UK move to start vaccinations next week expected to boost hotel and restaurant revenues and property sales on Spain’s Costa del Sol
The UK announced today that the country plans to begin vaccinating against Covid-19 next week. Quartiers’ CEO Marcus Johansson Prakt considers it particularly positive that the UK is the first country to approve the Covid-19 vaccine following extensive trials. According to Quartiers’ CEO, the older target group, which is being prioritised for the vaccine, tends to visit the Company’s apartments during the January to May period.
Quartiers, listed on Nasdaq First North in Stockholm with operations in Spain’s Costa del Sol, welcomes the news and regards this as a decisive initial step that will help the Malaga region out of the current crisis. According to AECHOS, the regional association for the hotel and restaurant sector, the number of British guests in the province of Malaga declined by 96.9% in October 2020 compared with October 2019. The Company has managed to maintain a healthy level of sales despite this development. For example, Boho Club noted an occupancy level of 64.1% in October 2020 compared with the average for the Municipality of Marbella for the same period of 18.4%. The launch of new creative restaurant concepts has boosted food and drink sales as well, with an increase of 23.2% in October 2020 compared with the year-earlier period.
The British market previously dominated as the single largest international target group for property purchases, as well as for hotels and restaurants. Following the restrictions introduced in both Spain and the UK, the British market essentially disappeared.