Malaga will ban new short-term tourism rentals in 43 neighbourhoods of the city, the latest step taken by Spanish authorities to address residents’ concerns that they are being priced out of the property market by the booming tourism business.
The city in southern Spain joins other cities in cracking down on short-term rentals, including Barcelona, which plans to scrap licences for tourist rentals by 2028.
Residents protesting against high rents and a lack of long-term supply blame it on the proliferation of short-term renting on platforms such as Airbnb (ABNB.O), opens new tab and booking.com and an a influx of foreigners choosing Malaga as a base for remote work.
Over the past decade, Spain has experienced a rise in demand for rental homes from migrants and low-income families, according to recent figures from the Bank of Spain. Landlords, however, often prefer renting to tourists because of better returns.
Read the full article at reuters.com
Recent Comments