Madrid solidifies its position as Europe's luxury tourism powerhouse
Madrid is experiencing an unprecedented boom in its tourism sector, cementing its status as a top-tier destination for luxury travel, shopping and high-end business events.
Madrid welcomed nearly 9 million international tourists in 2024, marking a growth of more than 12 per cent over the previous year and achieving the best figure ever recorded for the region. This influx of visitors resulted in total spending exceeding €16 billion, a 20 per cent increase year-over-year.
The Spanish capital's economic vitality is strong, contributing almost 20 per cent to Spain's national GDP and attracting over 60 per cent of all foreign investment into the country. Visitors are drawn primarily for leisure and vacation, with a remarkable 100 per cent of surveyed tourists stating they would recommend the destination to friends and family.
Madrid is heavily investing in its luxury infrastructure, positioning itself as a seven-star destination.
Luxury hotel boom
The city currently boasts 1,100 hotels with nearly 60,000 rooms, with a significant portion in the high-end and luxury categories. Recent iconic openings include the Four Seasons Madrid, Riu Plaza de España and Le Méridien Madrid.
Classic properties have undergone major luxury renovations and rebrands, such as the Mandarin Oriental Ritz (formerly the Ritz Hotel) and the Rosewood Villa Magna. Future openings slated for the coming year include Nobu Madrid and Soho House.
Retail, gastronomy
Madrid was the third European city with the highest growth in luxury sales, which have increased by over 80 per cent. This growth is supported by a world-class culinary scene, which is ranked among the top seven globally. Madrid boasts 35 total Michelin stars, spread across 29 starred restaurants as of 2024.
Middle East market
Madrid continues to dominate the business tourism sector, having been named the Best MICE Destination in Europe for the eighth consecutive year at the 2025 World Travel Awards.
The connection to the Middle East is a key driver for growth, with the city offering flights to 19 destinations in the region. Over 630,000 travellers from the Middle East landed in Madrid in 2024. Tourists from this market spend an average of nearly €1,200 per visit, driven by the appeal of the city's shopping, gastronomy and reputation for being a very safe destination.
Madrid's expansive metro network is the second largest in Europe, ensuring high mobility within the city, which also features a significant amount of green space, with almost 40 per cent of its surface area dedicated to parks and public greenery.