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1.52 billion international trips in 2025 and Vietnam 17.8% above its 2019 peak. Who won the rebound, who lags – and what it means for holiday homes.
The world logged around 1.52 billion international tourist arrivals in 2025, up 4% on the year and back on its pre-pandemic growth path. Vietnam welcomed 21.2 million international visitors – 17.8% above its 2019 peak. Dubai set a record for the third year running and southern Europe was busier than ever, while Thailand remained about 17% below 2019. For investors, visitor flow is the foundation under short-let income and under the branded-residence model.
Source: UN Tourism, World Tourism Barometer (Jan 2026 and Jan 2021); Vietnam National Authority of Tourism via VnEconomy; Dubai Department of Economy and Tourism (DET)
Six years ago the industry's question was whether international visitors would ever come back. By 2025 the question had changed: they're back, but where are they choosing to go? The recovery has been anything but even. Some destinations have sailed past their old peak; others are still stuck below 2019.
For a family weighing a holiday apartment in Da Nang, Phuket, Dubai or Athens, that difference is not a statistical footnote. Visitor numbers drive occupancy, nightly rates and how well an asset holds up when the market turns. Here are the numbers side by side, chart after chart.
From the 2020 Collapse to a New Record
According to UN Tourism, the world lost about a billion international arrivals in 2020 – a 74% fall from 2019, in what the agency called the worst year in tourism history. Asia and the Pacific fell by 84%, because the region kept its borders shut longer and tighter than anywhere else.
Vietnam fell furthest in this group. From 18 million arrivals in 2019 it dropped to 3.84 million in 2020, then close to zero in 2021. Dubai fell least, having reopened in mid-2020 and welcomed European travellers as soon as flights resumed.
Five years on, the order has flipped. UN Tourism estimates 1.52 billion international arrivals in 2025, almost 60 million more than in 2024. Europe received 793 million, about 6% above 2019, and the Middle East was 39% above its pre-pandemic level. Asia and the Pacific was still about 9% short of 2019, despite growing 6% in the year.
Vietnam: From Near Zero to 21 Million
Vietnam's recovery curve is one of the steepest in the region. After a near-empty 2021, arrivals climbed to 3.66 million in 2022, 12.6 million in 2023, 17.6 million in 2024 and 21.2 million in 2025 – the first time the country crossed 21 million.
The Middle East was 39% above its pre-pandemic level, while Asia and the Pacific was still about 9% short of 2019.
View data table
| Item | Value |
|---|---|
| 2019 | 18 |
| 2020 | 3.84 |
| 2021 | 0.16 |
| 2022 | 3.66 |
| 2023 | 12.6 |
| 2024 | 17.6 |
| 2025 | 21.2 |
Source: Vietnam General Statistics Office / National Authority of Tourism, via VnEconomy, VOV and DTiNews
Visa policy did the heavy lifting. Longer e-visas and a wider visa-waiver list pulled nearby markets back fast. China returned to the top spot with more than 5.28 million arrivals, up 41.3%, and South Korea came second with more than 4.33 million. Asia supplied 78.6% of all visitors; Europe sent about 2.8 million.
The momentum has carried into 2026. In the first eight months of this year Vietnam received 15.9 million international arrivals, up 14.4% year on year, against a full-year target of 25 million. These are provisional monthly figures, so the final total may differ.
Who Beat the Old Peak, and Who Is Still Behind
Set 2025 against 2019 and destinations fall into two clear camps. Portugal, Greece and Malaysia are all more than 20% above pre-pandemic levels. Vietnam, Dubai and Spain are up between 16% and 18%. Thailand, by contrast, is still about 17% below 2019.
Thailand is the reminder that recoveries aren't straight lines. It received 35.5 million arrivals in 2024 and looked set to reclaim its old peak. Instead 2025 fell 7.23% to 32.97 million: Chinese arrivals dropped 33.55%, while a strong baht, border clashes with Cambodia and floods in the south all weighed in. A market leaning heavily on one source country carries the matching risk.
