Spain has positioned as a leader in holiday rental for the foreign tourist who realize short time trips outside their countries. For countries like Portugal, France, Italy, Germany and UK, Spain is the leader destination in holiday rentals.
According to the latest survey published by the Instituto Nacional de Estadística (INE), the tourists who stayed in hotels during last July were responsible for the 62.4% of total expenditure, while spent 9.2% less foreigners who stayed in holiday rental homes. In the case of UK, Spain brings one of every three booking requests overseas, putting it as the top destination ahead of others such as France or Italy. These latter, Italians, have increased their demand in the Balearic Islands by 85%. The request of British citizens to holiday rental villas and apartments in Spain has increased by 75% respect 2015; being Mallorca the destination that has strongly grow in this type of offer.
These data, confirms that the known as “urban bubble” has come to Mallorca in hands of the holiday rental homes. It’s therefore very necessary to apply a legal regulation to the right use of the holiday rental because actually, the Balearic Administration has an outdated autonomic normative that establish that are exclude from the holiday rental flats, terraced houses and apartments in multi-family buildings and that have forbidden to advertise them in any type of with the words touristic or similars.
In the same way, its expected that the investment in hotels reaches to 1.300 million euros in the last months of 2016, according to the forecast that shuffles the Hotelier Report of Spain, where it is expected to occur among 2016 and 2017 a total of 64 opening of hotels, mainly four- and three-star. Of all these opnenings, 18 will be in Barcelona and 15 in Balearics, because the profitability of the hotels in Spain is very attractive to investors. For 2017, the forecast is yhat will be international funds and private investors specialized in hotels whose will invest in the hotel market. It is expected that the hotel investment will continue rising and focusing on added value because investors ensure that the tourist spending will continue increasing.
The Ripoll & Mateu Solicitors Mallorca foreign investment area offers legal assistance with regard to funds from other countries for investments in real estate and commercial in the Balearic Islands.
Our team has extensive international experience, we also have cooperation agreements with international firms and are members of the AIPP (Association of International Property Professionals).