The short-term rental market in Spain spans 100 cities tracked in AirROI's 2026 dataset, ranging from mature urban markets with thousands of active listings to emerging destinations where early operators still have pricing leverage. Supply growth, regulation, and seasonal demand vary significantly across the region — making market selection one of the highest-leverage decisions an Airbnb investor can make.
This page ranks the best Airbnb markets in Spain across four dimensions: market depth (active listings), revenue, nightly rate (ADR), and occupancy rate. Madrid, Community of Madrid leads by market size with 15,479 active listings and $2,379/month revenue. Across all ranked markets, average occupancy is 42.2% with $1,615/month in average revenue and $193/night ADR.
Rankings based on AirROI's analysis of 20,000,000+ short-term rental listings across revenue, ADR, occupancy, and regulation. See ranking methodology.
Active listing count is the most direct measure of a market's depth, maturity, and investor confidence. Cities with the most Airbnb listings in Spain attract the highest volume of travelers and offer the most reliable benchmarking data for pricing and revenue projections. Madrid, Community of Madrid leads with 15,479 active short-term rental listings and $2,379/month in average revenue.
Most Profitable Airbnb Markets in Spain by Revenue
The most profitable Airbnb cities in Spain are those where hosts earn the highest average monthly revenue per listing — the single most telling indicator of a market's income potential. Santanyí, Balearic Islands leads with $4,355/month at $519 ADR and 50.2% occupancy. Whether you are evaluating your first STR investment or benchmarking an existing property, these top-earning Airbnb markets show where vacation rentals generate the greatest short-term rental income.
Most Expensive Airbnb Markets in Spain by Nightly Rate
The average daily rate (ADR) measures how much guests pay per night in each market, making it the clearest indicator of a city's short-term rental pricing power. Santanyí, Balearic Islands commands the highest Airbnb nightly rate in Spain at $519/night, generating $4,355/month at 50.2% occupancy. Markets with premium nightly pricing typically feature high-demand destinations where travelers pay a significant premium over hotel alternatives.
Airbnb occupancy rate measures the percentage of available nights actually booked — the most telling indicator of short-term rental demand in a market. l'Hospitalet de Llobregat, Catalonia leads Spain with 55.7% occupancy, $2,434/month revenue, and 834 active listings. Markets with the highest STR occupancy rates reflect strong, sustained guest demand — a critical signal for investors evaluating where properties will stay consistently booked year-round. This ranking is filtered to markets with 300+ listings to ensure statistical reliability.
How to Choose an Airbnb Investment Market in Spain
No single ranking tells the full story. The best Airbnb market for a given investor depends on their capital, risk tolerance, operating model, and income goals. The four ranking dimensions on this page — market depth, revenue, ADR, and occupancy — serve different investor profiles.
If you prioritize predictable cash flow, start with the occupancy rankings. Markets where occupancy exceeds 55% offer consistent bookings and lower vacancy risk. High-occupancy markets may not have the highest nightly rates, but their revenue stability makes them better suited for mortgage-backed investments where monthly debt coverage matters more than peak earnings.
If you're targeting maximum income per property, use the revenue rankings. Revenue is the product of nightly rate and occupancy — it captures the combined effect of both. The highest-revenue Airbnb markets in Spain tend to be destination cities where travelers stay longer and pay a premium for entire-home listings.
If you're evaluating luxury or premium positioning, the ADR rankings show where guests are willing to pay top dollar per night. High-ADR markets reward property upgrades, professional photography, and amenity investments. However, a high nightly rate with low occupancy may generate less income than a moderately priced listing that stays booked consistently.
If you want the deepest market data, the active listings rankings identify cities with the largest short-term rental supply. More listings mean more comparable properties for pricing, more data points for revenue projections, and typically a more liquid resale market if your investment thesis changes.
In all cases, check the regulation column before committing capital. A profitable market with high regulation may require permits, annual caps on rental days, or costly compliance steps that erode returns. Markets with low regulation offer faster time-to-market but may tighten rules as STR supply grows.
