(MENAFN) Every year, as the World Economic Forum (WEF) descends upon Davos, Switzerland, the local rental market witnesses an astronomical surge, turning the quaint Alpine town into a hub of extravagant accommodations. For the global elite attending the prestigious event, securing a place to stay becomes a spectacle of exorbitant prices and unparalleled luxury. While for many, this may seem outrageous, for Davos locals, it is nothing but a golden opportunity to cash in on the presence of influential figures.
Davos, with around 50 fully booked hotels and a limited number of vacation homes providing approximately 25,000 beds, faces a capacity challenge during the WEF. This scarcity, however, becomes a lucrative scenario for local landlords seeking to maximize their income. Even participants opting for nearby towns contribute to the region's economic boom, with some shop owners renting out their establishments for staggering prices, reaching as high as USD200,000 or USD300,000 per week.
Accommodations are typically fully booked months in advance, with even the most affordable options on platforms like Airbnb commanding a hefty price tag of USD1,614 per night for a room with a shared bathroom in a residential apartment. Entire places for the WEF week can cost a minimum of USD2,386 per night, and individual property owners are capitalizing on the opportunity. Rentals exceeding USD18,387 per week are not uncommon, with some listings pushing the limits further. One audacious private landlord is offering a 4.5-room apartment for an astounding USD86,197 during the WEF week, equivalent to USD14,366 per day. Shamelessly leveraging the economic summit as a selling point, this provider markets the property under the name "WEF 2024 Davos," showcasing the premium prices attached to the presence of the global elite.
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