Short-term rentals and overtourism are reshaping the real estate market in northeastern Sardinia, altering the value of homes and transforming entire urban neighborhoods.
This is what emerges from an analysis by the real estate agencies Brili and Brilas of Olbia, which analyzes the increasingly evident effects of tourism on real estate in one of the areas with the highest real estate pressure in Sardinia.
According to the analysis, today the same property can have completely different values depending on its intended use: residential housing or short-term rental investment. This shift is directly impacting prices, especially in areas most in demand by international tourism.
The phenomenon is particularly visible in the heart of Olbia. According to data from the Revenue Agency's Real Estate Observatory, in the second half of 2020, sales values in the historic center ranged between €1,150 and €1,700 per square meter. Today, the range is between €1,350 and €2,000, an increase of more than 15%. For fully renovated properties, prices reach €3,000 per square meter.
"AIRBNB BUILDINGS" – Short-term rentals, however, aren't always having a positive effect on the market. When a property or entire building is perceived as overly touristy, destined almost exclusively for Airbnb destinations, the market can react in the opposite direction, reducing its attractiveness for resident families and buyers looking for quality living. Factors that negatively impact properties include constant guest turnover, condominium disputes, increased wear and tear on common areas, and the loss of the properties' residential character. "This phenomenon primarily affects high-end properties and luxury condominiums," explains Lino Mura of Brili and Brilas, "where quality living is a key determinant of value."
The debate also extends to tourism pressure and the availability of housing for residents. The shift of apartments from the residential to the tourist market pushes up both sales prices and rents, changing the urban fabric.
