Touristification, real estate rents and capital accumulation through Airbnb. The case of Valencia
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Abstract
This article analyzes the hosting model that has configured Airbnb in the city of Valencia. It is proposed that the digital platform of the so call sharing economy, can promote new hosting models that have a series of positive effects; or conversely, can contribute to urban touristification. This study suggests that the socioeconomic effects of Airbnb in a city and the type of hosting model that it creates, depend on the conditions adopted by the supply. To this end, eight variables related to Airbnb in Valencia are analyzed. The results show that the platform is increasing real estate rents through tourism and that the market is controlled by multi-listing hosts, professionalized in renting homes as short-term rentals, who mainly operate in the tourist areas of the city. This activity influences the supply of residential housing and transforms city neighborhoods, promoting processes of urban touristification. This model also eliminates the redistributive possibilities of the sharing economies, since in Valencia 10% of the hosts earn almost 53% of all income generated by Airbnb in the city.