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Using anonymised and aggregated data from card payments made via CaixaBank point of sale terminals, we analysed whether there were any changes in tourist spending and found that the hottest areas of the country experienced slower growth in tourist expenditure between the high seasons of 2019 and 2023. We also found changes as well as changes in the pattern of expenditure during heat waves. 

This article analyses the recent dynamics in Spain’s rental market based on internal CaixaBank data on direct debit payments for residential rents. According to our indicators, annual rent price increases are moderate when there is no change of tenant or landlord, generally lying below 3% and close to inflation, and consistent with regulatory caps. In contrast, the pressure on the price of new rental contracts has increased, closing 2025 with growth in excess of 10% year-on-year. Despite this, the median cost burden remains stable at around 30%, although there is still significant inequality between age groups and greater pressure in large cities.

Luxury tourism has established itself as a strategic segment for the Spanish tourism sector, both for its high contribution to expenditure and for its potential to increase the value added of the sector. According to payment data analysed by CaixaBank Research, although this segment only represents 3% of international cards, it accounts for 20% of in-person spending by foreign tourists. The analysis also highlights the rise of urban luxury tourism, driven largely by Madrid’s dynamism as a high-end destination, despite luxury tourism still maintaining a strong coastal orientation. The United Kingdom, France and Germany are the main sources of tourists travelling to Spain, both in the luxury and conventional segments, although other economies with a very high GDP per capita, great inequality or a combination of both stand out.

The real estate market is one of the main channels through which monetary policy is passed on to the real economy. Tighter financial conditions are feeding through to mortgage interest rates and are cooling down the demand for housing. Given the notable tightening of monetary policy over the past year in many of the advanced economies, in this article we document the change in trend in international real estate markets and analyse the extent of the adjustment that may lie ahead.

The shortage of housing supply in a context of strong demand will remain one of the main challenges of Spain’s real estate market in 2025, although it is not among the most overvalued markets in the European Union.  

Spain’s real estate market is slowing down but at a more moderate pace than predicted in the scenario published in last December’s Real Estate Sector Report.

The Spanish economy has kicked off 2025 with widespread growth, albeit slightly more moderate than that of the previous year. Despite the global challenges, such as the protectionist shift in the US, half of its sectors are showing signs of expansion, most notably the chemicals and pharmaceutical industry. This buoyancy across the various sectors, coupled with the country’s competitive advantage in renewable energies, bolsters the resilience of the economy amid an uncertain international environment.

The supply of housing continues to be insufficient to absorb demand, which continues to grow strongly due to the formation of new households. This housing deficit and the pressure it exerts on prices underscores the need to accelerate the construction of affordable housing.