The average sale price of pubs, restaurants and hotels in the region has seen double digit percentage growth year-on-year, with the number of hospitality businesses on the market rising by 133 per cent.
It follows a surge of investment designed to boost tourism in the region over the last two years.
A £14m water park and £45m sports village and football stadium are set to open in Scarborough, while plans have been lodged for an £8m Premier Inn in Bridlington – the first new hotel in the town for almost 80 years.
Oliver Brown, business agent at Christie and Co’s Leeds office, said the ‘flurry of activity’ was encouraging long-term growth.
“The continued investment in Yorkshire’s coastal towns, and increasing strength of the region’s tourist industry, makes the region a highly desirable place to own a business,” said Brown.
He added that the area was increasingly popular with new hospitality entrepreneurs looking for a change of scene.
“We have been approached by an increasing number of people over the past year who have never owned a business before but are looking for a lifestyle change,” he said.
“The Yorkshire coast appears to tick all the boxes as a location and its vast range of hospitality businesses on offer make it a huge attraction for individuals, couples and families wishing to relocate and run their own operation.”