Latest news with #BancoDeEspaña
The Independent
4 days ago
- Business
- The Independent
Spain warns against housing ‘free for all' over Airbnb threat
The Spanish government has ordered Airbnb to remove almost 66,000 holiday rentals from its platform for violating local regulations, including failing to list license numbers or specifying the apartment's owner. Consumer Rights Minister Pablo Bustinduy said that Spain 's economy and housing market are not a 'free for all' and that there is a correlation between the rise of short-term rentals like Airbnb and increasing housing costs. A recent Bank of Spain report indicated a shortfall of 450,000 homes in the country. Barcelona announced plans last year to close all 10,000 apartments licensed as short-term rentals by 2028 to protect housing for full-time residents. Airbnb is appealing the decision to remove the 66,000 homes, asserting it connects property owners with renters but doesn't have oversight obligations.
The Independent
4 days ago
- Business
- The Independent
Spanish government's tourism warning after Airbnb ordered to remove thousands of rentals
The Spanish government has recently taken a firm stance against Airbnb, signalling that the country's economy and housing market are not a "free for all" where profit trumps regulation, a minister has said. Last month, authorities ordered Airbnb to remove almost 66,000 holiday rentals from its platform, citing violations of local regulations. These violations included failing to list license numbers, listing incorrect numbers, or not specifying the apartment's owner. Airbnb is currently appealing the decision. Spain, a popular global tourist destination, hosted a record 94 million international visitors last year. However, cities like Madrid and Barcelona are grappling with housing affordability issues, leading to increased resentment towards short-term holiday rentals, with Airbnb being a primary target of criticism. The Spanish government says the two are related: the rise of Airbnb and other short-term rental companies, and rising rents and housing costs. 'Obviously there is a correlation between these two facts,' Consumer Rights Minister Pablo Bustinduy told the AP. 'It's not a linear relation, it's not the only factor affecting it, there are many others, but it is obviously one of the elements that is contributing.' A recent Bank of Spain report said the country has a shortfall of 450,000 homes. In the tourist hot spots of the Canary and Balearic Islands, half the housing stock is tourist accommodations or properties owned by nonresidents, the report said. ' Tourism is for sure a vital part of the Spanish economy. It's a strategic and very important sector. But as in every other economic activity, it must be conducted in a sustainable way," Bustinduy said. 'It cannot jeopardize the constitutional rights of the Spanish people. Their right to housing, but also their right to well-being.' The country has seen several large protests that have drawn tens of thousands of people to demand more government action on housing. Homemade signs including one that read 'Get Airbnb out of our neighborhoods' at a recent march in Madrid point to the growing anger. 'A balance must be found between the constitutional rights of the Spanish people and economic activities in general," Bustinduy said. Regional governments in Spain are also tackling the issue. Last year, Barcelona announced a plan to close down all of the 10,000 apartments licensed in the city as short-term rentals by 2028 to safeguard the housing supply for full-time residents. Airbnb said that while its appeal goes through the courts, no holiday rentals would be immediately taken down from the site. In response to Spain's order, Airbnb has said the platform connects property owners with renters but it doesn't have oversight obligations, even though it requires hosts to show that they are compliant with local laws. Bustinduy said Spain's recent action reflects a desire in Spain, but also elsewhere, to hold tech companies like Airbnb to account. 'There is a battle going on about accountability and about responsibility,' Bustinduy said. 'The digital nature of these extraordinarily powerful multinational corporations must not be an excuse to fail to comply with democratically established regulations.' Bustinduy, who belongs to the governing coalition's left-wing Sumar party, dismissed the idea that the Spanish government's action toward Airbnb could discourage some tourists from visiting. 'It will encourage longer stays, it will encourage responsible tourism and it will preserve everything that we have in this wonderful country which is the reason why so many people want to come here," he said. The minister also took a shot at low-cost airlines. Spain has pushed against allowing such airlines to charge passengers for hand baggage. Last year, it fined five budget airlines, including RyanAir and easyJet, a total of $179 million for charging for hand luggage. 'The principle behind these actions is always the same: preserving consumer rights,' Bustinduy said. 'Powerful corporations, no matter how large, have to adapt their business models to existing regulations.'
Yahoo
30-05-2025
- Business
- Yahoo
Inflation in Spain falls to 1.9% in May in line with ECB targets
Inflation in Spain fell in May to 1.9%, but the underlying inflation index remains above the price stability level, at 2.1%, according to data published on Friday by the National Statistics Institute (INE). The Consumer Price Index (CPI) reached its lowest value since last October, when it stood at 1.8%. The European Central Bank considers that the best way to maintain price stability in the euro area is to have an inflation target of 2% in the medium term, according to the Bank of Spain. Therefore, the general index achieves a certain stability after the high percentages registered during the last year. However, the underlying index, which eliminates the effect of the most volatile prices, is above 2%. However, the Harmonised Index of Consumer Prices (HICP) fell by 0.3 percentage points year-on-year in May to 1.9%, and recorded a monthly decrease of 0.1%. With the slowdown in the year-on-year CPI recorded in May, inflation has now seen three consecutive months of declines in its annual rate. According to INE, this moderation, which places the CPI at 1.9%, is mainly due to the drop in leisure and culture prices, lower prices in the transport sector, and a smaller increase in electricity tariffs compared with the same month in 2024. The Ministry of Economy, Trade and Enterprise stressed that the favourable evolution of services related to the tourism sector, along with the positive performance of electricity prices, played an important part in this inflation decline. With the decrease in May, the core inflation rate returns to a path of moderation following a rise of 0.4 percentage points in April. Sign in to access your portfolio
