Cashing in on Eurovision as clock ticks down to 67th contest
With less than six weeks before the Eurovision Song Contest final in Liverpool, demand for accommodation and access is increasing.
Analysis of more than 4,200 listings by BonusCodeBets shows that hotel and Airbnb prices have spiked for the 67th Eurovision, with the average price of a hotel in Liverpool on the night between May 13-14 – the competition final at the M&S Bank Arena – at £2,276.
The average price of an Airbnb in Liverpool for the same period is £579.
In comparison to the average weekend prices, this is an increase in price of 383.4% for hotel listings and 358.6% increase for Airbnb.
One of the cheapest options is a night in a campervan in Merseyside for £67, 2.3 miles from the Liverpool Arena, and the most expensive is a 120 sq m private house in Anfield for £19,832, 3.3 miles from the Liverpool Arena.
A spokesperson for BonusCodeBets said: “We always see a spike in accommodation prices around major events, but the Eurovision prices are unprecedented, which is only a testament to the contest’s popularity and loyal fan base all over the world.”
And the BBC is cashing in on demand. As the competition’s broadcaster it has taken complete control of the Liverpool ACC estate and is charging £45,000 per private box in the arena on the night of the May 13 final, hosted in Liverpool on behalf of last year’s winner, Ukraine.
Now, Hampshire-based national law firm, Dutton Gregory, is opening a Liverpool office on the run-up to the competition offering advice for investors to exploit the property opportunities linked to Eurovision.
The firm said investing in buy to let property could recoup close to a tenth of a property’s value in the first week, linked to Eurovision accommodation demand.
The firm’s property conveyancing team has been advising vying landlords.
While studio and one-bedroom apartments in Liverpool city centre are on the market from £35,000, the same type of accommodation is listed on Airbnb for more than £2,300 for the week of Eurovision.
Paul Sams, partner, and head of property for Dutton Gregory Solicitors, said: “There has been a lot of headlines about the prices being quoted for hotel stays and Airbnb accommodation in central Liverpool for Eurovision week.
“It’s not surprising that some landlords are seeing if there is still time to make a quick purchase. We are aware of a good number of suitable investment properties available with no upward chain.”
He added: “After the elation of being the host city for the Eurovision song contest has died down, Liverpool will still be an incredibly attractive proposition for buy to let investments. As a major European tourist attraction – and previous European Capital of Culture – it is incredible to see a wide choice of quality EPC-C rated city centre apartments available on Rightmove for well under £100,000.
“Well-located apartments in Liverpool cost a fraction of the equivalent stock in Manchester or Birmingham. Even with service charge costs taken into account, rental yields of up to 10% are very common in the City of Music.”