentic experience, often preferring to stay in local neighborhoods rather than tourist hotspots.
Trends in the market: One notable trend in the Cyprus vacation rentals market is the increasing popularity of eco-friendly and sustainable properties. Travelers are becoming more conscious of their environmental impact and are actively seeking accommodation options that align with their values. This trend has led to the emergence of eco-friendly vacation rentals across the country, offering a unique and environmentally responsible stay experience.
Local special circumstances: Cyprus's unique geographical features, including its stunning coastline, beautiful beaches, and rich cultural heritage, make it a highly attractive destination for travelers seeking a memorable vacation experience. The country's warm climate and diverse landscape appeal to a wide range of tourists, further driving the demand for vacation rentals.
Underlying macroeconomic factors: The growth of the vacation rentals market in Cyprus can also be attributed to favorable macroeconomic factors, such as increasing disposable incomes and a growing tourism industry. As the country continues to attract a growing number of international visitors, the demand for alternative accommodation options like vacation rentals is expected to remain strong. Additionally, the flexibility and cost-effectiveness of vacation rentals compared to traditional hotels make them an appealing choice for budget-conscious travelers.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of vacation rentals.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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