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The Spanish tourism sector faces 2026 from a position of strength, with a positive outlook prospects after stabilisation of post-pandemic growth. In 2025, Spain reaffirmed its global leadership with 97 million international arrivals and record spending of €135 billion, ranking second worldwide. Tourism GDP grew by 2.7% and is expected to maintain a growth rate of around 2.5%-2.7% in the coming years. This scenario reflects a more balanced sector, with clear signs of regional diversification and deseasonalisation, and with emerging segments that boost its added value.

It is inevitable that the property development and construction sectors, which are very sensitive to economic conditions and confidence levels, will contract significantly this year. We expect a notable decline in new building permits and a severe impact on employment in the construction industry. However, the nature of the shock and the state of the sector before the appearance of COVID-19, much more favourable than a decade ago, suggest it should be able to recover.

Since Spain’s tourism sector returned in 2023 to the peak levels of 2019, the sector has been showing no signs of cyclical exhaustion and it recorded strong growth in 2024.