Vacation Rentals - Lebanon

Lebanon

Highlights

Lebanon's Vacation Rentals market is anticipated to generate a revenue of US$57.43m in 2024.
It is projected to exhibit a Compound Annual Growth Rate (CAGR) of 3.91% from 2024 to 2029, resulting in a market volume of US$69.56m by 2029.
The number of users in this market is expected to reach 779.80k users by 2029.
The user penetration for 2024 is 15.5% which is anticipated to increase to 16.4% by 2029.
The Average Revenue Per User (ARPU) is likely to be US$71.11.
By 2029, 80% of the total revenue in the Vacation Rentals market is expected to be generated through online sales.
It is noteworthy that United States is projected to generate the maximum revenue of US$20bn in 2024, in global comparison.
Despite the challenges posed by the current economic and political situation in Lebanon, the Vacation Rentals market remains resilient and continues to attract tourists seeking unique and authentic experiences.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vacation Rentals market in Lebanon has been experiencing significant growth in recent years, driven by various factors influencing consumer behavior and market dynamics.

Customer preferences: Tourists visiting Lebanon are increasingly seeking unique and authentic travel experiences, leading to a growing demand for vacation rentals over traditional hotel accommodations. Customers prefer the flexibility, privacy, and local charm offered by vacation rentals, allowing them to immerse themselves in the culture and lifestyle of the destination.

Trends in the market: One prominent trend in the Lebanese vacation rentals market is the rise of online platforms and booking websites, making it easier for property owners to list their rentals and for travelers to discover and book accommodations. Additionally, the increasing popularity of short-term rentals among both domestic and international tourists has led to a diversification of rental options, ranging from cozy apartments in urban areas to luxurious villas in scenic locations.

Local special circumstances: Lebanon's unique geographical features and rich cultural heritage make it a desirable destination for travelers seeking a blend of history, nature, and culinary experiences. The country's vibrant cities, picturesque coastal towns, and stunning mountain landscapes offer a wide range of vacation rental opportunities catering to different preferences and budgets. Moreover, Lebanon's warm hospitality and reputation for gastronomic excellence contribute to its appeal as a vacation rental market.

Underlying macroeconomic factors: The growth of the vacation rentals market in Lebanon is also influenced by macroeconomic factors such as currency exchange rates, political stability, and government regulations. Fluctuations in the Lebanese economy and currency value can impact travel costs and consumer spending behavior, affecting the demand for vacation rentals. Additionally, political stability and security concerns play a crucial role in attracting tourists and investors to the country, ultimately shaping the development of the vacation rentals market.

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.