FT: Are Airbnb Investors Destroying Europe's Cultural Capitals?
Financial Times survey on short-term lease rise.
Lisbon, Barcelona, Florence and Athens are some of the cities in southern Europe that the Financial Times is examining in their research on rising short-term leases and the impact on rising property prices.
As the report says, platforms such as Airbnb and Homeaway have been investing heavily in these European countries since 2012 which were trying to recover from the crisis that hit the eurozone. For its part, Airbnb claims it has created new economic opportunities for millions of Europeans and, according to its estimates, just added $ 100 billion to the global economy last year. In fact, several investors reportedly bought and renovated historic buildings that were in danger of collapse.
Airbnb in Athens
According to the FT, with the onset of the 2012 crisis and the financial difficulties faced by many Athenians, they saw Airbnb as an opportunity to save their property from high taxes and mortgages. According to Professor Aris Kalandidis of Manchester Metropolitan University, there is now a change: "International investors have moved here and started buying real estate with non-performing loans from Greeks" and added that there is now a change in the Airbnb market as there are now few investors who own from 100 to 1000 properties in Athens.
Airbnb, for its part, denies these numbers, citing that there is no owner in Athens holding 1,000 listings. According to platform data, 83% of Athens host accounts have placed only one apartment or house on the platform. "We take local concerns seriously and continue to work with everyone to ensure that short-term home leases continue to develop in a responsible and sustainable manner, as we have already done with over 500 governments and organizations around the world," Airbnb underscores.