New Year’s Eve city breaks are more popular than ever amongst European revelers as they look for the best getaway to start the New Year with a bang.
Europe is a hub for short-term rental properties and each year, like clockwork, prices begin to climb throughout December and peak on New Year’s Eve.
Transparent crunched the numbers and analyzed which short-term rental destinations are charging the most for New Year’s Eve. The data compared the median rate of 1, 2 and 3 bedroom accommodation across European cities on December 31st, 2017 with the year’s ADR.
Widely regarded as the best place to celebrate New Year’s Eve, Edinburgh’s Hogamanay has topped the charts with its three-day festival, which includes an assortment of fireworks, street parties, a torchlight procession and other Scottish traditions. Prices climbed to a whopping $417, increasing by 141%. Edinburgh has become the go-to destination to ring in the New Year, beating off competition from its top rivals; Amsterdam, Paris, London, Barcelona, Prague and Rome.
Amsterdam, as usual, promised a frivolity-packed evening as crowds spilled out on to the streets to see in the New Year with a bang. Amsterdammers have earned a reputation for knowing how to party and had the second highest rates in Europe as prices increased by 50% to $341.
‘La Ville des Lumières’ is even more spectacular on New Year’s Eve and Paris takes a more sophisticated and romantic approach with a plethora of dinners, galas and cruises along the Seine. This research shows that rooms increased by 95% in comparison with the average one-night stay throughout the year, costing $306.
London ranked at number 4 with a nightly rate of $269, increasing by 40%. The fireworks display that illuminates London’s stand-out skyline is always a crowdpuller, not to mention the flamboyant and colourful New Year’s Day Parade where thousands of dancers, acrobats, musicians and performers march through the streets.
Spain’s two largest cities feature in our analysis as ‘Nochevieja’ attracts thousands of revelers. Tourists ‘do as the locals do’ with the unique tradition of stuffing themselves with 12 grapes, one for each stroke of midnight. This tradition, which promises anyone who succeeds a prosperous year of good fortune, put Barcelona in 5th place as rates increased to $236. However, Barcelona, with its higher prices throughout the year, had a lower price surge, only increasing by 35%. On the other hand, Madrid’s strategy was to increase their prices by 68%, but accommodation prices were still lower at $192.
Prague’s fairytale charm is transformed into a snowglobe at this time of year. The myriad of entertainment options allows everyone to soak up the atmosphere in the amazing, albeit slightly chilly, city with prices climbing by 187%. This spike was more than any other city and the median rate went from $78 to $224.
Rome’s median New Year’s Eve rate increased to $214, with rates increasing by 78%. It comes as no surprise that the Italian capital features as Rome, once again, boasted a spectacular display of fireworks over the Colosseum.
Lisbon and Budapest are also popular cities at this time of year, however, their rates were significantly lower at $140 and $115.
ADR means average daily rate. In the context of this analysis, ADR includes all fees (service fees, cleaning fees, etc.). We compared the median ADR of 2017 with the median rate of December 31st, 2017 to find the biggest price increase and the highest rates.
The rates were compared in US Dollars ($).
So, what’s the best New Year’s Eve strategy for your vacation rental?
During this time of year, it is particularly important that Property Managers manage their pricing efficiently and effectively. Transparent is the global leader in providing data intelligence to empower and enhance Property Manager’s knowledge of the vacation rental industry.