CNA’s Post

Totally agree with keeping the law that prevents AirBnB style short term lets here in Singapore: "Singapore is right to be tough on Airbnb-style short stays". "As more cities crack down on Airbnb and other short-term rentals to address housing woes and overtourism, Singapore has no such dilemma, says NUS Business School's Sing Tien Foo. A total of 86 people have been fined or taken to court since 2019 for providing illegal short stays in Singapore, according to authorities. This came after a CNA report in June found illegal Airbnb listings, which were subsequently taken down. The law does not allow rentals of less than three months in private properties and less than six months in Housing and Development Board (HDB) flats. But clearly, some choose to take their chances. The Urban Redevelopment Authority (URA) takes strong enforcement action, and hefty fines of up to S$200,000 per charge can be imposed by the courts on first-time offenders. Two cases, in particular, have grabbed headlines with their eye-watering fines. In November 2023, a man was fined S$1.43 million (US$1.06 million) for providing short-term rentals at 19 properties, while two former real estate agents were fined S$1.16 million and S$84,000 respectively, for doing so in 14 private condominium units in prime areas like Orchard Road and Keppel Bay. But it looks like Singapore's firm stance on short-term rentals from the start is justified. Local housing woes and overtourism are the key issues here. The supply of rental housing units declined sharply when more landlords pivoted to short-term accommodation for better revenue. Rents and home prices have skyrocketed, and locals are priced out of big cities. Accessibility to more Airbnb-type short-term stays has also contributed to overtourism in popular tourist destinations. Local authorities have concerns about overloaded infrastructure and the deterioration of the environment. Local residents are concerned about disruptions to quiet neighbourhoods and inflated costs of living caused by tourist-induced inflation." Spot on, we don't need AirBNB here. What do you think? If you’re an entrepreneur and need support on your entrepreneurial journey to enable you to grow your business, our Ultimate LinkedIn Marketing and Personal Branding service can help you, our premium and highly recommended service details are here on this LinkedIn SmartLink: https://lnkd.in/dqWRi6EZ https://lnkd.in/gsrBmE-6

Why is Singapore tough on Airbnb-style short stays? 🏘️.   Professor Tien Foo Sing from the Department of Real Estate explains how short-term housing rentals like Airbnb can lead to 📈 high home rental prices, community disruption, and overtourism-driven inflation in many cities.   Cities like New York and Barcelona, where short-term rentals are common, are now tightening their regulations. This shift highlights the wisdom of Singapore's early and strict approach to regulating short-term housing rentals.   Hear more from Prof Sing on why Singapore's unwavering stance on short-term rentals is proving to be the right move. https://bit.ly/3WkmdMN     #NUSBusinessschool #Leadingfromasia #airbnb #housingrental #tourism

According to Bloomberg Cities Are Cracking Down on Short-Term Rentals: Here’s How. Cities worldwide are increasingly implementing strict regulations on short-term rentals. Often cited as contributing factors to housing shortages and rising rents, these rentals are now under scrutiny. For example, Barcelona plans to phase out short-term rentals entirely by 2029, while other cities are enforcing limits on the number of rental nights and residency requirements to prioritize housing for locals over tourists. That’s why Placemakr is the perfect solution, offering both short-term and long-term stays to meet the needs of communities while supporting affordable housing initiatives. Read more here: https://lnkd.in/gB2pEEGD

We're about to see big changes to the short term rental market and I'm already seeing some Airbnb hosts contact us to get their properties back onto the long term rental market. Similar trends are being seen accross major cities around the world. 📍 Barcelona, Spain: Barcelona has been at the forefront of regulating short term rentals. The city implemented strict regulations, limiting the number of licenses available and cracking down on illegal listings. This approach aims to preserve the city’s unique character and combat rising rents. 📍 Berlin, Germany: Berlin passed a law banning the short term rental of entire apartments without a permit. The legislation was introduced to address the city’s housing shortage and protect the interests of long-term residents. 📍 New York City, USA: New York has imposed restrictions on short-term rentals in multi-unit buildings, aiming to preserve affordable housing options for residents in a city where housing costs can be astronomical. 📍 Amsterdam, Netherlands: Amsterdam introduced a 30-day limit on short term rentals to strike a balance between tourism and the needs of residents. The city seeks to prevent investors from buying up properties solely for short term rentals. https://lnkd.in/gtqNY2vm

