Mallorca and the Balearic Islands have established themselves this summer of 2024 as the most expensive regions in Spain for renting tourist accommodations, according to a recent report by Holidu, the vacation rental search platform. During the month of August, which is the peak of the tourist season on the island, the average price per night in a tourist rental in Mallorca reaches 359 euros. This figure represents an 8% increase compared to the same period last year, reflecting the growing demand and exclusivity of this destination.
The situation is similar in other islands of the Balearic archipelago. Menorca, Formentera, and Ibiza show even higher figures. In Ibiza, the average price per night is an impressive 627 euros, making it the most expensive destination in Spain for renting tourist accommodation. This figure, which almost doubles the average in Mallorca, underscores Ibiza’s reputation as a luxury and exclusive enclave, known for attracting high-net-worth tourists seeking unique experiences on the island.
Photo: Holidu.
High Demand and Limited Capacity
The increase in tourist rental prices in the Balearic Islands is due to several factors. Firstly, the high demand during the peak season, which coincides with the summer holidays in Europe, significantly raises prices. Mallorca, in particular, remains one of the most sought-after destinations, not only for its beaches and climate but also for its cultural and gastronomic offerings, making it an attractive place for tourists from all over the world.
Another important factor is the limited accommodation capacity on the islands, which keeps prices high. Despite the wide availability of tourist rentals, the large influx of visitors exceeds the supply, leading to price increases. This is reflected in an occupancy rate close to 90% in many locations, leaving few options for last-minute travelers seeking accommodation.
The rise of vacation rental platforms like Holidu has made access to these accommodations easier but has also contributed to price inflation. The ease of comparing and booking online has led more tourists to choose this type of accommodation over traditional hotels, increasing pressure on prices.
The flip side of the islands being positioned as the most expensive in Spain for tourist rentals represents a business opportunity for property owners and managers, according to the portal, as they are situated in one of the country’s most profitable markets.
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