8 July 2016 – Expansión
Spanish residents spent just over €1,311 million renting out holiday homes in Spain in 2015, 4% more than in 2014, according to a study conducted by HomeAway and the University of Salamanca. If we add to this amount an estimate of the other costs incurred by holiday home occupants during their stays, then this expenditure figure increases to €6,159 million, which represents 0.57% of GDP in 2015.
Over the last two years, between April 2014 and April 2016, the total cumulative rental cost paid by travellers amounted to €2,622 million, and that figure increases to €12,318 million if we take into account all the other expenditure incurred by those users during their stays (in other words, the amounts that users spend in the areas surrounding the properties they rent).
Holiday homes are becoming increasingly popular amongst travellers resident in Spain, according to the data from the aforementioned study. In the last two years, 8 million Spaniards, aged between 18 and 65, have used this business model.
Holiday homes are increasing in popularity against other more traditional option and accounted for 36% of the total market in 2015.
Families lead the ranking of holiday home users, accounting for 45% of total demand, followed by couples, who represent 32%, and groups of friends come in in third place (19%).
Price is the most important and valued factor influencing consumers’ final decisions, according to the study. Location and environment are the next most prized characteristics.
The favourite regions in terms of destinations for users of these holiday homes are: Andalucía (25%), Comunidad Valenciana (14%), Cataluña (12%) and the Canary Islands (11%). Nevertheless, 70% of rentals booked in Spain are made by overseas visitors, given that the country is the preferred holiday destination for Europeans.
Original story: Expansión (by María Sánchez)
Translation: Carmel Drake