Spain received 96.8 million tourists: why Madrid matters

Two consecutive records

According to Frontur and Egatur statistics from the National Institute of Statistics (INE), Spain received 93.8 million international tourists in 2024, 10.1% more than in 2023. In 2025 the figure rose to 96.77 million, an additional 3.2%, the highest in the historical series.

Spending grew faster than arrivals: 126.282 billion euros in 2024 (16.1% more) and 134.712 billion in 2025 (6.8% more). Spending rising more than the number of tourists indicates travelers are spending more per visit.

Madrid, also the capital of tourism

The City Council of Madrid’s situation report places travelers at 10,426,909 and overnight stays at 20,918,178 in the city in 2024, historic highs. Using another INE methodology, the council cites 11.19 million visitors, of which 6.27 million were international, with international spending of 16.117 billion euros, 21% more than in 2023.

Madrid has an advantage over sun and beach destinations: it combines leisure tourism, business, fairs, congresses, and students. This diversity softens seasonality.

Who travels to Spain

The United Kingdom, France, and Germany remain the main source markets. In 2025 the United Kingdom was the highest spender, with 23.65 billion euros. In 2024 Asian tourists showed the greatest growth, and the United States contributed 4.2 million tourists.

For Madrid accommodations, Latin American visitors are also relevant due to language, family ties, and direct air connections.

The other side: regulation and housing

Tourism growth coexists with a strong debate about housing access. Since July 1, 2025, Spain has enforced the Unique Registry of Short-Term Rentals, which requires a registration number per property to advertise on platforms. Cities like Madrid also have their own urban regulations on tourist-use housing.

This is not just a formality: a lodging without a registration number cannot be published, and local rules may limit new licenses. That’s why when evaluating an asset in Spain, regulatory compliance weighs as much as location.

How to read it as an investor

Spain’s tourism demand is deep and diversified, and Madrid is its main urban destination for travelers. That’s a solid foundation. But an accommodation’s profitability depends on occupancy, rate, costs, and license, so each CityFraction profile shows an estimated, not guaranteed, return.

With fractions from 50 USD you can have exposure to Madrid and combine it with assets in Colombia, the United States, and Italy, instead of concentrating everything in one city.

• See if the asset has its registration number and valid license.
• Compare Madrid’s seasonality with that of beach destinations.
• Keep the euro in mind: your income is expressed in dollars, but the asset operates in euros.

• View assets in Madrid