Informative Read on the Challenges of Regulating Short-Term Rentals! As the global short-term rental industry continues to flourish, cities worldwide grapple with effective regulations. Over the years, governments have adopted various strategies to rein in platforms like Airbnb, Tripadvisor, Vrbo, and FlipKey. From imposing limits on nights rented to requiring hosts to live on the property, diverse approaches aim to curb housing market disruption and revenue losses. Proponents of short-term rentals say they support tourism and can increase revenues for property owners. Opponents of short-term rentals worry that they reduce the supply of long-term rentals increasing housing costs. However, the article highlights the difficulty in enforcing these rules effectively citing attempts by cities across the world. Airbnb claims to be a proactive collaborator with over 1,000 governments worldwide, evidenced by its City Portal data tool launched in 2020. This dashboard helps local authorities track the impact of rentals on housing markets and assists in crafting regulations. Even though the article does not talk about this, I have read that cities like Scottsdale, Arizona have too large of a supply of short-term rentals. I think we may see short-term rental owners leave the industry selling their properties. This will bring much-needed existing home supply back to the market. While cities and platforms are refining their approaches, no single formula has fully cracked the code for a harmonious balance between short-term rental benefits and broader social costs. The industry's evolution continues to challenge regulators, hosts, and communities alike. As we navigate this dynamic landscape, it's clear that effective regulation remains a work in progress. Thank you, Bloomberg for reporting! Please like 👍, comment below 👇, or share 👉. Click the 🔔 in my profile to get notified of my posts. And follow me for more content like this. #singlefamilyrentals #buildtorent #buildforrent #realestate #housing

Cities worldwide are imposing stricter regulations on short-term rentals offered by platforms like Airbnb and Vrbo. These rentals reduce the supply of long-term rentals, exacerbating housing shortages, inflating rents, and threatening hospitality jobs. Barcelona recently announced an outright ban on short-term rentals, following its previous prohibition on renting private rooms within homes. Why Are Cities Regulating Short-Term Rentals? City governments see short-term rentals as an obstacle to affordable housing. They reduce inventory for full-time residents and drive up rents. For example, Airbnb contributed to a 9.2% increase in rents in NYC from 2009 to 2016. In Vancouver, full-home Airbnb listings earned significantly more per night than long-term rentals, encouraging property owners to prefer short-term rentals. What Kinds of Regulations Are Cities Imposing? - Principal Residence Requirement: NYC, Santa Monica, and Vancouver only allow short-term rentals in principal residences. - Maximum Number of Listings: Seattle allows an owner to list their primary home and one other unit. - Nights Per Year Maximum: Cities like London, Vienna, and San Francisco cap annual rental nights. - Consecutive Nights Minimum: Honolulu and Singapore require minimum stays of 90 and 180 days, respectively. - “Whitelist" Neighborhoods: Porto and Montreal have specific areas with varying regulations on short-term rentals. Are the Regulations Working? Effectiveness depends on enforcement. NYC saw an 89% reduction in short-term rental listings after enforcing a stringent host registration process and collaborating with Airbnb to block invalid listings. How Are Cities Overcoming Enforcement Difficulties? Data-sharing agreements with platforms are crucial. Denmark, Japan, and the EU have implemented policies requiring platforms to share host activity data, improving transparency and enforcement. What Do the Platforms Say? Platforms like Airbnb are becoming more cooperative, enhancing tools to help municipalities enforce local laws and committing to not exacerbating housing affordability challenges. The crackdown on short-term rentals aims to balance tourism benefits with the need for affordable housing, preserving long-term rental availability while managing tourism's impact on local communities. #ShortTermRentals #Airbnb #Vrbo #HousingCrisis #AffordableHousing #CityRegulations #TourismImpact #RealEstate #UrbanPolicy #Barcelona #NewYorkCity #Vancouver #GlobalHousing https://lnkd.in/gVzSFWPG

