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Liverpool City Region Tourism Worth £6.25bn a Year

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    Liverpool Visitor Economy Grows by 21% Annually

    A new study conducted by the Liverpool City Region Local Visitor Enterprise Partnership (LVEP) reveals that the Liverpool City Region was worth £6.25bn in 2023 – 21% higher than in 2022.

    These latest figures depict a strong recovery compared to the heights of the pandemic, during which the tourism sector was effectively shut down. In 2020, just 26.14 million people visited the city, with 2021 seeing a slight improvement of 42.15 million.

    Let’s see how this affects the North West buy-to-let property market in 2024.

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      City Centre Occupancy Rates See Uptick in 2024

      The report shows a continued recovery in visitor numbers in Liverpool since the COVID-19 pandemic. Visitor numbers in 2023, when the city hosted Eurovision, were up by 4.4 million to 60.29 million.

      According to the report, the number of staying visitors climbed to 6.016 million, compared to 5.833 million in 2022. The number of daytime visitors has risen exponentially, now standing at 54.28m and representing an increase of more than 4m visitors from 2022.

      Other figures show that hotel occupancy rates from 2022 increased from 2.2% to 76.5% in 2023, almost level with the 2019 figure of 78.4%. This has led to a boom within the city centre’s hotel sector, with the number of hotel beds fast approaching 10,000 and encouraging occupancy figures for the first half of 2024.

      Liverpool City Region Metro Mayor Steve Rotheram said: “This is a fantastic milestone for Liverpool city region and a testament to our area’s incredible resilience and creativity. To see the visitor economy now generating over £6bn is proof that our efforts to showcase the best of what we have to offer – from our stunning cultural landmarks to world-class events – are paying off in spades.

      “2023 was a year like no other, with the vibrant colour and glitter of the Eurovision Song Contest, which put us on a global stage, and events such as The Open and the Grand National drawing visitors from far and wide. Our region’s appeal is stronger than ever, and these figures show that people are voting with their feet.”

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      How Does Tourism Impact the Liverpool Property Market?

      So, what does this have to do with Liverpool property?

      Most directly, this is welcome news for those in the short-letting sector or are interested in serviced accommodation investments as demand and prices increase in tandem with the popularity of the area. The Liverpool city region has also seen the number of visitors staying in non-serviced accommodation rising by 4.4%. Liverpool has been revealed as the third highest city by VisitBritain when it comes to the number of nights reserved in short-term rental properties.

      However, a thriving tourism sector can have a wide-reaching, more indirect impact on a city, including the property market as a whole.

      A robust visitor economy will provide an overall economic boost to the city. This often encourages investment, leading to improved infrastructure and transport and more job opportunities for the local community. This, in turn, leads to more potential demand for rental properties and healthy property price growth.

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      Author

      Reece Pape

      Reece Pape is a property writer at RWinvest. Utilising up-to-date property statistics and data, Reece aims to keep investors informed on the latest market developments.

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        Business & Economy, Liverpool Investment, UK