Spain’s long-running boom in tourist apartments is starting to turn. For the first time, the main 25 Spanish city destinations have seen a drop in short-term rental capacity, as a new national registry and tougher local rules begin to push thousands of unlicensed tourist beds off the market.
Tourist apartments fall for the first time in Spain’s top 25 cities
After more than a decade of relentless growth, Spain’s tourist apartment market has recorded its first clear downturn in the country’s main urban destinations. Between July and November 2025, the number of beds in tourist-use homes in the most visited Spanish cities fell by 4.1% compared with the same months of 2024, according to figures compiled by sector association Exceltur.
In practical terms, that means almost 16,000 beds disappeared from the market over that period, leaving an average of around 366,375 beds listed in those cities.
How tourist rentals reshaped Spain’s urban tourism market
The current adjustment comes after a long period in which tourist-use homes have steadily reshaped Spain’s city centres. Five large destinations – Madrid, Barcelona, Málaga, Valencia and Seville – now concentrate around two-thirds of all tourist-apartment beds in the 25 most-visited cities.
The financial attraction for owners is clear. Short-term tourist lets tend to generate higher returns than traditional long-term tenancies, which has encouraged landlords to move properties out of the residential market. In cities with tight supply, that shift has contributed to sharper rent increases and has intensified the search for regulatory solutions.
Digital One‑Stop Shop and tougher rules
The turning point in 2025 coincides with a new national tool: the Digital One‑Stop Shop for Rentals, known in Spanish as the Ventanilla Única Digital de Arrendamientos. Introduced in July 2025, it requires properties used for temporary lets to be registered and centralises data that regional and local authorities can use for checks and enforcement.
Exceltur links much of the recent decline directly to this system and to the uneven but growing efforts by city governments to control tourist housing. By forcing owners to declare their activity and align with regional and municipal rules, the registry has made it easier to identify and remove illegal listings.
Crackdowns and moratoriums: cities leading the rollback
The national registry has not operated in a vacuum. It has coincided with a series of local and regional moves to restrict tourist housing. This is particularly the case in destinations where residents’ complaints have become politically urgent. Exceltur notes that the sharpest reductions in 2025 have been recorded in cities that have adopted stricter urban-planning rules, invested in enforcement teams and run public-awareness campaigns about the impact of illegal or unlicensed tourist lets.
Barcelona, Ibiza and Palma
Barcelona has become a reference point in the debate over tourist flats in Europe. After reaching a peak of more than 112,000 beds in tourist-use homes in 2018, the city has progressively reduced capacity, particularly by targeting illegal listings advertised on online platforms. The current administration has gone further by promising to phase out tourist-use homes altogether by 2028.
On the islands, the correction has been even more dramatic. Ibiza reached its maximum tourist-apartment capacity in 2017, with around 7,300 beds. Eight years later, that figure has been cut to just under 1,500, a reduction of almost 80%, with roughly half of the adjustment taking place in 2025 alone. Palma de Mallorca has followed a similar path, falling from around 15,900 beds in 2017 to fewer than 6,000 today, after a sustained clampdown on new licences and unauthorised rentals.
Valencia and other cities seeking a new balance
Valencia has emerged as another example of a large city willing to intervene decisively. The city currently counts around 33,000 tourist-apartment beds, but that figure is down by more than 12% in just one year. Local policymakers have framed the change as part of a wider effort to keep central neighbourhoods liveable for residents while still maintaining a strong tourism offer, including hotels and regulated apartments.
Elsewhere, destinations such as Santiago de Compostela and San Sebastián have introduced planning tools to cap the number of tourist-use homes in historic centres and have stepped up inspections to ensure that operators respect zoning rules. Other medium-sized cities are beginning to see the impact of new regulations, designed to curb further growth in tourist apartments and preserve access to central housing for local households.
Record highs and lenient rules: where tourist flats keep rising
The national picture is therefore mixed. While some cities report unprecedented declines in tourist housing, others still stand at or close to record levels, often in regions where regulations are more permissive. Exceltur points in particular to Bilbao, Málaga and Almería, which closed 2025 with tourist-apartment capacity at all-time highs.
Madrid, Málaga and Seville
Madrid remains the single largest market for tourist-use housing in Spain. The capital currently offers more than 75,000 tourist-apartment beds, and while this represents a noticeable reduction compared with 2024 and a modest decline from its 2018 peak, the overall adjustment is limited when set against the growth of the last decade.
Málaga, meanwhile, has continued to expand its tourist-apartment stock, reaching close to 39,000 beds and posting further growth in 2025. The city has responded to mounting pressure on housing and services by approving a three-year temporary suspension on new licences for tourist-use homes.
What the shift means for Spain’s tourism outlook in 2026
The emerging correction in Spain’s tourist-apartment market comes at a moment when the country’s tourism sector as a whole is in robust health. Industry surveys suggest that companies expect another year of rising sales and profits in 2026, and Exceltur forecasts that tourism will continue to account for a substantial share of national GDP.
At the same time, there is growing recognition, including from within the sector, that the pace and pattern of growth must change if Spain’s main cities are to remain liveable and politically supportive of tourism. Uncontrolled expansion of tourist-use homes, rising local opposition and a wave of new taxes and fees are shaping a new regulatory landscape.
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