Andalucia, an autonomous community with Sevilla as its capital, has been voted as Europe’s go-to destination for holiday rentals. It is not a surprise, as this community consistently welcomes tourists, expats and homebuyers every single year. Additionally, the community is filled with beautiful coastal towns and vibrant cities like Malaga, Sevilla, Granada, Cordoba, etc. Along with the warm weather and sun-kissed, relaxing beaches, these cities and towns keep on drawing millions of visitors a year.
Recently, data from the Vitur-Summit forum highlights Andalucia as the dominant community in the market for holiday rentals. As Spain already had a global position in this field, these new results add to the allure of the country. During the first half of 2022, Andalucía had a record of having welcomed over seven million overnight stays in their holiday homes. This previous data demonstrates the strong attraction that Andalucia holds for travelers seeking to experience its authenticity.
The impact on local wealth from holiday rentals
Apparently, only 1.5% of Andalucia’s housing stock is set aside for tourist rentals. This data means that this sector truly has an opportunity for growth due to the high demand. Which is why, on May 7 and 8, during the Vitur-Summit in Malaga, industry leaders will discuss the future of this sector. Furthermore, the 1.5% equals approximately 70,000 properties distributed over charming towns, vibrant cities and mesmerising coastlines. Moreover, the Andalusian Tourist Housing Association, the organisers of the upcoming summit, emphasises the relationship between sector expansion and the surge in tourist demands. They’re super enthusiastic about what the future holds for this sector, as it will greatly contribute to the community’s wealth. They indicates that the holiday rental market will possibly bring in around 300 billion euros by 2031. If this forecast becomes true, that would result in an annual growth rate of 12.4%, which is highly impressive.
Andalucia contributed over 4.2 billion euros into the local economy in 2022. This money comes mainly from domestic tourists seeking memorable getaways. As you can see, Spanish people themselves are huge fan of vacationing in Andalucia. Overall, the economic impact of holiday rentals are over 20 billion euros and 20% of that total comes from Andalucía. This sum shows the role this beautiful community has on the tourism landscape of Spain.