The Bank of the Republic stated that Colombia had had favorable growth in tourism because, at the end of 2023, it had a record income of $9 billion from air passenger transportation and travel, which means a growth of 22.4 percent compared to 2022.

For the first half of 2024, the WTTC and ForwardKeys estimate that the number of international tourists visiting the Andean country will increase by 24 percent over the same period last year. Thus, Colombia will rank third among Latin American countries with the highest growth in international tourist arrivals.

The figure also shows a 70 percent growth compared to 2020, which shows a great recovery of tourism after the challenges faced by the sector due to the pandemic.

The Minister of Commerce, Industry, and Tourism, Germán Umaña Mendoza, assured that this increase "is related to the record arrival of non-resident visitors in 2023. This implied for our economy a greater consumption and spending dynamics in the sectors associated with tourism, and had a very positive effect on the territories visited."

Migration Colombia reported that the arrival of non-resident visitors was more significant than 5.8 million. This means a growth of 26.6 percent compared to 2022. While non-resident foreigners constituted 64.3% of the total, with 3.8 million arrivals, marking an increase of 26.2 percent. One-and-a-half-million Colombians residing abroad returned to their country last year. This represents 26 percent.

A busy scene in Cartagena, Colombia. (Photo Credit: Valentin Fuentes)

Concerning air connections, Colombia ranked in the top three Latin American countries with the most significant air capacity. 28 airlines connected 11 Colombian cities with 28 countries and 51 international cities. In 2023, more than 64,600 frequencies and more than 11.8 million seats were registered.

Spain (+32 percent), the United States (+27 percent), and Canada (+22 percent) are the issuing countries that represent the highest growth among foreign markets compared to the same period in 2023.

Nice Market Selection

Virginia Messina, Senior Vice President of the WTTC, said, "Colombia continues demonstrating its resilience and the power of public-private collaboration in the Travel & Tourism sector. Positive figures demonstrate its consolidation as a global benchmark tourism destination."

According to Olivier Ponti, VP of Insights ForwardKeys, the extraordinary results Colombia expects to experience reflect the success of its marketing strategy based on decision-making through data solutions. "These achievements are the fruit of coordinated work between the public and private sectors, evidencing the nation's ability to leverage information and market trends intelligently," he said.

"Colombia demonstrates quantitative growth and a strategic selection of source markets such as the U.S. or Spain. The positive results boost the tourism sector and contribute significantly to economic growth and employment, marking a milestone for the country in the international arena" added Oliver Ponti.

San Andres Island, Colombia. (Photo Credit: Valentin Fuentes)

It is worth noting that Medellin and Cartagena were the urban destinations with the highest bookings for international arrivals during the first half of 2024, with increases of 57 percent and 34 percent, respectively, compared to last year.

Travel from Colombia is forecast to increase 31 percent year-on-year in 1H2024. The United States (+40 percent), Spain (+26 percent), and Mexico (+17 percent) will be the leading destinations for Colombian travelers.

As of 2022, Colombia's Travel and tourism sector exceeded its contribution levels to national GDP relative to pre-pandemic levels, with a contribution of US$14.9 billion, 2.6 percent above 2019.

Similarly, in employment levels, the sector accounted for 1.25 million jobs, or 5.6 percent of total employment in the country, exceeding 2019 levels by 2.6 percent.

Other Benefits

Germán Umaña Mendoza assured that "[Colombia is] one of the preferred Latin American destinations for tourism, managing to position not only the consolidated offer of coastal marine and nature tourism but also gastronomic, cultural, and community experiences."

The increase in the influx of tourists has benefited conventional destinations and generated a boom in the short and vacation rental sector.

According to a recent Pricelabs report, there are more than 119,000 listings for rent for this type of accommodation in Colombia. And they are estimated to generate more than US$610 million in revenues during 2023.

Under this encouraging outlook in the country, the Colombian Association of Tourism Service Providers through Digital Platforms (Asohost) forecasts that during 2024, the short and vacation rental industry will grow 7 percent and reach a turnover of more than US$650 million.

Cartagena, Colombia. (Photo Credit: Valentin Fuentes)

"Tourism has become the key reactivator of the Colombian economy, being a dynamic source of income and employment. In 2021 alone, spending by guests who booked accommodations using Airbnb contributed more than US$554 million to GDP, generating around 64,000 jobs in the country and driving the growth of other sectors such as gastronomy, transportation, and commerce, which recorded revenues related to this industry of US$274 million," points out the association's director Juan Camilo Vargas.

He also highlights that Colombia is the 14th country in the world regarding short and vacation rentals, with 119,499 listings. While the demand for this industry has been increasing in the country, it has also significantly increased the supply, with Medellin being the city with the most significant rental properties for this sector, with more than 27,151 properties, followed by Bogota (18,097), Cundinamarca (11,383), Bolivar (10,758) and Valle del Cauca (8,568).

"The competitiveness of prices of short and vacation rentals in Colombia compared to other countries has made it a beautiful destination for tourists, especially foreigners from dollarized economies. This, added to the regulation with which it is at the forefront of market needs, has positioned the country as a benchmark in Latin America, which opens up opportunities for international investment and business development," says Vargas.

By 2024, the National Government stated that its goal is to have close to 6 million non-resident tourists arriving in the country (4.3 percent more than in 2023), and from then on, between 4 and 6 percent annual increase. This optimistic growth forecast shows how short and vacation rentals will continue to gain ground in the country.