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Going on holiday in Spain is up to forty percent cheaper than it was last year, according to a report by the Holiday Costs Barometer. The group that tracks the prices of popular tourist destinations found that prices have crashed in many of the top spots for guests from the UK.
Spain and Portugal led the pack with Holiday villas in Spain going for unheard of prices. The decline has been attributed almost entirely to the housing crisis in both countries. Spain in particular has not yet recovered from the unprecedented declines of 2008 and 2009. The housing market has experienced sales declines of up to 50 percent in some regions.
As a result, housing prices have plummeted and once popular resort areas are finding it extremely difficult to sell homes to foreigners. Along with France, Spain is the most popular vacation spot for tourists from the UK. Hundreds of thousands of residents actually own vacation homes in these countries.
Fortunately, tourism in Spain is picking up again. September was the fifth consecutive month of increases in international arrivals. More than half of the 5.2 million guests came from either Germany or the UK.
Though the UK has been slow to recover from the recession, residents are finally travelling abroad again. With 1.46 million arrivals in September, they were the most frequent guests to Spain.