An acknowledged perception among developers and real estate companies now has data to back it up: residential tourism in Spain contributes substantially to the Gross Domestic Product (GDP) of the country, to the tune of €6.351 billion. Residential tourists, predominantly foreigners purchasing secondary residences, are identified as significant drivers of economic growth, as delineated in a comprehensive study commissioned by the Association of Promoters and Builders of Spain (APCE) and conducted by PwC.
Both directly and indirectly, private investors from the UK, Germany, France, and Belgium exert a comparable economic influence, on par with that of the pharmaceutical industry, and their contribution is triple that of textile production. Essentially, every Euro spent by these residential tourists injects €2.34 into the Spanish economy.
Looking deeper into these figures unveils their multifaceted influence on pivotal areas such as employment, the microeconomy, and tax revenue. The PwC study reveals that in 2022 alone, residential tourism in Spain spurred the creation of 105,600 full-time positions, accompanied by a staggering €4.517 billion expenditure attributed to their stays, and an estimated €1.204 billion in tax revenue.
Anna Merino, PwC’s Director of Strategy and Economics, explains the methodology behind these findings. A meticulous dual analysis of 2022’s consolidated data reveals the related effects: the annual economic boost from foreign property acquisitions and the ongoing economic activity revolving around these residences during occupancy periods. Notably, despite common assumptions, a substantial 3.7 million leisure tourists opt to stay in their own homes, spreading their economic influence throughout the year, thereby mitigating the traditional seasonal fluctuations endemic to certain tourism-dependent regions.
Moreover, discerning property investors, often opting for holiday rental arrangements, entrust the management of their properties to reputable hotel resort management to maintain their properties in pristine condition, ensuring optimal conditions for their occasional stays.
At the report presentation, Juan Antonio Gómez-Pintado, President of the APCE, emphasized the significant impact of the real estate sector on related industries such as tourism. He stressed the importance of sharing GDP and employment statistics with governmental bodies and the public. Gómez-Pintado underlined that these metrics debunk proposals advocating for restricting foreign real estate acquisitions as a means of market regulation.
Looking ahead, researchers anticipate the economic impact of residential tourism in Spain may be even greater. Despite a slowdown in real estate activities, a surge in foreign arrivals during off-peak seasons—evidenced by data from resort management— indicates a potential amplification of residential tourism’s economic significance.
