|
|
|
|
|
by lurk2
191 days ago
|
|
> A core problem is that an influx of tourists hits the housing supply. This is the explanation these activists rely on and it’s cribbed directly from posts I was reading on /pol/ ten years ago. While it sounds plausible, I’ve never found it to have any basis in empirical reality. Tourist accommodation represents a negligible proportion of dwellings outside of resort towns, and in resort towns the whole economy is based around tourism. Some people might object to tourism changing the character of the cities they live in, but their primary objection is cultural, not economic. If you look at the signs you see in Latin America (“Expat? No! You are an immigrant!” and “Speak my language!”) or the graffiti in Barcelona (“Tourists go home, refugees welcome.”) it becomes fairly apparent that most of these people don’t have coherent objections at all, they just resent people they perceive to be wealthier than themselves; this is why the refugees are not targeted, despite their having had far greater impacts on housing markets in Latin America and cultural cohesion in Europe. |
|
Estimates of course vary, but there are estimates that 60% of the total housing stock is owned by foreigners [0] and in 2024, >40% of all houses sold were bought by foreigners. [1] (It's also worth noting that [1] suggests foreigners purchased >20% of houses sold in Valencia, the Canary Islands, Murcia, and Catalonia, so this isn't limited to Mallorca.)
If these numbers are even close to accurate, this would be your empirical reality, and such numbers would certainly by sufficient to drive demand, shortage, and price increases.
[0] https://www.falcrealestate.com/en/magazine/property-market-t...
[1] https://humansofmallorca.com/balearics-lead-spain-for-homes-...