According to STR Global, the European hotel business had favorable year-over-year results in November 2011 when measured in US dollars, euros, and British pounds. "European hotel performance remained stable in November, with minor improvements in occupancy and average room pricing," said Elizabeth Randall, managing director of STR Global. "Despite the deterioration of the overall economy, demand remains strong, increasing by 4.4 percent last month. With the year coming to a conclusion, European hoteliers reported a 6.0 percent RevPAR rise in euros for the first 11 months of the year, driven roughly equally by occupancy and ADR increases. Following the greater growth levels seen in the second half of 2010, the second half of 2011 experienced a weakening and weaker year-on-year growth ".. jobs
The following are some of the highlights from important market performers in November 2011 (all currencies in euros, year-over-year comparisons):
Performance of significant markets in November (all monetary units in euros): Aberdeen, United Kingdom (+8.1% to 81.1%), and Budapest, Hungary (+8.0% to 53.9%), saw the highest occupancy gains for the month.
The highest decline in occupancy occurred in Athens, Greece, which decreased 13.8 percent to 45.0 percent.
The greatest ADR gain was in Paris, France, which increased 12.2 percent to EUR227.32, followed by Florence, Italy, which increased 9.2 percent to EUR116.27.
ADR decreased by double digits in two markets: Cardiff, United Kingdom (-19.5 percent to EUR64.00), and Glasgow, United Kingdom (-19.5 percent to EUR64.00) (-14.3 percent to EUR71.44).
The only double-digit RevPAR improvements for the month came from Paris (+16.4% to EUR179.48) and Budapest (+14.2% to EUR33.61).
Cardiff's RevPAR dropped 20.7 percent to EUR44.73, the month's greatest drop in that statistic.
Property prices around the world are rising.
According to the Knight Frank Global House Index released today, global property prices climbed by 6.6 percent in the year to March, the greatest rate since the second quarter of 2010.
Hong Kong topped the list again, with an increase in 63 percent of the housing markets tracked by the business.
Despite government efforts to moderate housing prices, Hong Kong saw a 28 percent surge from the previous year. Mainland China's prices rose 23.8 percent in the previous year and 10.7 percent in the first quarter of 2013, the greatest of any country.
Except for Europe, all worldwide areas saw rises in the year to March, with the Middle East performing the best. With a fall of 11.8 percent, Greece led the way, followed by Hungary and the Netherlands.
"Europe's problems don't stop there; aside from Japan and South Korea, all of the countries that saw negative growth in the 12 months to March were located in Europe," according to the business.
Ireland, on the other hand, continues to show signs of improvement. Despite the fact that prices fell 3% this year, they were still lower than the double-digit drops seen in recent quarters.
According to Knight Frank, the United States experienced a 10.2 percent annual price increase, the greatest percentage of yearly growth since 2006. The conclusion is consistent with CoreLogic's earlier findings.
South Africa is likewise doing well, with annual price increases of 11.3 percent.
According to the firm, "South Africa's momentum is related to an increasingly prosperous middle class that is tapping into the rising confidence of the larger African continent, eager to go on the property ladder."
In contrast to the trend immediately following the financial crisis, the Dutch market saw a price drop of 8.3% last year, owing primarily to increased household debt and unemployment, according to the business.