A report by the Las Palmas College of Economists claims that the new Canarian law on holiday rentals will generate more poverty in the Canaries and affect tourism overall.
The report highlights the importance of the holiday rental sector, claiming that it has raised €1.7 billion in 2024 – 7.68% of tourist income and over 3% of the entire Canarian GDP. This makes it more important to the Canarian economy than the agricultural or manufacturing sectors.
It states that 89% of holiday rental owners are “small or medium” enterprises, defined as owning between one to four properties.
The report also claims that tourists who use holiday rental properties are more likely to spend money on items other than accommodation and flights.
Rosa Rodríguez, of the College of Economists, said that holiday rentals provide an income that allows many Canarian households to make ends meet. “If you take that away, in an economy that is already getting worse, what will happen?” she asked.
Alcibiades Trancho Lemes, Dean of the College, said that removing holiday rentals would affect tourism overall, as tourists who cannot find holiday rental accommodation will not necessarily go to hotels instead. “It would mean giving up on these tourists”, he said.
The report states that the new law planned by the Canarian Government is “unnecessary”, and all that is required is proper enforcement of existing laws.
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