Holiday home lets are big business

Nov 29 2013

Holiday home lets are big business

The practice of letting holiday homes in Spain is big business; it generates 1.45 billion Euros in direct income and 500 million Euros in indirect income to the Spanish economy.

Each year sees thousands of tourists from all over Europe descend on Spain for summer vacations, and renting holiday homes is becoming an increasingly popular way to accommodate oneself over the choice of hotels and other forms of accommodation.

• The holiday renting business in Spain is a source of income for at least 150,000 families it’s said, according to Magma Tri Hospitality Consulting – a tourism consulting firm based in Barcelona. The country is undoubtedly one of Europe’s top performers when it comes to the numbers and economical impact of holiday rentals, and according to a leading holiday rentals website, Spain takes up three of the top 10 “Holiday Rentals Hot Spots” in the world.

• Alpha Holiday Lettings has published the findings based on bookings received, trends and visitors on their website in the last 12 months and features Spanish destinations Costa del Sol, 3rd; Tenerife, 6th; and Mallorca in 10th. With these three destinations being among the country’s most established tourist destinations, it’s perhaps no coincidence to see all three high ranking.

• The holiday rental market in Spain is a growing sector. Recent statistics published by the Spanish Ministry of Industry, Energy and Tourism highlighted that the rate of growth for tourists opting to stay in rented holiday homes was more than double that of tourists opting to stay in hotels.

• It’s believed that expensive hotel prices in a tougher economic climate are leading to tourists looking for ways in which they can save money, without having to miss out on the opportunity of a holiday to do so.

• Non-hotel accommodation currently accounts for 40 per cent of the market in Spain, undergoing nearly a 10 per cent increase from January to the summer season compared to the same period on last year.

• Meanwhile, on the island of Mallorca, the quality of new builds and the infrastructure already in place is said to be making the island one of the top places for prospective overseas buyers.

• Moscow Sotheby’s International Realty have come out and put on record that Spain is undoubtedly in the top five places in the world, not just for Russian emigrants, but also as a holiday destination.

• With Russians increasingly being among the largest group of tourists choosing Spain for a vacation, it’s clear to see why the holiday home rental market is a one that is rapidly growing.

NeedMoreRentals.com: Information and marketing advice centre for owners and manager of holiday rental homes.

Article by David Johns