Since the COVID-19 pandemic, the hotel sector in the Canary Islands has experienced a rapid recovery that continues to thrive, leading to record-breaking figures. Hotels across the islands have seen 34 consecutive months of rising prices and profitability.
The revenue of establishments in the archipelago has reached historic highs, surpassing all records set before the outbreak of the pandemic in March 2020, and 2024, is shaping up to be another record-breaking year.
According to data from the National Institute of Statistics (INE) released this week, prices in the Canary Islands have grown twice as fast as inflation over the last five years. Hotel rates increased by 10% in March compared to the same month in 2023, and 36.4% when compared to pre-pandemic prices. Meanwhile, inflation in the islands rose by 18.8% from March 2019 to March 2024, approximately half of the hotel price increases.
Undoubtedly, the standout figure is the Revenue Per Available Room (RevPAR), which refers to the income from each available room — not just those occupied.
In March, this figure reached 127.31 euros, marking the highest revenue for any month in the history of the hotel sector in the Canary Islands. This represents a 16.3% increase compared to March 2023 and a staggering 45.6% increase compared to average revenues in the same month of 2019, the reference year before the pandemic.
