Oriol Illa: Housing is more often viewed as investment asset rather than as social right

Speculation in the real estate market and the growth of short-term rentals are becoming one of the main threats to the right to housing in major European cities, stated representative of the administration of the Barcelona metropolitan region (Area Metropolitana de Barcelona) Oriol Illa at an event within the framework of WUF13 in Baku, Report informs.

According to him, housing is increasingly viewed as an investment asset rather than a social right, which leads to a reduction in long-term rentals and the displacement of residents from central urban districts.

"The profitability of short-term rentals significantly exceeds the profit from long-term housing leasing, which negatively affects the interests of urban residents," he said.

Illa emphasized that such processes intensify gentrification, social fragmentation, and pressure on the peripheral areas of metropolitan cities.