Protesters take part in a demonstration to protest against the massification of tourism and housing prices in Malaga on June 29. The banner reads 'Airbnb out of our neighbourhood.'What are the trademark sounds and sights of Rome? In the era of mass tourism, I no longer associate the city with the tinkle of water in its glorious fountains. Instead, I think of the clatter of wheeled suitcases as they are dragged along cobblestone streets.
In Rome, where I live, there are essentially no controls on Airbnbs, but they will come since the locals are becoming angry and have taken to the streets to protest, though not in the same numbers as their Spanish counterparts. The performance of Airbnb seems to reflect the growing backlash against short-term rentals. The shares are down 8 per cent in the past 12 months and are well off their 2024 high of US$170.10, reached in March. Today they are trading at about US$115, giving the company a market value on the Nasdaq of US$74-billion.
Airbnb is still galloping ahead in certain parts of the world, notably Latin America and Asia-Pacific, but I suspect the tightening regulations and general public weariness, even anger, at mass tourism will slow, perhaps eliminate the company’s growth in Europe and North America in the not-too-distant future. Airbnb itself has already hinted that it is looking for a
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