Visitors to Spain parted with more money than ever before during May in a record-breaking month that saw revenues climb 11.8%, raking-in €5.89m.
The Tourist Expenditure Survey (EGATUR) published stats showing the total spending by inbound tourists in Spain for the first five months of 2015 was the highest since records began at almost €22bn, representing growth of 8.4% on the same period last year.
Spending growth comes on the back of a 6.9% increase in visitor numbers during May, paying an average €905 per person on accommodation and spending around €114 each day. The report shows that the average stay increased slightly to 7.9 nights.
A welcome break for Spain
The figures come as a welcome break for Spain after reporting a current account deficit of €232bn earlier this week. Tourism contributes more than 10% to the Spanish economy and its revival has already positively impacted labour markets in the slowly recovering country.
British tourists dished out the lion's share of cash in Spain during the first five months, spending a whopping €4.22bn over the period, representing around 20% of the total tourist spend. French tourists followed close behind increasing their spending by 16.5% to €2.22bn.
Andalusia, the region that is home to the Costa del Sol recorded a spending increase of 10.3% with tourist spending rising to €3.44bn from January to May this year, representing 15.8% of the total inbound visitor revenue. During May a total of €975m was spent in this region which at 16.9% was the largest regional increase in the month, accounting for 16.6% of the total.
Spain had a bumper 2014 in its tourist markets which stimulated investment in Spanish real estate, notably in regions popular with holidaymakers. The strong pound and excruciating weakness of the euro has combined to incentivise buyers looking to achieve revenue for holiday lets in one of the world's favourite destinations.
However, price growth in Spain is likely to be subdued in the next few years due to the excess of empty and unfinished housing projects littering the country and large bank-held inventories of repossessed homes waiting to be off-loaded.