Airbnb reports that there is little to no correlation between short-term rental listings and the price of long-term accommodation in Cape Town.
Airbnb has released a report arguing that its platform has had little impact on the Cape Town long-term housing market. Instead, it says it has contributed significantly to the city’s economy, reportedly generating R7 billion in income in 2023.made by city residents who are growing increasingly impatient with the lack of government regulations on Airbnb, as they feel they can no longer afford to live in the city.
As a result, the city announced that it aims to eliminate all short-term rental listings by 2028 after a partial ban in 2021.that rental prices increased by 7% in neighbourhoods with the highest Airbnb activity in Barcelona. “We actually believe regulation, if it’s simple, if it’s appropriate, and if it’s proportionate, can be a really good thing,” Airbnb Middle East and Africa regional lead Velma Corcoran told MyBroadband in a November interview.The City of Cape Town recently said that regulations applied to short-term rentals are on a land-use basis under the City’s Municipal Planning bylaw.
The platform argues that South Africa needs the correct tools and data to understand the impact of short-term rentals and effectively regulate them. This aims to provide transparency into the short-term rental market and obtain the data needed to develop appropriate regulations.
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