951 million guest nights.

That was the EU short-term rental market in 2025.

But the headlines all go to the same five countries.

Spain. France. Italy. Germany. Portugal.

Here's what Eurostat just published that nobody's talking about.

In Liechtenstein, Iceland and Malta, over 95% of every short-term rental booking is an international guest.

The highest concentration of foreign demand anywhere in Europe.

And Malta just posted +37.5% growth in Q4 2025. The fastest in the entire EU.

While operators in Barcelona and Paris fight for compliance and shrinking margins...

The smaller European markets are quietly outgrowing everyone.

So here's the question for the industry.

Are we all underwriting the same five countries because the data tells us to?

Or because the headlines tell us to?

What do we think?

(Apologies for the voice in today's video)