Why Are 21 Billionaires Moving Their Money ASAP?

One of the biggest stock market events in 25 years is rapidly unfolding... The economist who predicted the 2008 Financial Crisis says it will be: "The Biggest Crash of Our Lifetime." Starting November 19 it could cut the entire tech marketing by HALF.

No, Spain isn't banning tourists. Here's what to know before planning a trip

DEE-ANN DURBIN
January 27, 2025

MADRID (AP) -- Spain attracted a record 94 million tourists last year, making the Southern European nation famous for its Mediterranean coastline, sweeping landscapes and historic cities among the most visited countries on earth.

The surge in visitors has stoked complaints at times from some Spaniards about "overtourism, " with concerns about overcrowding, water use and particularly the availability and affordability of housing.

Spain's government has started listening to demands for more regulation, particularly around housing in Spain's big cities, where rising home and rental prices have become a key concern for voters. Earlier this month, Spanish Prime Minister Pedro Sánchez introduced a 12-part plan to tackle the housing crisis, with measures aimed at bringing stricter regulations to short-term rentals that mainly cater to tourists.

But that doesn't mean Spain is putting the brakes on tourism, an industry that accounts for about 12% of its GDP.

Here's what you should know before planning a visit:

Is Spain restricting tourists?

No, but some cities have started to regulate tourism rental properties.

Malaga, an Andalusian port city on the southern Mediterranean coast of Spain, will prohibit new rental properties in 43 neighborhoods of the city where those rentals exceed 8% of the residential stock. The policy went into effect earlier this month and will be tested for three years.

Meanwhile, Barcelona plans to close down all of its 10,000 apartments licensed as short-term rentals in the coming years to safeguard the housing supply for full-time residents. The Mediterranean city known for its beaches, art and surrealist architecture announced last year that it would not renew any new tourism apartment licenses after they expire in 2028.

Can tourists still book hotels and other accommodation?

Yes. Tourists can book hotel stays and short-term apartment-style rentals just about anywhere in Spain.

What's prompting Spain to take these measures?

Spain is in the throes of a growing housing affordability problem. Skyrocketing rents are particularly acute in cities like Barcelona and Madrid, where incomes have failed to keep up, especially for young people. Housing prices are also steadily rising, especially in cities and coastal areas.

Short-term contracts mainly offered for tourists are seen as driving up rental costs for locals, too.

What else should visitors know before booking travel?

Visitors renting a car in Spain or booking hotel stays will also have to file more paperwork thanks to a new law that requires hotel owners and car rental companies to send personal information to the government for national security reasons.

Passport details, home addresses and payment information used by travelers above 14 are among the details that will be collected.

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