The number of new tourist flats registered in Spain has grown by more than 46,000 in one year, in the largest explosion in the sector. The high season that is coming to an end is already underpinning the path to 100 million visitors and there is practically no business linked to this activity that has not enjoyed a virtuous circle of greater demand and price increases: from airports to airlines, from hospitality to leisure and from hotels to its new major competitor. which are tourist flats.
In total, according to official data from the National Institute of Statistics (INE), Spain had a total of 351,389 tourist flats until last February - there were 305,136 12 months ago - offering 1.7 million beds, a figure that far exceeds the offer of 1.5 million beds in three-month hotels. four and five stars. The thriving and controversial phenomenon in terms of accommodation and urban planning has led to the incorporation of 46,253 new homes for tourists into the official INE register between February 2023 and February 2024, bringing the total stock to grow by 15% more. The number of homes incorporated already exceeds, for example, the 41,000 rented by CaixaBank and the investment fund BlackStone, the two largest landlords in Spain.
In reality, the difference will probably be greater. The INE has been making two annual measurements of tourist flats since 2020 and in all those carried out in February, the number is lower than that recorded in August. In any case, and despite the limitations that regional governments such as the Balearic Islands, the Valencian Community, the Canary Islands and Andalusia or capitals such as Malaga and Barcelona have tried to put on the expansion of tourist flats, 2024 will be the year in which the supply has increased the most since the agency has made this statistic.
With a general overview, the tensions caused by the growth of tourist housing in many Spanish municipalities and which the tourism sector itself calls "externalities" of Spain's great success as a destination for more than 90 million visitors are almost invisible. The 350,000 homes that are officially dedicated to business barely account for 1.3% of the national stock. The problem arises when you zoom in on the map and see that its distribution is concentrated in the capitals and locals Barcelona, Seville, Malaga or Madrid. With the exception of the first, where the INE registers a drop compared to the 2021 data, in the other three the growth of the stock is in double digits. As for the municipalities where tourist homes have the greatest weight compared to the rest of the residential offer, the Balearic Islands stand out. The Mallorcan Pollensa is at the forefront with more than 14,000 beds and almost one in five homes destined for these are the ones currently offered by hotels between three and five stars, according to the INE.
It is the accommodation capacity of tourist flats registered by the INE.
58.3% of overnight stays in apartments were made by non-resident travellers. The United Kingdom was the main source market, with 32.0% of the total.
The price of a beachfront apartment has been 10% more expensive this year, according to a study by Tecnitasa. to tourist rentals. Saturation is even higher in Canary Islands towns such as La Oliva or Yaiza and other Andalusian towns such as Conil de la Frontera are nearby.
Over the last few months, the administrations most affected by the proliferation of tourist flats have announced measures to put an end to and placate the unrest that has spread among citizens, who if they cannot match the incomes offered by tourists in exchange can vote. The problem that the municipalities have encountered is that transferring these advertisements to the regulations is complicated and they are likely to face a confrontation with the owners of the flats.