Scale is a separate story. Spain received 96.8 million visitors in 2025, more than four times Vietnam's total. Greece welcomed almost 38 million, close to double Vietnam's total. Fast growth and sheer size are different things, and an investor needs to read both.
Visitors and Holiday Property
International visitors are the real demand behind a short-let apartment or a hotel-branded residence. Dubai shows it most plainly: with 19.59 million overnight visitors in 2025, average hotel occupancy reached 80.7% and the average daily rate rose 8% to 579 dirhams. When a city is full, a residence run by a hotel brand has a clear edge, because it sells through the same global booking engine.
When visitors crowd in and housing gets scarce, governments tend to tighten the rules.
Busy isn't enough on its own. Greece deserves a careful read: record arrivals, yet since 2024 it has banned short-term letting of properties used for its golden visa. When visitors crowd in and housing gets scarce, governments tend to tighten the rules – strong demand often brings stricter regulation with it.
In Vietnam, the story is the coastline. Da Nang, Hoi An, Ho Tram and Phu Quoc benefit directly as flights from Korea, China and Taiwan return in force. Projects such as Nobu Da Nang and Hyatt Regency Ho Tram are bets on exactly this flow, pairing an international brand with coastal leisure demand.
Reading the Numbers With a Cool Head
Every country counts visitors its own way. Malaysia reports "visitors", including same-day crossings from Singapore, so its 42.2 million can't be compared directly with Dubai's "overnight visitors". Greece uses the central bank's border survey, Portugal counts non-resident tourists, and Vietnam counts entries. The fair comparison is each country's growth against its own past, not raw totals across borders.
UN Tourism's global figures are also preliminary and are usually revised once countries file final data. The 2026 number is, for now, only a forecast of 3–4% growth.
A practical strategy for Vietnamese investors
Look at where visitors come from, not just how many. A destination with a broad mix of source markets holds up better when one big market suddenly drops, as Thailand found with Chinese visitors in 2025.
Check the letting rules before you buy. In Greece, Portugal and many European cities, short-let rights can be restricted. A branded residence such as The Standard Residences Bangtao in Phuket usually comes with a clearer operating model than a self-managed flat.
Balance home and away. Central Vietnam's coast draws on Asian visitors. A Dubai asset such as Binghatti Mercedes-Benz Places draws on Europe and South Asia – two source markets that don't move on the same cycle.
Frequently asked questions
Has international tourism fully recovered?
Globally, essentially yes: 2025 saw 1.52 billion arrivals, above 2019. Asia and the Pacific, however, is still about 9% below its pre-pandemic level.
Has Vietnam passed its 2019 level?
Yes. Vietnam received 21.2 million international arrivals in 2025, about 17.8% above 2019, and the first eight months of 2026 were up another 14.4%.
Do more visitors mean higher rental yields?
Not necessarily. Yield also depends on the purchase price, running costs, letting rules and new room supply. Visitor numbers are the foundation of demand, not a promise of returns.
NAC strategic insight
These numbers show that international travel hasn't just recovered – it has changed direction. The Middle East, southern Europe and Vietnam are the clearest winners, while markets reliant on a single source country have seen their exposure. For an investor, a good holiday property needs more than a beautiful beach: it needs a diverse visitor base, a trustworthy operating brand and clear letting rules.
NAC helps Vietnamese families read each destination closely – source markets, letting rules, running costs – before committing capital. If you're weighing a leisure property at home or abroad, book a consultation with NAC.
Sources
- UN Tourism — International tourist arrivals up 4% in 2025, via Hospitality Net (2026)
- UNWTO — 2020: Worst year in tourism history, via Hospitality Net (2021)
- VnEconomy — Vietnam welcomes 21.2 mln foreign tourists in 2025 (2026)
- Gulf News — Dubai tourism hits record as 19.59m international visitors arrive in 2025 (2026)
- INE Spain — FRONTUR, December 2025 (2026)
- Cover: the Golden Bridge, Ba Na Hills, Da Nang. ". Ray in Manila", Wikimedia Commons, CC BY 2.0
