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Discussion (18 Comments)Read Original on HackerNews
The article opens by noting fears about Spain's "vibrant culture" dying out. Needless to say, this won't help with that problem and may well accelerate it, unless Spanish culture is coding workshops and padel (per the article).
It's also more socially acceptable to complain about this stuff when the newcomers are seen as wealthy. We saw this in Canada when Chinese nationals started buying up houses in Canada. To the point the government started limiting foreign ownership of residential real estate.
https://www.cmhc-schl.gc.ca/professionals/housing-markets-da...
Most of the investment was in major metropolitan cities, leading to a statistically significant percentage of residential housing stock being bought up with foreign(imported) capital. Many of these units were subsequently used as store of investment (left empty)
Since policies did not support building at the pace that met increased demand(mainly immigration), and many foreign buyers were comfortable bidding up housing: this was a significant contributor to housing prices inflating to mutiples that were much higher than previous trends (i.e. upto 20 times median salary vs 5/7 times previously)
And the foreign buyer ban did lead to a measureable decline in prices
Anyway,
* https://en.wikipedia.org/wiki/Snow_washing
I don’t see it like this, it may as well be that digital nomads are bringing much needed cashflow to the local community; of course this phenomenon should be monitored but digital nomads are so few that they can’t have a meaningful impact in sectors like housing or good prices.
My experience is from 2015-2024. I did the digital nomad thing for 9 years and lived in Medellin 4 separate times over that period for 6 months to a year each time.
I saw rents for normal folks, not furnished and not Airbnbs, do a 4x in that time period. Laureles was a middle class suburb for locals in 2015 and was just overrun by nomads by 2024. Poblado, Laureles, even as far as La Estrella saw a really noticeable impact.
Clearly I contributed to the issue and nomads did inject money into the economy but it also had a really visible effect on housing. I don’t have any ideas on how to do it right but it is something that should be approached carefully or locals get priced out.
EDIT: I believe they started more tightly regulating things in 2024 with required registration for <1 year rentals. Not sure how that has played out. Also added the specific neighborhoods that I saw things shoot up.