🏘️ In Latin America's metropolises, Airbnb reshapes neighborhoods and economies. In this chart, we take a look at four of Airbnb’s largest city presences within the region. Brazil’s coastal gem and former capital Rio de Janeiro takes the lead, with over 32K listed properties as of last month. Of these, an overwhelming majority are entire homes or apartments, while a smaller share are private rooms in a shared home or shared rooms (think hostel dormitories for the latter). As you can tell by our slimmer-than-slim blue line, hotels such as the historic, world-famous Copacabana Palace are the exception for Airbnb Rio accommodation, not the norm. Rio is followed by Buenos Aires and Mexico City. There are roughly 10K more full homes up for rent in the former, while Mexico’s sprawling capital actually has an above-average number of private rooms available instead. Falling far behind is Santiago, Chile. Now, Airbnb will continue to be a major player in the housing markets of all four of these cities, as recent declarations from Mexico City officials will attest. However, given the ongoing cost-of-living and housing crises faced by many of the locals in countries across Latin America, there are many factors to consider when legislating Airbnb and similar rental firms. After all, 25K rentable homes is wonderful for Rio’s visitors, but that also presumably means 25K entire homes off the market for locals. Meanwhile, we love to see families in Mexico City renting out their spare bedrooms to digital nomads bringing in some foreign dollars or euro; even better, this system can entail a greater spread of the wealth rather than concentrating it in the hands of the hospitality industry or property management firms. Major metropolitan areas worldwide such as London and Barcelona must also face these competing interests. In the case of Latin America, however, the need for foreign capital — and good development — is even larger.

In today's rapidly evolving real estate landscape, finding profitable opportunities for Airbnb investments has become increasingly challenging. Many global cities are implementing stringent regulations, limiting investors' ability to maximize their ROI. However, Dubai stands out as a beacon of opportunity, welcoming global real estate investors with open arms. In my latest blog post, I explore how Dubai not only encourages investment but also simplifies the process through extensive digitization, allowing investors to manage their properties seamlessly from anywhere in the world. Discover why Dubai is rolling out the red carpet for Airbnb investors and how you can benefit from this investor-friendly environment. Read more to uncover the potential and ease of investing in Dubai's thriving real estate market. #DubaiRealEstate #AirbnbInvesting #GlobalInvestments #RealEstateOpportunities #InvestmentROI

Been playing around with some interesting statistics recently published from Eurostat regarding total nights spent in EU countries as per short-term letting firms such as Airbnb. Short-term letting continues to be topical in Ireland given the acute housing shortage with the backdrop of many homes listed for short stays, with some arguing that this is exacerbating the housing crisis. During 2023, guests spent 678.6 million nights in short-term rental accommodation in the EU booked via Airbnb, Booking, Expedia Group or TripAdvisor. This corresponds to a 13.8% increase compared with 2022 (596.5 million). In Ireland, the total figure for 2019 was 6.9 million nights, while in 2023 this was just under 6.3 million, a decrease of approx 600,000 thousand nights. The overall picture of EU countries indicates a significant increase in the number of nights since 2019, rising from 512 million to last years figure of 678.6. Question is, does this indicate a crackdown on short-term letting by Local Authorities or are holiday makers staying away due to rising costs of holidaying in Ireland?

Exploring investment opportunities in Panama's Airbnb market? Our latest article delves into why Panama is an attractive hotspot for Airbnb landlords, covering essential considerations from market analysis to legal aspects. #PanamaInvestments #PanamaRealEstateMarket #PanamaExpatCommunity Read the entire Article: https://rfr.bz/la0rbn4