Traveling to Europe is great value now — global property prices are rising, but Europe’s only up by 1%

Text by Li Xinyi, compiled and reported by MOOK Scenic Spots Travel Life Network

Rising prices are a headache, and this is actually happening in other countries too. According to a survey by an online hotel booking provider, in the first half of 2012, the average hotel room rates paid by travelers across all regions globally increased, the first time in nearly 5 years. The global average hotel room rate rose 4% compared to the same period last year, reflecting a healthy economic recovery for the hotel industry.

According to the Hotel Price Index report from global online booking provider Hotels.com, hotel prices in all regions rose in the first six months of 2012. Prices in the Pacific region rose 6%, in North America 5%, and in Asia 4%, while the increases in Latin America, Europe, and the Middle East were slower, rising only 1%. David Roche, president of Hotels.com, said that the rise in hotel prices in the first half of 2012 was encouraging, showing that the industry is gradually recovering from a series of natural disasters and political crises that occurred in 2011. Although this is not good news for consumers, current hotel price levels are comparable to those in 2005, so travelers can still find good deals despite the significant overall price increases.

The Middle East and North Africa have emerged from the difficulties of the early 2011 Arab Spring, and market confidence in the region has recovered, leading to an increase in hotel room rates. A similar situation is seen in Asia. Japanese people have started to resume their travel habits after the massive earthquake, tsunami, and nuclear power plant crisis in March 2011. In addition, the significant increase in international travelers from China has also driven up hotel prices in Asia. Budget airlines entering the Asian market, such as Peach Aviation and Scoot, have also contributed to boosting tourism. Although hotel prices in Europe have generally risen, the situation varies. In some parts of the eurozone, consumer confidence has been shaken and purchasing power has declined, resulting in lower occupancy rates in major cities and popular tourist destinations, and a drop in hotel prices.

●Read more: Tour group prices drop after summer holidays, with discounts of up to 5,000 starting in the UK and Canada

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