In Spain as well as other favorite tourist destinations, Airbnb and other short term rentals have dramatically affected the real estate markets in these crowded areas. Local residents get priced out of the market due to investors buying up homes in desirable areas and renting them out to tourists. Barcelona is so fed up with this that they are banning all Airbnb and other short term rentals by 2028. They believe that residents deserve the chance to own their own home in the area they grew up in and not get priced out of the market by real estate investors.
|