Short-Term Rental Regulation in Spain
Understanding the regulatory environment is critical for any Airbnb investment in Spain. Regulation affects licensing costs, annual operating limits, tax obligations, and the long-term viability of a short-term rental strategy.
Across the 100 markets ranked on this page: 0 have a low regulation profile (generally operator-friendly with minimal licensing requirements), 0 have medium regulation (some permit or registration requirements), and 100 have high regulation (strict licensing, annual rental day caps, or active enforcement). Markets with low regulation offer the lowest barrier to entry, while high-regulation markets may still be profitable — but require careful compliance planning and often limit the number of properties a single operator can manage.
AirROI classifies regulation as a market-level signal based on available ordinance data and platform registration patterns. This is not legal advice — always verify current local ordinances, as short-term rental rules can change rapidly, especially in high-growth markets where municipalities are actively responding to STR expansion.
How We Rank the Best Airbnb Investment Markets in Spain
This page ranks Airbnb markets in Spain across four dimensions that matter most to short-term rental investors and operators: market depth (active listings), revenue potential (monthly income per listing), pricing power (average daily rate), and booking demand (occupancy rate). Each ranking uses the same underlying dataset but sorts by a different metric, giving you multiple lenses to evaluate where to invest in Airbnb in Spain.
No single metric tells the full story. A market with high ADR but low occupancy may underperform one with moderate pricing and strong demand. Revenue captures the combined effect of rate and occupancy, while active listings signal whether a market has enough depth for reliable benchmarking and a liquid resale environment. We include regulation data alongside every ranking so you can weigh compliance risk before committing capital.
Ranking Methodology & Data Sources
Active Listings (TTM): The count of active short-term rental listings in each market over the trailing twelve months — a proxy for market maturity, data reliability, and investor confidence in Spain.
Monthly Revenue: Average gross revenue per listing per month — the bottom-line metric for evaluating Airbnb profitability in Spain and projecting cash flow.
Average Daily Rate (ADR): The mean nightly booking price across all active listings — the clearest measure of a market's short-term rental pricing power.
Occupancy Rate: Percentage of available nights booked — the demand signal that determines how much of your nightly rate converts to actual income. Occupancy rankings are filtered to markets with 300+ listings to exclude small markets with unreliable averages.
Regulation: An indicator of the local regulatory climate in Spain, from low (operator-friendly) to high (strict licensing and enforcement) — essential for assessing compliance risk.
All data is sourced from AirROI's proprietary analytics pipeline, which tracks 20,000,000+ properties across 190+ countries. Metrics are recalculated on a rolling basis using trailing twelve-month aggregates from active listings. For full methodology, see the data methodology page.
Frequently Asked Questions About the Best Airbnb Markets in Spain
These quick answers summarize the most common investor and operator questions using AirROI's latest market data for Spain.
What are the best places to invest in Airbnb in Spain?
Madrid, Community of Madrid leads this ranking for Spain with 15,479 active listings — the largest market by depth. Markets are ranked by listing count because deeper markets offer more comparable data, more pricing benchmarks, and a more predictable operating environment for investors. Each row also shows revenue, ADR, occupancy, and regulation so investors can evaluate based on what matters most to them.
Which market has the highest Airbnb revenue in Spain?
Santanyí, Balearic Islands posts the highest average monthly revenue in this ranking at $4,355. Revenue leaders often combine healthy rates, solid occupancy, and enough listing scale to support repeatable operations rather than one-off outliers.
Which market has the strongest Airbnb occupancy in Spain?
l'Hospitalet de Llobregat, Catalonia has the highest occupancy rate in this comparison at 55.7%. High occupancy can signal resilient demand, but investors still need to balance it against nightly rates, regulation, and supply depth before deciding where to buy or operate.
Is short-term rental investing still profitable in Spain in 2026?
The markets ranked here average 42.2% occupancy, and the top performer posts $4,355 in monthly revenue. Profitability depends on property acquisition cost, local operating expenses, and regulation compliance — but the data shows active, performing markets exist across Spain for well-researched investors.
