Let us face it. Traveling costs money. As much as you want to have your own version of “Around the World in Eighty Days,” travelling abroad takes more than a hunger for adventure.
If you plan to visit major cities in Europe, be prepared to spend a lot more compared to traveling to islands of Southeast Asia. The cost of accommodation will account for a large portion of your budget. Several organizations, companies, and experts have published reports on house prices and rental rates across the globe. This information aims to give investors an idea for real estate investment climate in various parts of the world, as well as to guide millennial travelers with their tours abroad.
According to The Economist, house prices are on the rise in 21 out of 26 markets around the world. The business and finance magazine ranked countries based on the ratio of house prices to rents as a measure of investment viability. Properties in several European destinations are deemed undervalued, making it affordable for both investors and renters.
Millennials are one of the reasons why landowners rent out their space. This new generation of globetrotters spends, explores and shares as much information as they can. They are free advertising agents. Millennials are redefining short-term renting anywhere in the world.
To guide you on your trips this year, here are some of the unique short-term rentals around the world that are perfect for vacation or business purposes.
1. Greece
Now is the perfect time to book a trip to Greece. The Economist reported that house prices and rents in the European country are undervalued by 6% and 18%, respectively. A bijou apartment for rent on the island of Ithaca is available for £50 to £72 per night. A traditional house in Kalymnos ideal for groups of travelers may be rented for £50 to £65 per night.
2. Japan
Japan is presently a favorite travel destination in Asia. The country is aggressively boosting its tourism sector as it preps for the Tokyo Summer Olympics in 2020. While house prices in Japan are overvalued by 2.2%, rents are undervalued by 27%. A night in a Hiroshima hostel costs $22 while a 3-star hotel in Yokohama is available for $36 per night.
3. Italy
Visit romantic Italian cities this year! House prices in this European state are overvalued by 3% but rents are undervalued by 6%. A bed-and-breakfast accommodation in the Italian maritime destination Amalfi is available for $53 per night. You may also plan a pilgrimage in Siena and stay in a 1-star hotel for $38 per night.
4. Germany
The Economist also listed Germany among the countries with undervalued rental rates (-9%). If you are looking for a place to rent in the capital Berlin, you may check out apartments in Mitte, Schöneberg and Prenzlauer Berg. Rents in these districts range from $58 to $65 per night.
5. The Netherlands
Indulge in scenic destinations, cozy cafés and libraries and vibrant districts across the Netherlands. According to The Economist, house prices and rents in the country are among the lowest in the developed world. You may stay in a 2-star hotel in Amsterdam for as low as $75 per night or in a quaint hostel in Rotterdam for $21 per night.
6. South Korea
South Korea was ranked among the countries with affordable accommodations. Motels are abundant in this Asian destination, as well as budget guest houses and apartments. An overnight stay in a motel in upscale Gangnam district costs $58. Many millennial travelers prefer guest houses scattered all over Seoul. An accommodation in Namsan is available for $21 per night.
7. Ireland
The Organisation for Economic Cooperation and Development (OECD) recently released a ranking for member-countries with the cheapest and most expensive property markets. Japan remains the most affordable market for both buyers and renters. New Zealand, Australia, and Canada are among the most overvalued. Travelers may consider these OECD countries where accommodations are of “good value”: Ireland and Portugal.
Based on the OECD research, rents in Ireland are 4% below the long-term average. Enjoy an overnight stay in a hotel at the center of Limerick for $30. You may also lounge in a bed-and-breakfast accommodation in Killarney for $32 per night. If you plan to stay longer, these accommodations may also be leased on a weekly basis.
8. Portugal
Portugal is a dream destination for many millennials. Fortunately, rental rates in this European gem are 17% undervalued. A historic house in Tavira overlooking the Gilão River is available for $53 per night. Backpackers may try out 3-star hotels in Guarda’s old town for as low as $30 per night.
9. The United States
According to OECD, rents in the US are 3% below the long-term average. Accommodations for rent, as well as houses for sale, are at a bargain as the country recovers from recession.
10. Switzerland
Rental rates in Switzerland are also undervalued by 3%, making it a viable destination for travelers and expats on short-term foreign assignments. Furnished apartments for short term rental are available for $70 to $120 per night.
11. Brazil
As millennials change the way we travel, investors are also reinventing travel accommodations. The rising backpacking culture boosts the demand for budget hostels, guest houses and hotels in nearly all parts of the world. The National Geographic Traveler listed the best destinations for 2016 from Asia to Latin America.
The National Geographic strongly recommends a trip to the pristine beaches of Brazil. The northeastern state of Rio Grande do Norte is a surfing and cultural hotspot. Stay in a hotel in the state capital Natal for $60 per night, or in a hostel for less than $10.
12. Bermuda
Bermuda needs no introduction. Do not be intimidated by the posh reputation of this British territory. Travel Magazine and Lonely Planet share some affordable accommodations in the island, including an apartment unit at Mount Pleasant ($110 per night) and a vacation house at St. George ($150 per night). Lonely Planet not only features the best places in the world but also provides short-term renting advice and tips.
13. East Bhutan
Explore Eastern Bhutan and be mesmerized by the hidden treasures of the Himalayan Buddhist kingdom. An overnight stay in a local-style hotel in Mongar costs $60. Family-run accommodations are available for less than $30 per evening.
14. Scotland
“If Edinburgh is the blue-blooded aunt at Scotland’s tea party, then Glasgow, just 45 miles to the west, is the T-shirt-clad cousin kicking over the kettle on the way out,” wrote National Geographic’s Kimberley Lovato. You may stay in an elegant apartment near the Botanical Gardens for $31 per night or in a cozy 3-star hotel for $34.
15. Greenland
“If Edinburgh is the blue-blooded aunt at Scotland’s tea party, then Glasgow, just 45 miles to the west, is the T-shirt-clad cousin kicking over the kettle on the way out,” wrote National Geographic’s Kimberley Lovato. You may stay in an elegant apartment near the Botanical Gardens for $31 per night or in a cozy 3-star hotel for $34.
16. Hawaii
Hawaii is renowned for its majestic beaches and landforms. The National Geographic recommends a visit to the Volcanoes National Park where solidified lava create a beautiful landscape. For an unforgettable stay, get a room at the Volcano House situated at the rim of Kilauea Caldera for less than $300 per night. There are also serviced apartments and budget hotels for $99 and below.
17. Botswana
Make your Safari dream a reality. Botswana is a must-see destination this year! Enjoy mokoro and boat safaris and various gastronomic delights. Guest accommodations are offered for $50 to $70 per night while serviced apartments are available for $65 for an overnight stay.
18. The Phillippines
The Philippines is one of the “coolest passport stamps” in 2016. The National Geographic Traveler recommends traveling to the archipelago during the dry season (November to February). You have a wide range of options in terms of short-term accommodations: hotels, serviced apartments and condos for rent. Condos are as convenient and luxurious as hotels and nearly as affordable as apartments. An overnight stay costs around $50.
19. Poland
Take a dramatic selfie by the Masurian Lake in Poland. The National Geographic Traveler recommends this travel spot for various water sports and festivals. The picturesque views are also worth noting. An overnight stay in the Masurian Lake district will only cost you between $20 to $30 — a true bargain!
20. Seychelles
Seychelles, an archipelago in the Indian Ocean, is a popular destination of the rich and famous. Bird watching, surfing and sailing are some of the main activities in this glorious beauty. If you are on a budget, do not fret. There are affordable accommodations such as a self-catering vacation home available for $67 per night.