Holidaymakers eyeing a trip to Asia this year now have an additional reason to start booking: Cheap hotel deals.
Travel accommodation costs are seen declining in 2015, TripAdvisor's latest hotel pricing report noted, with bargain hunters most likely to find cheap deals in India and China where hotel room rates average $57 and $76 a night, down 0.7 and 4.9 percent each. In other tourism hotspots like South Korea, travelers can book rooms for 7 percent cheaper compared to a year ago.
While hotel stays in Japan and Singapore remain more costly than Europe and the U.S., these cities will see steep price falls of nearly 11 and 9 percent, respectively, to $157 and $140 per night. The prices compare to the 2015 average of $121 in Europe and $127 in the U.S.
Price-stinging factors
Hotel room rates in Asia have seen considerable price drops over recent years. According to the latest "Hotel Price Index in 2014" released by Hotels.com, Asia is the only region where room rates fell for two consecutive years, largely due to currency fluctuations.
Amid shifts in monetary policy across the world, the yen lost 13.6 percent against the U.S. dollar in 2014, while the Indian rupee, Chinese and South Korean shed between 2 to 4 percent.
Local issues also added to the downward pressure on hotel prices: "Tourism in Thailand was down nearly 7 percent in 2014 as the political turmoil in the first half discouraged foreign visitors. The unfortunate tragedies of Malaysia Airlines flight MH370 and MH17 also impacted inbound tourism to Malaysia," Abhiram Chowdhry, vice president APAC at Hotels.com, wrote in an email to CNBC.
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Oversupply in Asia's hospitality markets also renders the region a good value destination, in particular Shanghai, which has the largest number of rooms under construction, according to Hotels.com.
"The hotel supply is increasing in various Asian destinations, with 2,398 hotels totaling 543,378 rooms under construction – a 6.9 percent on-year increase compared with February 2014," Chowdhry said, citing figures from the STR Global Construction Pipeline Report.
Competition from Europe
While Asia's hotel savings are here to stay, hoteliers may face competition from their European counterparts, whose tourism appeal has been given a leg-up thanks to the dramatic decline of the euro. The common currency weakened 4.7 percent against the greenback year-to-date on the back of the European Central Bank's massive easing program. Expectations that the Federal Reserve will raise rates by mid-year also fanned the depreciation.
Even among countries outside the euro zone, nightly booking prices have fallen as the U.S. dollar gained buying power against currencies like the Russian ruble and the Ukrainian Hryvnia. Russia is likely to see the steepest decline in Europe, down nearly 50 percent from 2014, while travelers visiting Ukraine will save almost 38 percent on hotel rooms this year, according to data from TripAdvisor.
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However, Asia remains in a "favorable position" to attract travelers, experts say.
"Hoteliers can expect reasonable occupancy levels in 2015 as weak currencies in a number of Asian countries will continue to attract travelers seeking value," Hotels.com said.
Other factors such as a rapidly-expanding low-cost carrier industry and the persisting decline in crude oil prices also work in the favor of Asia's tourism market. The latter reduces traveling costs and stimulates economic growth by raising purchasing power, analysts noted.
According to predictions by the United Nations World Tourism Organization (UNWTO), Asia-Pacific will likely be one of the most-visited regions in 2015. The region can expect 4-5 percent increase in international tourist arrivals, on par with the Americas, while Europe is estimated to see growth of 3-4 percent this year, the UNWTO said in a press release.