Madrid adopts rules that will shut down over 10,000 holiday apartments | Owners Corporation Network

Madrid adopts rules that will shut down over 10,000 holiday apartments

The Madrid city council has approved a special plan regulating holiday rentals that stipulate, among other things, that apartments used as holiday rentals inside residential buildings in the city center must have a separate access area from the one used by regular residents. Guests will not be able to use the same building entrance or elevators. In practice, this means that 95% of these apartments will be unable to obtain the required license for this kind of activity, according to city officials. The new rules target properties in three rings, covering the historical city center as well districts such as Moncloa-Aravaca, Arganzuela, Latina, Usera and Carabanchel, that are used as holiday rentals for more than 90 days out of the year, at which point they are considered to be engaging in commercial activities that require a license. The city councilor for sustainable urban development, José Manuel Calvo, said that these rules are necessary because “massive tourism does not bring added value to cities, rather on the contrary, it degrades them.  In the neighborhood of Sol, there are two tourists for every resident. In the Cortes neighborhood, the ratio is 1.3 tourists for every resident. This is what’s known as touristification,” he added.
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