Latest figures from the Balearic Statistics Institute (Ibestat) indicate that the average daily rate for hotels in the Balearics has risen by 26.7% since 2019.
Based on prices for May, Ibestat points to an 8.7% rise compared with the same month last year. The average daily rate for May was 104.5 euros, with the rate for five-stars having been 288 euros.
Ibiza and Formentera recorded the highest increases - 29% more than before the pandemic in 2019. In Mallorca the increase was 26.9%; Menorca was 21.4%.
For the whole of the Balearics, revenue per available room was up 21% compared with May 2022 and 33% compared with 2019 - 77 euros in 2023 as opposed to 58 euros in 2019.
The increases are partly attributed to a general raising of standards and quality. There are more luxury and superior category hotels than ever.
The secretary general of the Alianza Hotelera, Fernando Gallardo, says that the consolidation of tourism recovery since the pandemic is being supported by an increase in spending that will become more established as the luxury offer increases. "The supply of luxury hotels is growing in the Balearics and throughout Spain. They are viewed as a valuable product, which will eliminate the stigma of a cheaper destination."