Short-term rental boom sends European house prices soaring

VTV.vn - House prices in the European Union have increased by an average of 50% over the past decade. In particular, in countries like Hungary, prices have increased by 209.5%.

One reason is the boom in short-term rentals, which has attracted both small investors and large real estate companies. Several European newspapers have written articles on the subject in October.

The German newspaper Berliner Morgenpost recalls the time when the short-term rental platform AirBnB was first founded in 2007. At that time, the first two hosts let three guests stay overnight in their homes. It was a temporary rental in a real apartment when the resident was away or had a spare room. Today, short-term rental platforms have become a "billion-dollar business" where guests hardly ever meet the hosts anymore, and instead, the apartments are run by professional investors.

Short-term rentals often mean a much higher income for the homeowner or investor than long-term rentals, possibly 2 to 3 times more. As a result, many locations are converted from long-term rentals to short-term rentals, leaving local residents without long-term accommodation.

Protests have appeared in many big cities, the conflict between the need for housing of local people and the right to exploit the property of investors is increasing. Even in some places in France, instead of installing a key box for guests right on the door, some homeowners have to hang it on their bicycles, now here, now there, where the locals pay little attention, and then report the location for customers to find. Customers pay money to buy a legal service but have to go looking for the key as if doing something shady. All just to avoid the dissatisfaction of the locals.

Not only in Spain, France, Germany, the world's top tourist destinations, short-term rental activities are booming across the European Union. In the article titled "European Union proposes regulations on short-term rentals to combat social housing crisis" of the Guardian in the UK, it is written: From 2010 to 2023, rents in Estonia increased by 211%, in Ireland by 98%.

Due to the urgency of the issue, the European Commission will soon publish its “Affordable Housing” plan by the end of this year instead of next year as originally planned. It may require developers to set aside a certain percentage of their budget for affordable housing.

Source: https://vtv.vn/bung-no-thue-nha-ngan-han-khien-gia-nha-chau-au-leo-thang-100251102102620327.htm