NASSAU, BAHAMAS — The latest data from the Central Bank show that the total number of room nights sold for short-term vacation rentals declined by just over seven percent in February compared to the same period last year.
This comes as police have urged the immediate regulation of the vacation rental market after finding a growing number of tourists wandering in the Over-the-Hill crime hotspots. Chief Superintendent Chrislyn Skippings, the police force's chief spokesman, told the Bahamas Hotel and Tourism Associations (BHTA) quarterly meeting last week that officers were becoming increasingly alarmed over visitor safety, having found vacation rental guests walking around in Bain Town, The Grove, and other parts of the inner city. She urged preventive measures to be put in place before something happens that could tarnish the nation's reputation. In January, the United States and Canada issued travel advisories on The Bahamas due to a surge in violent crime.
According to the Central Bank's Monthly Economic and Financial Developments Report for February: "As it relates to the short-term vacation rental market, the latest data provided by AirDNA showed that in February, total room nights sold reduced by 7.2 percent to 138,015 from a year earlier." The regulator noted that the performance in the vacation rental market was contracted after this segment outperformed hotel resorts in the immediate period surrounding the pandemic. The report stated: "Correspondingly, the occupancy rates for both entire place and hotel comparable listings decreased to 54.5 percent and 54.1 percent, respectively, from 66.3 percent and 63.6 percent in the prior year. Price indicators showed that year-over-year, the average daily room rate (ADR) for entire place listings and the ADR for hotel comparable listings declined by 5 percent to $506.96 and by 3.2 percent to $190.68, respectively."
According to the regulator, official data provided by the Ministry of Tourism showed that total visitor arrivals rose to 0.9 million in February 2024, from 0.8 million in the comparative period of 2023. Specifically, the sea segment increased by 11.4 percent to 0.8 million visitors, while the high value-added air component grew by 4 percent to 0.16 million visitors. A breakdown by major port of entry revealed that total arrivals to New Providence advanced by 12.3 percent to 0.43 million visitors. Supporting this outcome, sea passengers rose by 16.2 percent to 0.31 million, while air traffic steadied at 0.12 million visitors. Further, foreign arrivals to the Family Islands expanded by 5.2 percent to 0.42 million, as sea and air passengers measured 0.39 million and 0.03 million, respectively. In addition, total arrivals to Grand Bahama edged up to 0.05 million, from 0.04 million in the prior year, as sea visitors totaled 48,677 and air travelers 5,405.
The data also revealed that total visitor arrivals rose to 0.9 million in February 2024, from 0.8 million in the comparative period of 2023. Specifically, the sea segment increased by 11.4 percent to 0.8 million visitors, while the high value-added air component grew by 4 percent to 0.16 million visitors. "On a year-to-date basis, total arrivals strengthened by 11.8 percent to 1.9 million. Underlying this outturn, air traffic grew by 5.1 percent to 0.30 million passengers, reflecting gains in all major source markets and sea arrivals firmed by 13 percent to 1.5 million visitors," the regulator noted.
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