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The average price of a hotel room around the world fell by 17% in the first six months of 2009 according to the latest Hotel Price Index from Hotels.com.

HPI looked which looked at hotel prices for January to June 2009 compared to the same period the year before, revealed that hotel prices globally are on average lower than they were five years ago when the Hotel Price Index began, meaning consumers are now paying 2003 prices.

Moscow hotels registered the highest fall of 52%. Prices for hotels in Mumbai registered the second highest decline of 42% as the terrorist attack of November 2008 continued to deter tourists, while business travel to the city also dropped due to the economic downturn. Other cities that registered steep falls include Auckland (-40%); Warsaw (-38%) and Singapore (-35%). Hotel prices in New Delhi also declined sharply by 31%.

Hotels in the Asia Pacific region, which had been holding up better than those in the US or Europe, tumbled in the first half of 2009, dropping an average of 17% compared to the same period one year earlier.

Key destinations in Asia-Pacific region that experienced some drastic price downfall include Singapore (-35%), Beijing (-32%), Hong Kong (-22%), Kuala Lumpur (18%) and Bangkok (-16%).

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Johan Svanstrom, managing director, Hotels.com Asia Pacific, said: “The significant fall in hotel prices in India’s two largest cities, Mumbai and New Delhi, once again makes this region attractive to international visitors as long-haul inbound travellers will see lower hotel rates helping to offset the perceived relative expense of getting there.

There has certainly been a price drop also in local currencies, helping to stimulate local travellers to find great deals, both for leisure and for business purposes.”