How often are AirROI's top Airbnb market rankings updated?
AirROI updates these rankings using the latest market snapshot available in the dataset, which for this page is anchored to 2026. Rankings should be treated as current market intelligence rather than permanent truths because pricing, demand, regulation, and supply can all shift over time.
What metrics should I use to evaluate Airbnb investments in Spain?
The most important metrics for comparing short-term rental markets are active listing count (market depth and data reliability), occupancy rate (demand consistency), average daily rate (pricing power), monthly revenue (income potential), and regulation level (compliance cost and risk). This ranking sorts by market depth first; use the other columns to filter for the profile that fits your investment strategy.
What makes a good Airbnb market for first-time investors in Spain?
First-time investors in Spain should prioritize markets with high occupancy (55%+) and low regulation, which reduce the risk of empty calendars and compliance surprises. Markets with 200+ active listings also provide better benchmarking data and a more predictable operating environment. Revenue is important, but consistent demand is more forgiving for operators still learning pricing and guest management.
What is a good Airbnb occupancy rate in Spain?
Across the markets ranked here, the average occupancy rate in Spain is 42.2%. Occupancy above 50% is generally considered healthy for short-term rentals, and above 65% signals strong, sustained demand. However, the best occupancy rate depends on pricing strategy — some hosts maximize revenue by targeting fewer bookings at higher nightly rates rather than maximizing booking volume.
How does regulation affect Airbnb investment returns in Spain?
Regulation is one of the most overlooked risks in short-term rental investing. In Spain, 0 of 100 ranked markets have low regulation, 0 have medium, and 100 have high. High-regulation markets often require permits, limit annual rental days, or impose occupancy taxes — all of which reduce net returns. Low-regulation markets offer faster time-to-market and lower compliance costs, but rules can tighten as STR supply grows.
What is the difference between ADR and RevPAR for Airbnb investing?
ADR (Average Daily Rate) is the average nightly price guests pay, while RevPAR (Revenue Per Available Rental night) factors in both price and occupancy. A market with $200 ADR and 50% occupancy has $100 RevPAR — the same as a market with $125 ADR and 80% occupancy. RevPAR is a better single-number benchmark for comparing markets because it captures how effectively nightly rates convert to realized income. AirROI's city-level reports include RevPAR with percentile breakdowns for deeper analysis.
How many Airbnb listings does a market need to be investable in Spain?
Markets with fewer than 100 active listings can show volatile averages that do not predict future performance. The median market in this Spain ranking has about 991 listings. Larger markets (500+) offer more reliable data, more comparable properties for pricing, and typically a more liquid exit if you decide to sell. Smaller markets can still be profitable, but investors should treat the data as directional rather than precise.
How do seasonal and year-round Airbnb markets differ in Spain?
Seasonal markets in Spain experience dramatic swings in booking demand — often earning 60-70% of annual revenue in just 3-4 peak months. Year-round markets deliver steadier cash flow with lower peak-to-trough variation. Investors who need predictable monthly income should prioritize high-occupancy markets with low seasonal variance, while those comfortable with cash-flow timing can target seasonal markets where peak rates compensate for off-season softness.
About AirROI Market Data
AirROI tracks over 20 million properties across 190+ countries and maintains 15+ years of historical performance data, making it one of the deepest Airbnb and STR intelligence platforms available. The analytics pipeline aggregates listing-level data monthly — revenue, occupancy, nightly rates, RevPAR, guest demographics, booking patterns, and competitive supply — so investors and operators can benchmark any market against its own history and against neighboring destinations.
Real estate investors, property managers, financial institutions, hospitality consultants, and academic researchers rely on AirROI data to underwrite acquisitions, optimize pricing, model macro trends, and conduct peer-reviewed research. Data is available through in-depth market reports, the data portal for bulk downloads, the Airbnb API with 22 endpoints, and an Airbnb MCP Server for AI agents.
All metrics reflect trailing twelve-month aggregates from active listings as of 2026-05-04. Revenue figures are market averages, not projections. For full methodology, see the data methodology page.
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