To operate successfully in the tourist rental sector in Spain, it is essential to know the corresponding regulations and market behavior, which avoids losing money due to fines, sanctions or inadequate property management.
So if you want to stay up to date within this sector, maximizing your profits, here we explain everything you need to know about tourist rentals in Spain in 2024.
Statistics of the Spanish Tourist Rental Sector 2023
According to the most recent Eurostat report, Spain is the second European country with the highest level of stay records in vacation rentals, after France.
And the number of travelers who rented a tourist property in Spain grew by 35.4%, compared to 2022. To be more precise, the country received 84 million international tourists during 2023, which It is 19% more than the previous year. Of these, 8.4 million travelers stayed in a tourist home, according to the INE.
This is good news for the owners of tourist apartments, because it represents the growth of a very profitable and exponentially rising sector.
What is expected in 2024 for tourist accommodations
In terms of regulations, so far no national changes are estimated, because the autonomous communities define their own regulations, but there will be legal modifications in certain areas of the country.
If you want investing in real estate in the Catalunya region, specifically for tourist use, for example, you should be aware that important changes will come into effect.
Well, last December the Government approved a decree law in relation to tourist apartments in Catalonia. Among the changes, this future law will grant greater autonomy to city councils, granting them regulatory capacity over the limit of tourist properties so that they decide how many tourist homes are allowed in the city.
In addition, changes will also be applied to the validity and management of current licenses to determine that a home is for tourist use. Which implies that owners must be aware of these new regulations to renew permits on time.
Regarding the profitability of the sector, Tourism estimates the arrival of 23.2 million foreign tourists during the first quarter of this year 2024. Among other reasons, the holidays Easter always activates the tourist rental sector.
What To Consider When Renting a Tourist Apartment in Spain in 2024
Once the tourist accommodation market has been analyzed, taking as a reference its behavior in 2023 and the changes planned for 2024, these are some basic aspects you should take into consideration if you plan to rent a tourist apartment:
Regulations
Each Spanish autonomous community has a certain degree of autonomy regarding the legality of housing for tourist use (VUT). That is why the aspects that some evaluate to designate a property as VUT, for others it is not a mandatory requirement.
In short, until now there is no state regulation that indicates what are the defining criteria that a property must have to be considered for tourist use.
Therefore, if your plans are to buy a home or apartment to offer it as a tourist rental, you should investigate the criteria that govern that autonomous community, thus avoiding incurring legal problems that could compromise the profitability of your investment.
Taxes
Now, how much is paid to the Treasury for tourist rentals?
Two taxes weigh on properties for tourist use: the Value Added Tax (VAT) and the Personal Income Tax (IRPF); Of course, they are subject to the net income generated by tourist rentals and the autonomous community.
In both cases, it is essential that you keep the income and expenses generated by the provision of tourist accommodation in order, to comply with the corresponding tax declaration.
Apropos of this, some vacation rental companies are responsible for automatically collecting and paying certain taxes on your behalf, depending on the area. For example, receipts from guests of Airbnb includes taxes per stay.
Security
Tourist apartments must respect a series of safety criteria in order to adapt to regulations. For example, they must have an adequate security system,
fire extinguishers, emergency exits and smoke detectors, mainly.
And guaranteeing the safety of guests, in addition to being part of the regulations, favors the credibility of your property, which translates into better reviews.
Provision of services
Although it is not always mandatory, because it depends on the regulations of each autonomous community, providing the property cleaning service, for example, provides better service to guests, which favors the reputation of your property.< /p>
Rental fee
The price of tourist accommodation is usually per day and per person, regularly; However, this is determined based on the type of property and the comfort offered, also depending on the location of the property, the season (high or low) and the competition.
Tourist apartment management companies are specialists in providing rental rate assistance, because they already know the market, they only have to analyze your property.
Promotion of the tourist apartment
To boost tourist rental reservations, promotion is key. Telling your group of friends and family that you are renting a property is not the same as using platforms used exclusively by people looking for tourist accommodation.
Airbnb is the most used platform currently, but there are also alternatives to Airbnb which are highly recognized, with less competition and more income opportunities.
UpperKey: Vacation Rental Management Company
Currently, housing for tourist use represents the second type of accommodation preferred by tourists in Spain, this is the reason for the boom in this sector, which although it is very profitable, also involves procedures and regulations to avoid problems legal.
In UpperKey we are specialists in the management of tourist apartments. We take care of assuming all the risks involved in managing a tourist property in Spain, while you enjoy receiving the profits, without further worries.
Extra Doubts about Renting a Tourist Apartment in Spain
In addition to the above, these frequently asked questions will also clarify the situation for you:
How long can you rent a tourist apartment?
This may vary from one autonomous community to another, but for a property to be considered for tourist use it must be rented for an average period of 31 days.
What happens if I rent without a tourist license?
You may receive anything from monetary fines to criminal sanctions, this will depend on the regulations of the autonomous community and the scope of the facts.
How long does a tourist license take in Spain?
Again, this varies from one autonomous community to another, as well as the requirements to obtain the license; Even so, this process can take at least a month.