Every city in Europe is cracking down on short-term rentals.

So the sector must be shrinking, right?

Eurostat's own data says the opposite.

→ Short-stay nights booked via Airbnb, Booking and Expedia hit nearly 952 million across the EU in 2025 → That's up 11.4% on 2024, and 32.4% on 2023 → The entire EU accommodation market, hotels included, grew just 2.2% → Hotels, the biggest slice, stayed almost flat → Holiday lets and short stays grew faster than every other category

The segment politicians keep calling the problem is the one driving the growth.

Caps went up. Fines went up. Delistings went up.

Demand went up faster.

That's not a loophole. That's guests voting with their bookings, in numbers regulation hasn't dented.

The question for operators isn't whether the demand is there. It clearly is.

It's who gets to supply it, and on what terms.

What's your read? Is the enforcement wave actually changing your bookings on the ground, or not?