Spain promised them happiness with its airports increasingly full of tourists. Until someone calculated how it affects rents

Of the 96.8 million of foreign tourists that Spain received last year, 80.5 million, something more than 83%they arrived through airports. The plane is not only the main entry route for foreign visitors (well above, for example, the road or ports), it also shows a clear growth trend and has led several terminals to arise its expansion to gain capacity and (simply) do not collapse due to the tourist boom.

Against this backdrop, someone has asked themselves a question:What impact does it have? that avalanche of ‘air’ visitors in the Spanish real estate market?

Tourists and real estate agencies? That tourism influences the residential market, encouraging the flight from housing to vacation rentals and raising prices is not no news. There are studies that have already thoroughly calibrated the phenomenon.

What is curious is what the New Economics Foundation (NEF) has done in a report commissioned by Transport & Environment (T&E), an organization to which it belongs Ecologists in Action: Its technicians have examined how the increase in ‘air tourism’ is influencing housing rentals and, above all, whether we can expect a price increase in the short term.

And what have they found out? That there is a direct connection. One, by the way, not at all favorable for the tenants. After analyzing “the effects of air tourism” on the real estate markets of the 12 main economies in Europe and calculating the evolution of prices in the medium term, for the period 2019-2031, NEF technicians have reached a worrying conclusion: the increase in visitors arriving in Europe through airports will affect the pockets of tenants.

“We show a transfer of wealth whereby landlords benefit at the expense of tenants, as annual rents in some of Europe’s largest tourist economies are projected to rise by more than €150 a year over the next five years,” points out NEFand warns: “These increases, which represent national average increases, will be concentrated in the main tourist destinations and will mainly affect low-income households.”

Can it go further? Yes. That is the general photo. The report commissioned by T&E provides other data that is just as or even more curious. For example, if we focus on the largest European economies dependent on tourism, the impact between now and 2031 will be greater: in Greece the annual increase in rental prices will amount to €163, in Portugal to €193, in Spain to €217 and in Ireland (the worst stop) to €251.

In the specific case of Spain, NEF estimates that we will face an “extra increase of 1.6%” annually over the next five years, between 2026 and 2031. If we talk about rents, the average increase is 217 euros. In the case of the average price of housing, the study speaks of 3,500 euros.

“Taken together, this would mean an aggregate annual increase in the rental burden of 648 million euros for landlords located in Spain. In the same period, the increase in tourist arrivals by air is projected at 11.8%,” explains. There is another key: these figures show national averages, so the phenomenon may worsen in the most touristy regions.

More climbs on the islands? The T&E figures give food for thought. After recalling that there are certain parts of Europe where “local reactions” against tourism are taking place, such as the Balearic Islands, the Canary Islands, Crete and Madeira, T&E points out that these areas are also the most exposed to the arrival of air travelers.

There, in the tourist centers, the report warns“tourism can reduce the supply of residential housing by shifting it towards tourist rentals, directing new promotions to visitors or non-resident buyers and making it difficult for local households to move or access a first home.”

“We cannot separate the protests against tourism that occur in the streets from the increase in flights above our heads. Trying to manage tourist overcrowding while expanding the airports of Dublin, Barcelona or Lisbon is a losing battle,” claims Bosco Serrano, from T&E Spain.

For reference, in the Balearic Islands there are 9.2 arrivals of foreign tourists per resident, the eighth highest value of the European regions. In the Canary Islands they are 4.9 and in Catalonia 2.0. The average for the EU as a whole is just 0.9.

What are the causes? For T&E the key is in the “uncontrolled growth of tourism”, driven by the increase in supply, investment in new infrastructure and (in general) the rebound in airport traffic. It’s no surprise. In 2025 Aena registered a record data of passengers.

It is important to take into account in any case that the flow of visitors that move the airports may “exacerbate” the crisis of rent (something to be expected if we take into account that many tourists from northern Europe with greater purchasing power fly to Spain), but the reality is that there are other factors that influence the evolution of housing prices. And not all of them depend on tourism.

What else comes into play? The imbalance between supply and demand, the fact that new housing is built at much less speed from which new homes are created, the increase in price of materials, the concentration of demand in certain points or the attractiveness that apartments have gained as an investment asset also explain the increase in rents. None of these factors depend on tourism. In fact, there are those who already appreciate signs of a “prick” in vacation rentals, with a loss of interest on the part of investors.

Does it only affect housing? No. The report analyzes the impact of tourism in other areas, such as labor or business investment. Regarding the first point, T&E warns that the arrival of more visitors on board airplanes does not always lead to better salaries for workers in the sector.

“Tourism employment does not necessarily equate to an improvement in well-being. In 2023, hospitality represented 10% of all hours worked in Spain, but only 5% of the national gross added value,” warns the organization.

That tourist rentals rise can also lead investors to put their funds into the real estate sector instead of betting on “productive and innovative sectors.” “When housing prices rise, capital is directed more easily to the accumulation of real estate assets. The result is an economy more dependent on rents and low-productivity sectors.”

Images | Tomek Baginski (Unsplash), Transport & Environment (T&E) and Phil Mosley (Unsplash)

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