Author: RAMON LEIRO
The number of summer rental homes has not returned to pre-pandemic levels
Price from vacation rental in Spain it grew by 11% in the first quarter of the year compared to the same period in 2022, according to data from the National Institute of Statistics (AND NOT), collected by Tinsa.
This evolution reflects greater tension in the market which is in line with the recovery of foreign tourism recorded in the last year.
Offer from households intended for tourist rental It is estimated at more than 305,100 units throughout the Spanish territory. 85% of them are located in the provinces with the coast, 80% if Barcelona is excluded, which gathers a large volume of urban tourism, not exclusively beach tourism.
The geographical concentration of tourist apartments for rent is high. About 45% is distributed between the archipelago (22%), Malaga (12%) and Alicante (11%).
According to Tina, the number of rental homes under contract as of 2020 and pre-pandemic levels have not yet returnedmainly due to a decrease in supply in Catalonia, the Community of Valencia and the Balearic Islands, which offset the increase recorded in the north coast, the Canary Islands and some provinces of Andalusia.
According to Tinsa’s Senior Advisor for Studies, Andrea de la Hoz, “tourist rentals allow for a higher return than traditional rentals, which is reflected in the purchase and sale prices, regardless of whether the listed vacation properties are intended for owning or for tourist rentals “.
On the other hand, the demand for vacation rental apartments is divided between 40% of the domestic public and 60% of foreigners. International demand is 80% of European origin.
The evolution of the number of travelers who resort to renting apartments reached a maximum in 2019.although with different dynamics between residents in Spain and residents abroad.
In addition, Spanish residents reached an all-time high in the summer of 2021, while it took another year for residents abroad to record the most pronounced increase in the summer of 2022, still not surpassing 2019 levels.
Source: La Vozde Galicia
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
