Madrid room prices soar 2,000 per cent for Champions League final
Residents of Madrid are set to rake in thousands of pounds by renting out their homes – often with the families still living there! – for the Champions League final between Liverpool and Tottenham on June 1st.
Hotels have confirmed they expect occupancy to rise to as high as 98 per cent, with prices going through the roof.
But people living near the Wanda Metropolitano sta-dium are offering a “cheaper” alternative which will save the day for the thousands of supporters travelling to Spain from the UK whilst lining their own pockets at the same time.
One room just a ten minute walk from the ground is being advertised for 1,200 euros, even though the bed is an inflatable mattress! Another apartment of 90 square metres is available for around 6,000 euros whilst a room in a shared house is 925 euros.
If you don’t mind travelling, attic accommodation for five people is available in Barajas for 1,450 euros and the price gets cheaper the further you go away from the stadium.
Spanish newspapers are describing the pricing situation as “madness” but the offers ARE being snapped up within days of being advertised on the internet.
Owners are demanding contracts, identity papers, bonds and deposits and in some of the cases, say guests will have to share the accommodation with the families who have no intentions of moving out – but they will help show them the sites of the city.
Hotels and tourist apart-ments have multiplied their prices by up to 2,000 per cent for the finals and in the very top hotels, a night is as much as 3,500 euros, provided there is still one available.
Hotel leaders say that in all types of accommodation, occupancy will not fall below 90 per cent, with the average expected to be 95 per cent despite the prices.
The average occupation for Friday, May 31 is 95 per cent, while for Saturday, June 1, it is 96 per cent.
The Hotel Business Asso-ciation of Madrid admits that the establishments are at “market highs” and that there has been price increases but does not specify how much they have increased. In the last five finals of the Champions, the RevPAR of the hotels in the cities that hosted the event grew by an average of 200 per cent.
Even owners and hoteliers admit the prices are “exorbitant” and have grown because none of the teams in the final is Spanish. Therefore, fans have no choice but to travel to Spain and spend at least one night in Madrid.