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hospitality Market News: Spanish Real Estate Intelligence

Different Responses to Covid-19 Rearrange Top European Flight Destinations
8 July 2020 Lisbon topped the ranking of European cities with the most flight bookings, according to a new report by the World Travel and Tourism Council (WTTC) and ForwardKeys. Lisbon rose from 9th place in 2019, at a time when London, Paris and Rome took the top three. The Covid-19 pandemic and the ensuing lockdown radically rearranged the list. While Lisbon topped the list, Paris and Amsterdam followed, with Athens and Rome in 4th and 5th place respectively. Madrid (6th), Frankfurt (7th) and Vienna (8th) were also on the list, and Barcelona fell from 5th to 9th place among Europe's most sought-after cities. London (thanks, Boris) fell to the bottom of the list. Original Story: Vida Imobiliária - Ana Tavares Translation/Summary: Richard D. Turner
 
Wyndham Grand Algarve Opens in Quinta do Lago
9 July 2020 The former Monte da Quinta Resort has reopened its doors as the Wyndham Grand Algarve Residences. The 132-flat hotel in the Algarve's Quinta do Lago includes spa areas, two swimming pools, a golf course, tennis courts, a kids club and sports fields. The flats, which were recently refurbished by Wyndham Grand, are now on sale. Prices start at 532,000 euros. Buyers of the flats, which come furnished and designed to for use as short-term letting accommodations, have a guaranteed return of 3.5%. Sotheby's is in charge of sales. Original Story: Economia Online - Rita Neto Translation/Summary: Richard D. Turner
 
Tourism to Take Major Hit from Lack of Air Corridor
7 July 2020 The UK government left Portugal off of the list of countries included in their air corridors, for some unfathomable reason. The country’s exclusion requires Brits returning from a visit to Portugal to self-isolate for two weeks. The decision will likely impose a significant burden on Portugal’s economy.  Last year, British tourists and business travellers accounted for 17.8% of the tourism revenues generated. The British accounted for 9.4 million overnight stays in Portuguese hotels last year, and more than half of those (5.9 million) were in the Algarve, according to a report by Turismo de Portugal. Just in the two summer months of the high-season, British tourists spent 3.8 billion euros in Portugal in 2019. The Algarve is the typical British tourists’ favoured destination, accounting for 64.1% of total overnight stays. Madeira, also very popular with residents of the United Kingdom, accounted for 17.9% of overnight stays. Original Story: Jornal Expresso - André Manuel Correia Translation/Summary: Richard D. Turner