Diversify in four cities: Cartagena, Miami, Madrid, and Capri in numbers

Why not put everything in one place

The oldest investment rule is not to put all your eggs in one basket. In short-term rentals, this has a concrete meaning: each city has its own seasons, currency, regulations, and risks. A hurricane in Florida, a new rule in Spain, or a drop in tourism in Colombia affects one market, not necessarily all four.

CityFraction operates assets in Cartagena, Miami, Madrid, and Capri. Here are the latest tourism data for each.

The four markets in numbers

Miami-Dade received more than 28 million visitors in 2024 and 28.3 million in 2025, according to the GMCVB. The city of Madrid recorded over 10.4 million travelers and 20.9 million overnight stays in 2024, according to its city council. Cartagena received 851,087 non-resident international travelers in 2024, according to MinCIT and Migración Colombia figures. And southern Italy, where Capri is located, totaled 57.6 million overnight stays in 2024, according to ISTAT.

Complementary seasons

High seasons do not coincide. Miami is strong in winter and spring, when northern United States and Europe are cold. Capri’s peak season is from spring to the end of the European summer. Cartagena concentrates demand in December, January, Easter, and mid-year holidays. Madrid has a more distributed demand thanks to business, fairs, and culture.

• Miami: winter and spring in the northern hemisphere.
• Capri: from spring to September.
• Cartagena: year-end, Easter, and mid-year vacations.
• Madrid: more stable demand throughout the year.

Different currencies

Assets operate in US dollars, Colombian pesos, and euros. For a Colombian investor, earning in dollars and euros diversifies against peso devaluation. For someone from the US or Europe, Cartagena offers exposure to an emerging market. Exchange rates are also a risk: they can move in your favor or against you.

Different regulations

Spain requires a single registry for short-term rentals starting July 2025. Italy requires the CIN code from 2024. Colombia requires the National Tourism Registry for tourist housing. Miami-Dade and its municipalities have their own licensing and tax rules. Diversifying also spreads regulatory risk.

Also diversify by asset type

Besides spreading across cities, you can combine asset types. Short-term rentals depend on tourism and seasons. Rental cars in Miami depend on travel and resident mobility demand and have other risks like depreciation and accidents. Each type responds differently to the economy.

A portfolio mixing cities, currencies, and asset types doesn’t rely on a single factor. There’s no perfect combination: the right mix depends on your goals, how long you can wait, and how much risk you’re willing to take. Starting small and learning over time is a reasonable approach.

How to start diversifying

With fractions from 50 USD, you don’t need hundreds of thousands of dollars to have exposure in four cities. You can start with one asset and add others over time, reinvesting part of your daily income. Always review each asset’s profile, estimated returns, and risks.

• See all assets
• Rental cars