Spain, Leader in World Tourism
By Santiago Lapausa, Javier Carretero y Asociados – Abogados
For the past 11 years, the World Economic Forum has engaged leaders in travel and tourism to conduct an indepth analysis of the travel and tourism competitiveness of 136 economies across the world; a report on this subject is published every two years. In the last report, “Trips and Tourism Competitiveness Index 2017”, Spain achieved 1st place as the leader in world tourism, for the second consecutive edition.
The report highlights that Spain’s success can be attributed to its unique offering of both cultural and natural resources, combined with sound tourism service infrastructure, air transport connectivity and strong support policy. Spain’s travel and tourism sector has not only benefited from the recent ease of its fiscal policy, but also from diverted tourism from other areas of the world affected by security concerns. See: http://reports.weforum. org.
In 2016, Spain beat records for the seventh year in a row with more than 75 million tourists. This meant an economic outlay of EUR 77 billion. The UK headed the list of foreign visitors followed by France and Germany. La Costa del Sol in the south of Spain also beat records in 2016 with 12 million visitors and 26 million staying overnight with an economic impact of EUR 11 billion. The good results of the recent Easter holiday augurs another record-beating year for Spain’s tourism and hotel sector in 2017.
La Costa del Sol regains its investor appeal. The latest projects in the area confirm the attractiveness for major investors, such as the deluxe 5-star skyscraper hotel in the Málaga harbour by the Qatar promoter Al Bidda Group with an investment of EUR 120 million, another deluxe 5-star hotel in Marbella by Hong Kong investors Platinum Estates investing EUR 300 million, and the new shopping and leisure park in Torremolinos by British listed firm Intu with EUR 650 million (Intur plans to invest EUR 3.250 million in five shopping resorts in Spain).
Residential tourism is also boosting as well as the luxury sector in Marbella. Investment comes from Russians, Arabs and Nordics looking for their second home.
In sum, this is excellent timing for private or corporate real estate and tourism investment.
Santiago LapausaJavier Carretero y Asociados – Abogados, Marbella, Spain
T: +34 95 292 46 56, F: +34 95 286 41 62
JC&A Abogados is a firm based in the city of Marbella, Spain, comprised of lawyers and economists aimed to provide local, national and international professional advice. We speak Spanish, English, French, Russian, German and Dutch.
Santiago Lapausa is a partner of JC&A Abogados. With a Bachelor degree in Economics and Business Studies, he joined the firm in 2003 to found and develop the tax department. Santiago is involved in all areas of general tax practice and specialises in non-residents and international tax planning.
Published: May 2017 l Photo: Colourbox.de