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Last week saw the inaugural edition of GRI Hospitality Europe take place in Madrid, gathering decision makers from the top investors, asset owners, and brands for a series of informal discussion sessions on the current opportunities and challenges in the sector .

While the overall outlook for the future is positive , particularly in Southern Europe, recent weeks have seen a significant number of developments in the backlash against tourist rentals in some of the region's most iconic cities .?

?? Although analysis by Cushman & Wakefield reveals Spain as the fourth most promising real estate market for investors , in large part driven by the recovery of tourism following the pandemic, this week saw the Spanish government propose the introduction of a 21% VAT on tourist rentals .

Amid a severe housing crisis marked by rising rents and a shortage of available properties, authorities blame tourist apartments for driving up prices and reducing market supply for locals . The measure aims to transform short-term rental properties into permanent housing, particularly in "stressed areas" where rent exceeds 30% of household income.

?? In Madrid, Mayor José Luis Martínez-Almeida has announced a plan aimed at banning tourist rentals within residential communities in the historic city centre , while allowing the conversion of privately used buildings into affordable housing. Additionally, converting commercial premises into tourist accommodations will be prohibited to protect neighbourhood identity and support local businesses.

And Spain is far from alone, with Italy seeing a rise in residents in Florence and Milan protesting against tourist rentals despite record tourism levels in 2023 contributing 10.5% to Italy's GDP .?

?? Against the backdrop of the G7 tourism ministers' meeting in Florence, Mayor Sara Funaro has approved a 10-point plan aimed at tackling overtourism, including bans on key boxes for short-term rentals and loudspeakers for tour guides in its historic centre. This mirrors similar initiatives in Pompeii and Venice to preserve local livability and cultural value.

At the same time, housing activists in Lisbon have submitted a petition with over 6,600 signatures demanding a binding referendum to ban tourist lets in residential buildings.?

?? The Portuguese capital has seen rising housing costs pricing out many locals, prompting calls for decisive action. The proposed referendum could phase out 20,000 tourist flats within six months and prevent new short-term rentals in residential areas.

And Southern Europe is not the only region facing these concerns, with Croatia’s Tourism Minister, Ton?i Glavina, warning that a surge in short-term rentals , adding 26,000 new beds this year, is undermining sustainable tourism and impacting existing accommodations.

Upcoming GRI Club meetings in Southern Europe include the online Ibero-American Real Estate Investment: Fostering the Transatlantic Connection on 19th November, Portuguese Portfolio Strategies in Lisbon on 20th November, the hybrid Debt Funds into Italy on 3rd December in Milan, and the online Cross-Border Investments in Southern Europe on 4th December.

?? See the full schedule of GRI Club Meetings and conferences HERE.

Exclusive Report: Future Trends in Real Estate

With technology redefining how industry leaders make decisions, manage assets, and create value, we’re pleased to announce the release of our latest report, Future Trends in Real Estate: AI & Data Centres , featuring the strategic takeaways revealed at Europe GRI 2024.

The staggering pace of development and adoption of AI over the past two years has had a transformative impact on almost every industry around the globe, and real estate is no exception , with traditional practices in investment strategies, development projects, and operational models all seeing the effects.??

?? Although the majority of these consequences have been positive - from automating tasks to improving decision-making through predictive analytics - challenges remain, including data handling complexities, leadership knowledge gaps, and job displacement concerns.?

The resulting need for vast amounts of data storage and improved processing capabilities has driven an urgent demand for data centres , making them a highly appealing asset class for any real estate investor. However, this growth also brings challenges, including high power and space requirements, compliance with new regulations, supply-chain delays, and increased investor scrutiny.

?? Unlock expert insights in the full report, available HERE.

Key takeaways from GRI Light Industrial & Logistics 2024

On Wednesday (12th), European real estate leaders gathered in London for GRI Light Industrial & Logistics 2024 to assess the current status and future outlook of the sector.

?? Although overall investment activity has slowed, signs of recovery are being seen as core capital gradually returns and valuations begin to stabilise. Last-mile and urban logistics continue to show robust demand despite a slight post-pandemic slowdown.?

Performance was noted to vary significantly across the region , with Southern Europe and CEE remaining strong, while France faces oversupply challenges and Germany struggles with increased regulatory delays. The UK is recovering faster than the continent, with the Midlands leading in rental growth, although London struggles with outdated stock and high rental costs.

?? The broader geopolitical context discussed by keynote speaker Caspian Conran, Lead Economist at Baringa, reflects a shift from a US-led unipolar world to a multipolar environment. Economic, military, and political shifts are challenging the previously stable global order, resulting in increased protectionism , trade instability , and supply chain disruptions .?

These disruptions, including the Panama Canal blockage and conflicts around the Red Sea , are prompting companies to re-evaluate and reorganise their supply chains, with growing trends towards increased storage capacity near ports and reshoring some logistics operations closer to Europe.

Despite these uncertainties, the logistics sector continues to show strong fundamentals , with growing demand for modern, flexible facilities suggesting a positive trajectory for growth and sustained investment interest, resulting in a cautiously optimistic outlook for 2025.