The tourism and Flexible Accommodation landscape in Europe is moving between two seemingly opposing forces: robust, record-breaking demand and an increasingly stringent regulatory environment.
The latest Eurostat data paint a picture of a booming sector. In the third quarter of 2025, overnight stays in short-stay accommodation booked through online platforms such as Airbnb, Booking.com, Expedia Group or Tripadvisor reached an all-time high of 309.5 million nights, surpassing the previous peak in 2023. This dynamism is driven by a European traveller who, in 2023, made 1.3 billion tourist trips, consolidating Flexible Accommodation as a preferred option.
However, this growing popularity coexists with a wave of regulatory interventionism. Spain, one of the most important markets, has announced its intention to tighten rental rules by 2026. Proposed measures include the possible capping of room rental prices and greater restrictions on seasonal rentals, in an attempt to address the housing crisis and increase the supply of long-term rentals.
This regulatory uncertainty is having a direct impact on investment strategies. Although demand for Flexible Accommodation is strong, many large investors view traditional residential rental with increasing caution. A CBRE survey reveals that capital is taking refuge in segments perceived as more stable and predictable. By 2026, the residential sector (with a strong focus on models such as build-to-rent, student residences and senior living) and the hotel sector consolidate as the preferred investment destinations, attracting 51% and 36% of investors respectively.
The current situation is a clear paradox. On the one hand, European citizens' demand for Flexible Accommodation has never been higher, validating its model and its attractiveness. On the other hand, regulatory pressures, driven by housing concerns, are creating a complex environment that diverts institutional capital to other living and hospitality niches. The great challenge for the future will be to find a balance that allows for coexistence and sustainable growth of the entire ecosystem.
