Latest / STR Unpacked / One In Eight. Gone.
Transcript
- Ben: Good morning and welcome to your short-term mental bulletin on the 20th of August. So Spain has lost one in eight of its short-term rentals, and the rest of Europe is just putting the prices up. So to dive into this a little bit, Airbnb's European Review for July, published last Friday, has Spain's active listings down 12.5% year on year. 365,000 nights stayed. So down 11.8%. New bookings down 14.5, and Spain is alone in this. France nearly added 4% to its listings, Italy 3.6%, and the UK 3.4, Germany 3.1, and yet Spain is shrinking. ⁓ that's the registration regime doing what the registration regime was designed to do. And on Thursday, Barcelona went further. The city's government commission approved a five-fold increase in In the funds that it pays residents associations to ban tourist flats in their buildings from €56,000 to €256,000, up €2,500 per building for new statues and 1,500 to amend existing ones, covering half the notary and land registry costs. The first round drew more than 80 applications. With a 30% above forecast, and the window runs to the 31st of December. Deputy Mayor Jordi Valls was blunt. The aim is to contribute to eliminating tourist flights in the city. So Barcelona very much still intends to end more than 10,000 licenses by 2028. Now, the contrast of this is Europe-wide in July. Occupancy was flat at 69.2%, down a fraction. ⁓ But average daily rate rose 8.2% to 159 euros per night, and the red par rose 7.7. So the rate is doing all the work. And the forward book agrees September is pacing 6.9% ahead of demand with rates nearly up 13%, October 6% ahead with rates over 14%. So Regulation is removing supply while demand holds and the pricing power builds. So if you're compliant in Spain, you're competitive, set just to get smaller. Everywhere else, September, October, not shoulder season this year, price some light peak. Scarcity really is the only thing that pays, and operators who are still legal when it arrives are really going to benefit from this. So thank you for watching, and I'll see you tomorrow.