Opinion And Analysis

Madrid is the European capital where Airbnb rents most flats

By Silvia Castro Betancourt 0 Comments NEWS, Opinion And Analysis

This article was written in Spanish and was converted into English via Google Translate. The original article can be found here.

Despite the new regulations that are being carried out in Spain to restrict the use of Airbnb, the home-share portal has registered a 67% growth for 2017, according to a study prepared by Colliers International EMEA in collaboration with The Hague Hotelschool.

Users of the Airbnb service in Madrid, as well as in London, Paris, Amsterdam, and Berlin usually spend a short time in the selected destination. Of all these cities, London has the highest number of overnight stays, with 6,703,337 during the past year compared to 2,155,362 in Spain. Madrid and Berlin are the cheapest destinations, with offers under 50 euros.

A common phenomenon in Madrid and Barcelona, compared to the rest of the main European cities, is that Airbnb activity is very concentrated in the downtown neighborhoods. The three most popular neighborhoods for Airbnb customers in Madrid were Centro, Arganzuela and Chamberí, which accounted for 72% of the reservations. In Barcelona the preferred locations were the Eixample, Ciutat Vella and Sants-Montjuic, with 71% of the overnight stays.

Users prefer to reserve the entire apartment instead of a private room and only 1% of users chose to share a room in both cities. The average prices per night in Barcelona are above those of Madrid in all types of accommodation, from 34 euros for a shared room to 299 euros for a house with 4 bedrooms, compared to the respective 29 and 271 euros Madrid.

The effect of the measures against Airbnb

For its part, the Barcelona market shows clear signs that it has reached maturity, with a growth of 15%, which is well below the main European cities, accumulating 3 million overnight stays and a market share of 13.2%.

One of the main reasons that growth has slowed down in Barcelona is due to the new regulations imposed on Airbnb in order to fight against illegal flats, gentrification of neighborhoods, the significant increase in rental prices and mass tourism. The Catalan capital has been a pioneer in carrying out these measures, which will soon be extended to other cities.

The restrictions that are expected soon in Madrid "will have a significant impact on the supply of tourist flats, mainly in the Central District, from its entry into force scheduled for the end of this year," according to Colliers International.

This article was written in Spanish and was converted into English via Google Translate. The original article can be found here.

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