Study reveals that holiday rentals have a positive effect on local communities

Just a week ago, Spain’s National Commission on Markets and Competition (CNMC) announced that it would be challenging the decision of the cities of Madrid, Bilbao and San Sebastian to limit the activity of accommodation websites. And this week, in a report published on Monday, the watchdog – an autonomous public entity that “promotes and defends proper functioning of all markets, in the interest of consumers and businesses,” according to its website – released a report in defense of holiday rental platforms offering accommodation in Spain.

Perhaps most striking of all is the CNMC’s claim that holiday rentals have NOT pushed up the price of housing

Lower costs for those seeking short-term rentals; a chance to earn money for owners; a dynamic effect on the economy given the greater competition; the empowerment of the consumer… These are just a few of the pros that the CNMC has found thanks to the boom of sites such as Spain-Holiday.com.

The regulator only sees “possible” downsides, such as an increase in noise and disturbances for neighbours. But even these elements are played down in the report.

Perhaps most striking of all is the CNMC’s claim that the holiday rental industry has not pushed up the price of housing, whether in terms of rents or purchases. “There is no conclusive evidence,” states the text, “although if there has been a general rise of house prices in Spain in recent years, this is due to a confluence of economic factors. […] No evidence exists of a direct and exclusive relationship between the supply of tourist housing and property prices.”

The CNMC report dedicates just a page to the cons of the holiday rentals, with four pages listing the benefits. The “innovation” of digital platforms, the report says, has brought a series of advantages. These include, according to the report, a greater range of accommodation for users, and as such lower prices; better information for consumers; new income streams for property owners; and the promotion of tourism, with a “positive effect for local businesses.”

 

The full report is available (in Spanish) here

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