Wednesday, 13 September 2023, 17:12
A total of 106 hotels have hung 'for sale' signs along the Costa del Sol despite Malaga province's booming year for tourism.
According to real estate portal Idealista, there are 20 more businesses looking for buyers in Malaga compared to the same time last year. The province is second in Spain for the most hotels for sale. In Spain, there are 1,300 advertisements listing accommodation establishments for sale, 27% more than last year.
Malaga, after the Balearic Islands, Gerona, Alicante and Barcelona are the provinces where most establishments are advertised, according to Idealista.
The increase in listings, despite booming tourism, is due to inflation, which, however much rates are raised, cannot be passed on in full to the tourist. It comes as many hotels still need to pay back loans and pay off debts accumulated during the Covid-19 pandemic.
The latest report by the Bank of Spain pointed to the hotel sector as one of the most affected by debt. The Association of Hotel Businessmen of the Costa del Sol (Aehcos) said that, according to this study, the debts of hotel companies have increased between 2017 and 2021 by 18.4%.
The current supply of hotel establishments in the province advertised on Idealista is varied. Prices range from a hostel in Marbella for 115,000 euros, to a hotel with 18,000 square metres in Benalmádena, in Torrequebrada, for 32 million euros. In between, there are advertisements for hotels for sale in Torremolinos for 19.8 million, or another with 84 rooms in Ronda for 19.6 million.
El Diario Vasco
Necesitas ser suscriptor para poder votar.