Correspondence: Richard Barnett, International Leisure Management 21 Prince Consort Drive Chislehurst Kent BR7 5SB, UK. Tel: +44 (0) 208 295 0706; E-mail: rb@ilm-uk.com; Web: www.ilm-uk.com

¹runs his own independent consultancy practice, International Leisure Management, providing development consultancy advice on projects in the hotel, leisure and hospitality field. Most of his work is in concept planning, market analysis and pre-construction development and finance of mixed use resorts in Europe. He has worked in over 40 countries across the world and is able to bring a detailed operator/consultant view to new project opportunities.

Received 20 March 2007; Revised 20 March 2007.

Abstract

The second and holiday home market has grown dramatically in the last ten years, with northern Europeans showing a strong appetite for homes in the sun, as part of an integrated resort community, or within new and exiting city locations. Prices have risen and buyers must look further a field for a bargain, few can expect to pay the same price for a second home as for their primary residence. The booming house market in the UK has provided the necessary equity to help acquire such homes, and as this market grows, so do the choices that buyers have, both in where their second home is located and what sort of property they choose to own.

The buying motives are primarily lifestyle changes, holiday opportunity and investment. Retirement to a second home is also high on the agenda, as are security and stability. Second/holiday home destinations must be able to satisfy consumers on many levels; weather, ambiance, infrastructure, views, sport, history and nature are all essential elements within the buying decision. The market is driven by value rather than price, thus creating opportunities for emerging destinations to compete with the more mature resort locations. The CEE countries are well placed to compete successfully within this market; providing access to new and exciting destinations with great beaches, lakes, mountains and history, matched with a product which is competitive in price yet of comparable quality to that seen in western Europe. The challenge for developers is to buy into an emerging market at the right time, to be in a position to acquire the appropriate land parcel, and to obtain planning consent within a dynamic market environment.