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As booking pace recovers across most of Spain, property managers that have not seen an increase yet in bookings for late summer this year need not worry as the market is pacing well in line with 2019 data.
Analysts advise that summer is anticipated to perform ahead of historic trends and property managers should keep an eye on their latest booking lead time data and discount yielding to take advantage of high demand booking patterns.
Key Takeaways:
To see how your portfolio is performing against the market, take a look with Beyond's Insights tool.
The chart above displays all bookings that have been made over the past 21 days by their check-in week across several markets in Spain, with 2020 numbers for reference. Additionally, the same values for 2019 are included below in each specific market to provide pacing context with a “normal” year.
For both the Madrid and Barcelona markets, 2021 booking pace is mostly in line or ahead of 2019 through the summer. Booking lead time, however, is a bit longer. That means travelers are booking their travel a bit further out than 2019 trends. At this time, there’s no concern of Summer pacing behind 2019 based on current booking levels.
Compared to the same time period in 2019, this Summer is pacing in line with 2019 booking pace for most weeks. There are a few differences week to week, but in general, the Summer is picking up at the same pace it was back in 2019.
As booking pace recovers, property managers should not be concerned about slow booking pace for immediate summer arrival as this trend looks to be in line with a more normal year.
In the Costa Tropical and Lanzarote markets, last-minute booking pace for the next three weeks has met or surpassed the same time period in 2019. The Lanzarote market in particular has historically experienced shorter booking lead times that have sustained since the start of the pandemic, a trend that is likely to continue through the summer as travelers book last-minute more than ever.
Both markets appear to be keeping up with 2019 booking pace at least in the short term, also due to the fact that short-term rental pricing is considerably lower now with 1-2 bedroom properties. Be sure to stay on top of your pricing strategy to stay competitive in the near term and take advantage of increased travel demand in the future.
Performance in the Marbella market shows vast recovery from 2020 as well as 2019. Year to date occupancy has soared past prior years with ADR growth over summer months. The chart below shows they were ahead in the first week of July and in line with 2019 for the following summer weeks—this is due to over 50 percent of their bookings picking up within a week of arrival.
Analysts advise that summer is anticipated to perform ahead of historic trends and property managers should keep an eye on their latest booking lead time data and discount yielding to take advantage of high demand booking patterns.
For the Mallorca Island market, 2021 booking pace is mostly in line with 2019, with a few select weeks pacing higher than 2019. The chart shows that this year’s booking lead times are slightly shorter for immediate weeks while travelers were booking further in advance in 2019.
Mallorca Island summer performance by month compared to the same time period in 2019 is in line or ahead 2019 pace. As booking pace recovers, property managers that have not seen an increase in bookings for August this year need not worry as the market is pacing well in line with 2019 data.
With government regulations changing, be sure to stay on top of your pricing strategy in order to maintain current market demand and prepare for the future. With increased vaccination rates worldwide, changes in global travel demand are on the horizon.
To see how your portfolio is performing against the market, take a look with Beyond's Insights tool.
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