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Covid Drives a Flood of Hotel Sales in the Canary Islands

The abrupt decline in tourism has caused at least 60 hotels to be put on the market in the Canarian archipelago, with prices exceeding 31 million euros in one case.

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The tourist crisis in Spain has forced hundreds of hotel owners to put their properties up for sale. Such is the case in the main archipelagos, namely the Balearic Islands and the Canary Islands, which have been hit hard by the significant decline in international tourists.

In the case of the Canary Islands, there are currently around 60 establishments for sale on one of the main real estate portals alone. The prices of these properties range from one million euros for a small low-category establishment, to ten million euros for hotels with more than 50 rooms and a swimming pool that are located on the beachfront.

Read the full article in Spanish.

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