Hotel rates in the Balearics have shot up this year.

Hotel rates in the Balearics have shot up this year. | Majorca Daily Bulletin reporter

Humphrey CarterPalma08/07/2024 14:56
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The average price of hotels in the Balearics this summer stands at an average of 276 euros per night, which places the region at the top of the national ranking of rates and also as the region that has increased its average price the most, up to 19% more compared to the summer of 2023. This is according to the report ‘The Hotel Pricing Outlook’ prepared by Simon-Kucher, which reveals, in general terms, that the average price of hotels in the main tourist destinations in Spain is 195 euros per night, 9.1% more than in 2023, although this is a more moderate increase than the 19% of the previous year.

With the Mediterranean as the main destination, coastal areas continue to be the most popular destinations among national and international tourists. In contrast, inland cities such as Madrid and Seville are at the bottom of the price ranking, offering options up to 90% more affordable on average for travellers.

By destinations, the Balearics leads the national ranking of rates with a price of 276 euros per night, although price does not seem to be a barrier, as another summer with large influxes of tourists in the islands is forecast. Barcelona is in second place with a median rate of over 200 euros, followed by Malaga and Alicante. This year, the capital city cedes its place to the Canary Islands, which have moved up the ranking with 136 euros per night.

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Compared to last summer, the Balearics stand out as the region with the most pronounced growth, a 19% increase, almost double the growth recorded in the previous period. Behind the Balearics are the Canary Islands and Madrid, which have experienced increases of 10%, although they are still in the most economical segment at this time of year.

On the other hand, the drop in prices in the province of Alicante stands out, which has reduced its rates by 6%, compensating for the huge rise it experienced in 2023, when it increased by up to 30%. In addition, Barcelona, Malaga and Valencia have shown more moderate increases, with variations of less than 10%, consolidating once again their position as popular destinations with stable demand.

By category, a generalised increase is observed in all categories, with the luxury segment experiencing rises of around 15% in the case of the Balearics, Canary Islands or Madrid, being much higher than those observed in the 2022-2023 period, when prices of the most luxurious hotels decreased in destinations such as Costa Brava or Balearics.

Moreover, in the Balearics, the prices of lower category hotels have risen 25% more than those of higher category hotels. It is worth noting that although the median rate in Alicante has decreased, the 5-star hotel segment has increased, reaching a price per night close to 250 euros.